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A popular model used to illustrate the concept of opportunity cost is?
The Production Possibilities frontier/curve
How does a production possibilities curve illustrate Opportunity costs?
It shows weather the item you are talking about is increasing or decreasing.
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.
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.
If opportunity costs were constant then the production possibilities curve would be what?
A straight line.
A popular model used to illustrate the concept of opportunity cost is?
The Production Possibilities frontier/curve
How does a production possibilities curve illustrate Opportunity costs?
It shows weather the item you are talking about is increasing or decreasing.
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.
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.
If opportunity costs were constant then the production possibilities curve would be what?
A straight line.
Does an economy that is inside its production possibilities curve face any trade-offs?
If there are opportunity cost, then yes my friend, they do.
Illustrate on Production Possibility Frontier diagram if the economy experiences a technological boom?
In economics, the production possibility frontier (the PPF, also called the production possibilities curve (PPC) or the "transformation curve") is a graph that depicts the trade-off between any two items produced. It indicates the opportunity cost of increasing one item's production in terms of the units of the other forgone. ( hope you can build on this) -- BY ASMA In economics, the production possibility frontier (the PPF, also called the production possibilities curve (PPC) or the "transformation curve") is a graph that depicts the trade-off between any two items produced. It indicates the opportunity cost of increasing one item's production in terms of the units of the other forgone. ( hope you can build on this) -- BY ASMA
Explain why a production possibilities curve is concave?
Because when one produces one product, the opportunity cost of the other product increases i.e. the concave represents the increasing opportunity cost with the production of a good.
What does a production possibilities curve reveal?
A production possibilities curve (PPC) illustrates the maximum output combinations of two goods or services that an economy can achieve, given available resources and technology. It reveals the trade-offs and opportunity costs associated with reallocating resources between the production of different goods. The curve also indicates efficiency (points on the curve), inefficiency (points inside the curve), and unattainable production levels (points outside the curve). Overall, it helps to visualize the limits of production and the choices an economy must make.
Is the United States on the production possibilities curve?
no
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
