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1.1 Economic methodology and the economic problem

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Question 18

A biotechnology firm allocates its fixed laboratory capacity and research hours between the development of two medical products: therapeutic vaccines and diagnostic test kits.

Draw a production possibility frontier (PPF) diagram showing the potential output of these two products and, assuming all research resources are fully and efficiently employed, label a point X where no resources are allocated to therapeutic vaccines.

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Markscheme

1.1 Economic methodology and the economic problem Questions

  1. A Level
  2. /Economics
  3. /1.1 Economic methodology and the economic problem

123 exam-style questions on AQA A Level Economics 1.1 Economic methodology and the economic problem, covering 1.1.1 Economic methodology, 1.1.2 The nature and purpose of economic activity, 1.1.3 Economic resources, 1.1.4 Scarcity, choice and the allocation of resources, and 1.1.5 Production possibility diagrams. Each one has a worked solution and a mark scheme showing where the marks go.

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