sum_0^(infty ) T
There are 2,446 people employed by hotels, who produced 580,209 hotel stays. Assuming the production point is efficient in production, and the opportunity cost of 1 additional metric ton of fish is 2,000 hotel stays (and the opportunity cost is constant), move the lines to create a production possibility frontier for Bermuda with fish on the horizontal axis and hotel stays on the vertical axis. Also place the 2018 production point on the graph.
Bermuda Fish and Hotel Production 2018
c. In the next year (2018), you are given the following statistics: there are 315 fishermen, who caught 497 metric tons of fish There are 2,446 people employed by hotels, who produced 580,209 hotel stays. Assuming the production point is efficient in production, and the opportunity cost of 1 additional metric ton of fish is 2,000 hotel stays (and the opportunity cost is constant) move the lines to create a production possibility frontier for Bermuda with fish on the horizontal axis and hotel stays on the vertical axis. Also place the 2018 production point on the graph.
Bermuda Fish and Hotel Production 2018 1,800 1,700 1,600 1,500 Bermuda PPF ,400 ,300
,100
900 800 700
Production point (2018)
500
300 200 100 0 0
100 2003004005006007008009001,000 Quantity of fish (metric tons)
