Work through a free response question about profit maximization in this video. [4:40]

The production possibilities curve (PPC) is a graph that shows all of the different combinations of output that can be produced given current resources and technology. Sometimes called the production possibilities frontier (PPF), the PPC...

Opportunity cost is the value of something given up to obtain something else. In this video [5:48], we explore the definition of opportunity cost, how to calculate opportunity cost, and how the PPC illustrates opportunity cost.

In this video [9:55], we use the PPCs for two different countries that each produce two goods in order to create an output table based on the data in the graph. We then use the output table to determine the opportunity costs of producing...