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Increasing opportunity cost along a bowed out production possibilies frontier occurs?
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Where is opportunity cost on a production possibility frontier?
The opportunity cost would be the slope of the PPF. So the opportunity cost of the good on the x axis is in terms of the good on the y axis. This is why we would say a PPF demonstrates increasing marginal opportunity cost when it is curved outward
What is the relationship between production possibility frontier and opportunity cost?
An opportunity cost is the alternative choices that can be made with the allocation of scarce resources. A production possibility frontier is a graph illustrating those opportunities and comparing their results.
What does the law of increasing opportunity costs explain?
the increasing amounts of one commodity that a nation must give up to release just enough resources to produce each additional unit of another commodity. THis is reflected in a production frontier that is concave from the origin.
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
What is the purpose of the production possibilities frontier?
The purpose of the production possibilities frontier is that a combination of goods produced will utilize full quality. And also, the production of goods are cannot be increased without increasing its quality.
Where is opportunity cost on a production possibility frontier?
The opportunity cost would be the slope of the PPF. So the opportunity cost of the good on the x axis is in terms of the good on the y axis. This is why we would say a PPF demonstrates increasing marginal opportunity cost when it is curved outward
What is the relationship between production possibility frontier and opportunity cost?
An opportunity cost is the alternative choices that can be made with the allocation of scarce resources. A production possibility frontier is a graph illustrating those opportunities and comparing their results.
Opportunity cost curve?
Look up Production Possibility Frontier, it is the same thing as a Opportunity Cost Curve.
What does the law of increasing opportunity costs explain?
the increasing amounts of one commodity that a nation must give up to release just enough resources to produce each additional unit of another commodity. THis is reflected in a production frontier that is concave from the origin.
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
What is the purpose of the production possibilities frontier?
The purpose of the production possibilities frontier is that a combination of goods produced will utilize full quality. And also, the production of goods are cannot be increased without increasing its quality.
A popular modle used to illustrate the concept of opportunity cost is?
production possibility frontier
A popular model used to illustrate the concept of opportunity cost is?
The Production Possibilities frontier/curve
The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the?
decrease in the quantity of the other good that must be given up.
Why the production possibilities frontier graph is in curve?
the increasing costs resulting in increasingly less outputIt means underutilization of resources.
Society's production possibilities frontier is based on?
simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth.
Where would a point of underutilization appear on a product possibilities graph?
below or to the left of the production possibilities frontier
