1. Sorry for 4 questions in one post, but I didn't want to be confusing so I just put it all in 1 as they
go together (will upvote!!). Econ 230 Worksheet #1 Opportunity Costs and the PPC Answers
Due via Canvas or Email: Monday, March 27th 1. Suppose that the small country of Karscigstan
produces two goods: Tanqueray Gin (TG) and foot-long hot dogs (FLHDs). Assuming increasing
opportunity costs, draw a production possibilities curve (PPC) for Karscigstan (be sure to label
both axes correctly). 2. On your graph of the PPC from #1, find and label the following: a. an
inefficient point (label it X ) b. an efficient point (label this one Y ) c. an unattainable point (label
it Z ) 3. Due to the recent restrictions and quarantining caused by the coronavirus, Karscigstan
has experienced a decrease in the size of its labor force. On your graph above, show how this
change affects the PPC of Karscigstan. 4. In your own words, what is meant by the term
"opportunity costs?" Give two (2) examples of opportunity costs associated with you being stuck
in this class with me!