4. Our country, Fairland, has two products: Hot dogs and hot dog buns. Initially, we have a population of 50,000. Each p

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4 Our Country Fairland Has Two Products Hot Dogs And Hot Dog Buns Initially We Have A Population Of 50 000 Each P 1 (84.83 KiB) Viewed 28 times

4. Our country, Fairland, has two products: Hot dogs and hot dog buns. Initially, we have a population of 50,000. Each person can make 20 hot dogs per hour. Or, they can make 5 hot dog buns. First, draw the PPF. (Again, you may want to look ahead to see what change will be coming) Find the PPF equation: Suppose everyone likes to eat hotdogs with a bun. Since they want an equal quantity of hot dogs and hot dog buns, how many hot dogs and how many buns are produced? Add this point to the PPF, label it point A. Hot dogs: Next, we develop a new technology - a sausage-making machine lets us make hot dogs twice as quickly! Show the effect of the technology change on the PPF. Find the new PPF equation: Buns: Again, everyone wants one hotdog per hot dog bun and vice versa. Find the new quantity of hot dogs and buns. Add this point to the PPF and label it point B. Hot dogs: Buns: