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What is Marginal Cost Graphically Illustrate Assignment
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Assignment Task
Please answer the following questions and comment on your answers when needed.
| Production point | Fish (pounds) | Berries (pounds) | |
| A | 0 | and | 50 |
| B | 1 | and | 45 |
| C | 2 | and | 35 |
| D | 3 | and | 20 |
| E | 4 | and | 0 |
The table above shows the production points for the nation of Utopia.
a) Graphically illustrate the PPF. (Elaborate on the graph)
b) Find the marginal cost of a pound of fish using the above PPF.
c) How does the marginal cost of a pound of fish change as more fish are caught?
| Fish | MB |
| 1 | 25 |
| 2 | 20 |
| 3 | 15 |
| 4 | 9 |
d) Given the Marginal Benefit in the table above. Graphically illustrate the allocative efficiency point.
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