The following combinations of bats and rackets are produced by Athletic Country as detailed in the chart below. (find the data of bats and rackets in additional file)
Athletic Country Production Possibilities
Use this data to make a production possibility curve. Include the required information to complete the graph (labels on axis, points labeled, title, line label). (K)
Explain what this graph demonstrates for Athletic Country? (T/A)
Answer the following questions & use data to support your thinking:
If Athletic Country currently produces 100 bats and 400 rackets, what is the opportunity cost of an additional 100 bats? (K)
If Athletic Country currently produces 300 bats and 300 rackets, what is the opportunity cost of an additional 100 bats? (K)
Why does the additional production of 100 bats in (b) cause a different tradeoff than the additional production of bats in (a)? Explain. (T/A)
Suppose Athletic Country is producing 200 bats and 200 rackets. Label this as Point G on your graph.
How many additional bats could they produce without giving up any rackets? (K)
How many additional rackets could they produce without giving up any bats? (K)
Is the production of 200 bats and 200 rackets efficient? Explain. (T/A)
Suppose Athletic Country wants to produce 550 bats and 490 rackets. Label this as Point H on your graph.
Explain the significance of this point on the production possibility curve. (K/A)
What point on the production possibility curve would you suggest that Athletic Country work towards? Explain using opportunity cost, why you believe this point is the best combination for the market. (T/A)
In order to experience economic growth for Athletic Country, what kinds of changes might need to happen in this market? Be specific in your recommendations. Hint: Be creative and consider how you can make use of all four economic resources as applied in this scenario. (T/A)
Before you submit this assignment, answer the following 2 questions:
1 – What is one skill that helped you to complete this task? How did it help you to demonstrate your learning?
2 – What is one skill / area where you need to focus to improve before your next assignment? Why?
For this assignment, I can….
Create & accurately label a PPC for the given scenario (K)
Use the data to analyse the opportunity cost of choices in this market (T)
Analyse the significance of choices & scarcity as applied to this market (A)
Formulate conclusions for how the market operates and how it can change in different situations (T/A)
Communicate my answers using accurate writing conventions including spelling, grammar, structure (C)