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What does each point on a production possibilities curve represent show?
Each point on a production possibilities curve (PPC) represents a different combination of two goods or services that an economy can produce using its available resources and technology. Points on the curve indicate efficient production levels, where resources are fully utilized. Points inside the curve reflect inefficiency or underutilization of resources, while points outside the curve are unattainable with current resources. The PPC illustrates trade-offs and opportunity costs, highlighting the choices an economy faces in allocating its resources.
How will a reduction in the number of hours worked each day affect an economy's production possibilities curve?
The economy's production possibilities would drop if there was a reduction in the number of hours worked each day. Since, production is dependent on labor, there would be less products produced.
How will technological advances affected the production possibilities curve?
Let's briefly explore each one of these and see how they shift the curve. Probably what you hear about most in economics is how changes in technology affect the curve. For example, let's say the country discovers a new technology, such as a new computer system that improves productivity. Anything that improves the productivity of workers is good. This causes output to increase, so the production possibilities curve shifts outward, or to the right. On the other hand, let's say a major war causes destruction of capital equipment in the country. This would cause output to decrease, so in this case, the production possibilities curve shifts inward, or to the left.
What could cause a production possibilities curve to move to the left?
There are several things that would do this, the most common being an increase in the price of constituent imports. Therefore, the price of the output would rise (shift to the left) at each constituent point.
What do the points on a market supply curve represent?
Each point on a market supply curve denotes basically the same thing. Each point on the curve corresponds to the supply of something, but at a specific or given price.
How will a reduction in the number of hours worked each day affect an economy's production possibilities curve?
The economy's production possibilities would drop if there was a reduction in the number of hours worked each day. Since, production is dependent on labor, there would be less products produced.
How will technological advances affected the production possibilities curve?
Let's briefly explore each one of these and see how they shift the curve. Probably what you hear about most in economics is how changes in technology affect the curve. For example, let's say the country discovers a new technology, such as a new computer system that improves productivity. Anything that improves the productivity of workers is good. This causes output to increase, so the production possibilities curve shifts outward, or to the right. On the other hand, let's say a major war causes destruction of capital equipment in the country. This would cause output to decrease, so in this case, the production possibilities curve shifts inward, or to the left.
What could cause a production possibilities curve to move to the left?
There are several things that would do this, the most common being an increase in the price of constituent imports. Therefore, the price of the output would rise (shift to the left) at each constituent point.
What do the points on a market supply curve represent?
Each point on a market supply curve denotes basically the same thing. Each point on the curve corresponds to the supply of something, but at a specific or given price.
A six letter word for a plane curve with each point on the curve being and equal distance from a fixed point at the center of the figure?
The distance from the fixed point at the center of a circle to any point on the curve is called the radius.
What does the slope of the curve on a distance v time graph represent?
The slope of the curve at each point on thegraph is the speed at that point in time. (Not velocity.)
How a production possibility curve depends on factors of production?
A production possibility curve depends on factors of production because they are all part of one big group. For example, if raw material does not arrive when needed, there can be no production. Each part of the production process depends on the step before it.
A plane curve with each point on the curve equidistant fom fixed point at the center of figure?
A circle.You don't even need the words " ... at the center of the figure".
What is a plane that curves with each point on the curve of being equidistant from a fixed point at the center of the figure?
a globe.
What does a production possibilities curve graph show?
Alternative ways to use an economy's resources. Compares two goods and shows the opportunity costs for making each good. The maximum quantities of two (or more) products that can be produced using the available limited inputs.
What is the definition of the tangency condition in relation to curves and how does it affect the behavior of the curve at the point of tangency?
The tangency condition refers to the point where a curve and a straight line touch each other without crossing. At this point, the curve and the line have the same slope. This affects the behavior of the curve at the point of tangency by creating a smooth transition between the curve and the line, without any abrupt changes in direction.
What is the set of an equation in two variables in the set of all points in a coordinate plane that represent all the solutions of the equation?
To graph the set of all the solutions to an equation in two variables, means to draw a curve on a plane, such that each solution to the equation is a point on the curve, and each point on the curve is a solution to the equation. The simplest curve is a straight line.
