1. If you receive a free ticket to a concert, what, if anything, is your opportu

Question

1. If you receive a free ticket to a concert, what, if anything, is your opportunity cost of attending the concert? How does your opportunity cost change if miserable weather on the night of the concert requires you to leave much earlier for the concert hall and greatly extends the time it takes to get home afterward? 2. Describe how the Production Possibilities Curve (PPC) changes for a nation facing increasing opportunity costs for producing food and video games given the following events (Hint - for each of the products (food and video games) does the production of each product increase, decrease, or have no impact): a.) A new and better fertilizer is invented. b.) Immigration occurs, and immigrants

Explanation / Answer

d.) A heat wave and drought result in a 10 percent decrease in usable farmland.

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