Problem 1. Portray the following data on a two variable diagram
Academic Year Total Enrollment Enrollment in ECon
1994-95 3000 300
95-96 3100 325
96-97 3200 350
97-98 3300 375
98-99 3400 400
Measure the shape of the slope of the resulting line, and explain what this number means
Problem 2. Graphically show the production possibilities frontier for the nation of Stromboli, using the data given in the following table. Does the principle of increasing cost hold on Stromboli?
Pizzas/year Pizza Ovens/year
75,000,000 0
60,000,000 6,000
45,000,000 11,000
30,000,000 15,000
15,000,000 18,000
0 20,000