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(Solved): 1. What is an economic model? 2. Mention 2 examples of economic models Table 1: PPC 1. Finish ca ...



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1. ¿What is an economic model? 2. Mention 2 examples of economic models Table 1: PPC 1. Finish calculating the opportunity cost from the third column of Table 1 2. What type of opportunity costs does Table 1 of production possibilities (PPC) reflect? 3. How is opportunity cost defined in economics? 4. Suppose that a country that is at point of the production possibilities curve (PPC), decides to produce 1,000 additional compact discs, what would be its opportunity cost in terms of flash drives? PART II: 1. Efficiency point or points on the graph with the fixed red curve 2. Point or points of inefficiency on the graph with the fixed red curve 3. Three factors that will make it possible to shift from the fixed red PPP curve to the red dashed PPP curve 4. The displacement of the PPP in Table 2 represents in the economy.


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1. What is an Economic Model?


An economic model is a simplified representation of the real-world eco...
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