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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.
What condition must exist for the production possibilities curve to be concave to the origin?
A production possibilities curve (PPC) is concave to the origin when the opportunity cost of producing one good increases as more of that good is produced. This typically occurs due to the law of increasing opportunity costs, which suggests that resources are not perfectly adaptable for the production of different goods. As production shifts from one good to another, increasingly less efficient resources must be utilized, leading to a bowed-out shape of the curve. This reflects the trade-offs and the diminishing returns associated with reallocating resources.
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.
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.
Law of increasing opportunity costs reflected in a PPC is concave to the origin?
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.
If the law of increasing opportunity costs is reflected in a production possibilities curve which is?
production possibilities curve convex to the origin. Elson Mendoza was here.
Is the United States on the production possibilities curve?
no
What does the production possibilities curve describes?
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.
How does production possibilities curve differ from production possibilities frontier?
the possibility production curve show production that can be produces using minimum resources whereas the possibilty productive frointer show the attainable levls of production.
Is the outward curve of the production possibilities curve good or bad?
it really good
Is the production possibilities curve convex to the origin?
yes
How does a production possibilities curve illustrate how efficient an economy is?
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.
Where on a production possibilities curve the economy working at its most efficient production levels?
Any point on the PPC curve
A point that lies outside a country's production possibilities curve mean what?
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.
Explain the effect an increase in the retirement age would have on a country's ppf curve?
An inrease in the retirement age would effectively increase a country's labor supply, shifting the production possibilities curve right.
