The PPF is bowed outwards (concave to the origin) as tradeoffs between the production of any two goods are constant.
no
Yes, they do.
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.
Assumptions to determine the PPC is:only 2 goods will be illustratedthe amount of resources is fixedstate of technology is constant
The PPF is bowed outwards (concave to the origin) as tradeoffs between the production of any two goods are constant.
The Law of Increasing Opportunity Cost that is shown in a Production Possibilities Curve is concave to the origin. This is because it shows the maximum gain of two products used in production.
production possibilities curve convex to the origin. Elson Mendoza was here.
no
The production possibility curve is an analytical tool that is u to explain,analyse and justify the problem as regards the choices in the allocation of productive resources to achieve a given level of output in an hypothetical way. It is based on a short run period is production where some factors are held constant and the otthers can be varied to achieve a given level of output. The production possibility curve explains the rate of transformation between commodity (x and y) when the level of productive resources is given.the slope of the curve is concave to the origin and it touches both axis. The production possibility curve is also called production frontier or production boundary.
the possibility production curve show production that can be produces using minimum resources whereas the possibilty productive frointer show the attainable levls of production.
it really good
yes
Any point on the PPC curve
A production possibilities curve illustrates how efficient an economy is by indicating the possibly opportunities in the economy. This will also illustrate the relevant costs entailed in the production.
A point that lies outside a country's production possibilities curve means that the country is not able to produce. The possibility curve shows how a country can efficiently produce.
An inrease in the retirement age would effectively increase a country's labor supply, shifting the production possibilities curve right.