For this week’s assignment, research the energy production and banana production for two countries (you can pick the countries, but make sure one of them produces bananas). You are to construct a production possibilities frontier for each country. Use the total energy production as the intersection for the vertical axis and the total quantity of bananas as the intersection for the horizontal axis. Connect those points to form your production possibilities frontier. Do this for each two non-U.S. countries. In a paper,
Determine the opportunity costs of energy in terms of bananas from your production possibilities graph.
Describe your production possibilities frontier.
Identify on the curve and then explain in your paper the unattainable, efficient, and inefficient areas of production.
Discuss the concept of increasing opportunity costs and identify whether the opportunity costs from your graph exhibit increasing opportunity costs.
Illustrate, based on the opportunity costs for each store, how specialization and trade can lead to a mutually beneficial outcome.
Adhere to the following standards:
Be 3-4 pages in length, not including the title or references pages (the graph can be one of the pages).
Include at least 3 scholarly reference.
The Economics Library Guide (Links to an external site.) is a good tool to use to start your research (sources such as The Balance, EconomicsHelp.org, Investopedia, and other help websites are not acceptable).
Review the grading rubric, which can be accessed from the Module 2 folder.
Your submission must conform to APA guidelines in the CSU Global Writing Center (Links to an external site.).
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