Question: Consider a farmer's production possibilities curve, with corn measured on the vertical axis, and soybeans on the horizontal. Describe the impact of each of the following on the curve:

1. The farmer buys or rents more land.
2. A higher yielding variety of corn seed is developed.
3. A hailstorm wipes out half of whatever crops the farmer has planted
4. The government raises price supports for soybeans.

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Deliverable: Word Document