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Production possibilities curve represents


production possibilities curve represents

Plant R has a comparative advantage in producing calculators.
Producing on Versus Producing Inside the Production Possibilities Curve An economy that is operating inside its production possibilities curve could, by moving onto it, produce more of all the goods and services that people value, such as food, housing, education, medical care, and music.Now let's say that both countries (A and B) decide to specialize in producing the goods with which they have a comparative advantage.It can produce skis and snowboards simultaneously as well.Could it still operate inside its production possibilities curve?Figure.8 shows an economy that can produce food and clothing.According to the PPF, points A, B and C all appearing on the PPF curve represent the most efficient use of resources by the economy.
Because an economys production possibilities curve assumes the full use of the factors of production available to it, the failure to use some factors results in a level of production that lies inside the production possibilities curve.
The increase in spending on security, to S units of security per period, has an opportunity cost of reduced production of all other goods and services.
The gains we achieve through specialization are enormous.Suppose Alpine Sports operates the three plants we examined in Figure.4.We often think of the loss of jobs in terms of the workers; computer hardware and networking books in gujarati they have lost a chance to work and to earn income.The Great Depression was a costly experience indeed.Notice the curve still has a bowed-out shape; it still has a negative slope.Thus the production of the first 100 oranges dfx 11 full keygen costs less in terms of opportunity cost (cost relative to other goods) than the production of the 100 oranges after one million oranges have been produced already.Even though each of the plants has a linear curve, combining them according to comparative advantage, as we did with 3 plants in Figure.5, produces what appears to be a smooth, nonlinear curve, even though it is made up of linear segments.The slope of the linear production possibilities curve.To shift from B to B, Alpine Sports must give up two more pairs of skis per snowboard.The law of increasing opportunity cost tells us that, as the economy moves along the production possibilities curve in the direction of more of one good, its opportunity cost will increase.Figure.6 Production Possibilities for the Economy As we combine the production possibilities curves for more and more units, the curve becomes smoother.




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