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Basically the PPC represents the hypothetical amount of two different goods that could be obtained by using resources from the production of one for the production of the other. It also describes society's choice between two different goods. When a point is on the curve it means all the resources for those goods is at full employment, anything under the curve is at under-employment, and anything beyond the curve indicates potential growth.
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What are the other names for production possibility curve?
other names for production possibility curve are: production possibility boundary production possibility frontier transformation curve.
Point F violates which assumption of the Production Possibility Curve?
Point F violates the assumption of the production-possibility curve that resources and technology are not fixed. The curve is sometimes referred to as the productionâ??possibility frontier.
Why is the production possibility curve bowed out from the origin of the curve?
Diminishing Marginal returns to capital and labor.
Why does a production possibility curve have a downward sloping curve?
PPC curve slopes downward for the efficient resouress of another commidty
What is the difference between straight line production possibility curve and a bowed out production possibility curve?
When a prod poss curve is a straight line, usually it is an exception, this means that as you produce more of one thing you constantly give up the same proportion of another thing as the scenario would be that the factors of production are 100% mobile. With a bowed out prod poss curve, usually called normal, the situation would be that as you produce more of product A you give up alot of B but eventually the rate of substitution begins to decline due to lack in factor efficiency and so the curve becomes less elasstic. Hope this answeres your question. all the best,
What are the other names for production possibility curve?
other names for production possibility curve are: production possibility boundary production possibility frontier transformation curve.
What are the other names for production possibility boundary?
other names for production possibility boundary are: production possibility curve production possibility frontier transformation curve.
What are other names of production possibility frontier?
production possibility curve
Point F violates which assumption of the Production Possibility Curve?
Point F violates the assumption of the production-possibility curve that resources and technology are not fixed. The curve is sometimes referred to as the productionâ??possibility frontier.
What is trading possibility frontier?
as in production possibility curve compares production rates of two commodities, this compares prices of different commodities.
Opportunity cost curve?
Look up Production Possibility Frontier, it is the same thing as a Opportunity Cost Curve.
What is the most common shape of a production possibility frontier curve?
It is typically a bowed-out shaped.
What is the Production Possibility Frontier for Nigeria?
Production possibility curve refers to the maximum output combination which a firm can produce when it productive resources are fully utilised
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.
What is the effect of war on a production possibility frontier?
production possibility frontier shift leftward
What is the Importance of production possibility curve?
Importance of production possibility curve in allocation resources
How does the Production Possibility Frontier illustrate scarcity?
Scarcity, on a PPC (PPF) is implied by the bowed (concave-down) shape of the curve, since there is a restriction on how much can be produced and, to get more of something, one must give away something else.
