0
What is the relationship between production possibility frontier and opportunity cost?
Wiki User
∙ 10y ago
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.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
A popular modle used to illustrate the concept of opportunity cost is?
production possibility frontier
What is the effect of war on a production possibility frontier?
production possibility frontier shift leftward
What are other names of production possibility frontier?
production possibility curve
How can you reach beyond the production possibility frontier?
With the introduction of new technology and new resources will shift the production possibility frontier.
What are the other names for production possibility boundary?
other names for production possibility boundary are: production possibility curve production possibility frontier transformation curve.
A popular modle used to illustrate the concept of opportunity cost is?
production possibility frontier
Opportunity cost curve?
Look up Production Possibility Frontier, it is the same thing as a Opportunity Cost Curve.
What is the effect of war on a production possibility frontier?
production possibility frontier shift leftward
What are other names of production possibility frontier?
production possibility curve
How can you reach beyond the production possibility frontier?
With the introduction of new technology and new resources will shift the production possibility frontier.
What are the other names for production possibility curve?
other names for production possibility curve are: production possibility boundary production possibility frontier transformation curve.
What are the other names for production possibility boundary?
other names for production possibility boundary are: production possibility curve production possibility frontier transformation curve.
What does PPF stand for in economics?
Production Possibility Frontier.
Under what conditions is the production possibilities frontier linear?
under what conditions an econoy would be operating inside its production possibility frontier?
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 trading possibility frontier?
as in production possibility curve compares production rates of two commodities, this compares prices of different commodities.
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
