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Earn +20 ptsQ: Explain why a production possibilities curve is concave?
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Why does a production possibilities curve have a bowed-out shape?
The PPF is bowed outwards (concave to the origin) as tradeoffs between the production of any two goods are constant.
Is the United States on the production possibilities curve?
no
When charted on a graph Production possibilities frontiers tend to curve?
Yes, they do.
What you call the point when a curve changing from concave upward to concave downward?
The point when a curve changes from concave upward to concave downward is called the inflection point. It is the point where the curve transitions from being curved "upwards" to being curved "downwards" or vice versa. At the inflection point, the rate of change of the curve's curvature changes sign.
What assumptions determine the production possibilities curve?
Assumptions to determine the PPC is:only 2 goods will be illustratedthe amount of resources is fixedstate of technology is constant
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