Consider a farmer's production possibilities curve,with corn measured on the vertical axis,and soybeans on the horizontal.Describe the impact of each of the following on the curve:
(a)The farmer buys or rents more land.
(b)A higher yielding variety of corn seed is developed.
(c)The farmer hires 50 percent more farm workers.
(d)The price of soybeans increases.

Question

Quizplus · Accepted Answer

The Answer of Consider a farmer's production possibilities curve,with corn measured on the vertical axis,and soybeans on the horizontal.Describe the impact of each of the following on the curve:
(a)The farmer buys or rents more land.
(b)A higher yielding variety of corn seed is developed.
(c)The farmer hires 50 percent more farm workers.
(d)The price of soybeans increases.

Consider a Farmer's Production Possibilities Curve,with Corn Measured on the Vertical