International economics. My teacher is new and is not helpful at all. Please hel

Question

International economics. My teacher is new and is not helpful at all. Please help.

Smith's production possibilities are indicated by the following table: Compute the missing data, assuming linear interpolation gives his production possibilities. For each increment of oats, he incurs a uniform sacrifice of an amount of soybeans. The ratio between these two changes is called the marginal rate of transformation between oats and soybeans. This rate also yields his marginal cost of oats (in terms of soybeans). What is the marginal cost of a bushel of oats? Of a bushel of soybeans? constant cost. Does this example reveal constant costs? Graph Smith's production possibility, with oats on the horizontal scale. On the graph, label, as point L the output that has an equal number of bushel of oats and of soybeans. What is the number of bushels of each? Which is the larger output- (1.67 oats, 1.67 soybeans) or (5 oats, 1 soybean)?

Explanation / Answer

a. make the slope same . so you will get 0.6,0.8,1,1.2,1.4,1.6,1.8 in the missing data

b. 1/0.2 = 5

c. 0.2/1 = 0.2

d. yes . because the change in soya for oats is same for all quantities

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