Problem
A farm grows wheat and produces pork. The marginal cost of producing each of these products increases as more of it is produced.
a. Make a graph that illustrates the farm's PPF.
b. The farm adopts a new technology that allows it to use fewer resources to fatten pigs. On your graph sketch the impact of the new technology on the farm's PPF.
c. With the farm using the new technology described in part (b), has the opportunity cost of producing a tonne of wheat increased, decreased, or remained the same? Explain and illustrate your answer.
d. Is the farm more efficient with the new technology than it was with the old one? Why?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.