Assignment Task: Prime Minister Justin Trudeau announced on July 13, 2022 that Ottawa and Ontario have signed a deal with Umicore, a global metals refiner, to build a new battery material facility in the province's Loyalist Township. Umicore, a multinational corporation based in Belgium, will transform metals such as nickel, cobalt and lithium into cathode active battery materials (CAM) at the new eastern Ontario site - materials that are critical to producing lithium-ion batteries for electric vehicles. It is set to open in 2025. (Globe and Mail, July 2022)
a. Identify the elements of scarcity, choice, and opportunity cost for the new battery materials plant.
b. What is the effect on the battery plant's production possibilities curve (PPC) when they open the plant in 2025? Provide a graph, if necessary.
c. Discuss the ethical considerations for the battery plant regarding the production possibilities of the batteries.