shift outward
A PPF will shift out if we have improvements/increases in resources and/or technology. You would see an unbiased increase (the slop of the PPF stays the same) when R+T increase in the production of both goods. You would see a biased increase (the PPF pivots around one pt) when R+T increases in the production of only one of the goods.
It lowers cost and increases supply.
Marginal product eventually diminishes because the cost of doing business increases with production. The company would need to make a change in the organization so that they can shift their production possibilities.
The law of increasing opportunity costs states that as production of a product increases, the cost to produce an additional unit of that product increases as well. This law is responsible for the bowed shape of the production possibilities curve. Because not all of our economy's resources are equally well-suited to the production of a single good, the increasing opportunity cost is present.
What hapens is that it increases its profits:) Apex.
shift outward
Technology increases production per unit of input (either labor or capital). Any increase in technology necessarily increases output per unit of input.
It shifts to the rightIt will have an affect only if the resource increases as well. Technology increases production per unit of input. Any technology involved necessary increases output per unit of input.
increases its resources.
Technology increases production per unit of input (either labor or capital). Any increase in technology necessarily increases output per unit of input.
A PPF will shift out if we have improvements/increases in resources and/or technology. You would see an unbiased increase (the slop of the PPF stays the same) when R+T increase in the production of both goods. You would see a biased increase (the PPF pivots around one pt) when R+T increases in the production of only one of the goods.
It lowers cost and increases supply.
because labor's or capital's productivity increases and costs of production fall
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.
Marginal product eventually diminishes because the cost of doing business increases with production. The company would need to make a change in the organization so that they can shift their production possibilities.
The law of increasing opportunity costs states that as production of a product increases, the cost to produce an additional unit of that product increases as well. This law is responsible for the bowed shape of the production possibilities curve. Because not all of our economy's resources are equally well-suited to the production of a single good, the increasing opportunity cost is present.
the quality of education that increases will improve the human capital which is one of the factors of production. therefore, the pp curve will shift outwards against potential growth.