Problem
1. Draw the general shape of the production possibilities frontier for cattle and lumber and explain why the opportunity cost of each good increases as more is produced.
2. Ally would pay up to $30 for her first umbrella and nothing for any additional umbrellas. Every soccer ball that Ally purchases gives her $9 worth of utility and she could never have too many. Draw Ally's demand curves for umbrellas and soccer balls.
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.