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What is difference between opportunity cost curve and production possibility curve?
Wiki User
∙ 13y ago
The opportunity cost curve shows the trade-off between two different choices in terms of the next best alternative that must be given up. It illustrates the potential gains that could be achieved by choosing one option over another.The opportunity cost curve shows the trade-off between two different choices in terms of the next best alternative that must be given up. It illustrates the potential gains that could be achieved by choosing one option over another.
On the other hand, the production possibility curve (PPC) represents the various combinations of two goods that can be produced by an economy given its resources and technology. It shows the maximum possible output of one good that can be obtained for a given level of production of the other good, assuming efficient resource allocation.
In summary, the opportunity cost curve focuses on the trade-offs between choices, while the production possibility curve focuses on the trade-offs between the production of two goods.
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iyoguno
Wiki User
∙ 13y agoProduction possibility curve represent the production of an economy by using the all possible factor of production and Opportunity cost curve show that a person move from one department , industry etc to another for better opportunity or better salary.
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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 is the difference between opportunity benefits and opportunity cost?
yeahhh
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 Factors make the difference between success and failure?
Opportunity and attitude
Would the production-possibility frontier look different in a command economy?
The production-possibility frontier would not look different in a command economy compared to a market economy because the PPF equate the rates of production between two goods which both use equal factors of production.
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.
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 difference between opportunity benefits and opportunity cost?
yeahhh
Difference between operation management and production management with examples?
the difference between production management and operation management?
Would the production possibility frontier look different in a command economy?
The production-possibility frontier would not look different in a command economy compared to a market economy because the PPF equate the rates of production between two goods which both use equal factors of production.
Would the production-possibility frontier look different in a command economy?
The production-possibility frontier would not look different in a command economy compared to a market economy because the PPF equate the rates of production between two goods which both use equal factors of production.
What Factors make the difference between success and failure?
Opportunity and attitude
Did you know Difference between atomic power production and nuclear power production?
There is none.
Difference between production gains consumption gains?
that in production you sell and in consumption you buy:)
What is the difference between subsistance production and surplus production?
the main difference between surplus and subsistance production are:-subsistance production you only produce or generate enough goods or services for your coutry an with surplusproduction you have sufficient amount of goods for your country an for trading
Why a production possibility is concave?
A production possibility curve is concave because of the law of diminishing returns. As more resources are allocated to one good over the other, the opportunity cost increases, which leads to decreasing marginal rates of substitution. This results in a concave curve that shows the trade-off between producing different goods.
What is the difference between constant opportunity cost and increasing opportunity cost?
Real cost is the price which is real not a fake price
