Question

B1231097oExample 6. The following table depicts the production possibilities of commodities X and Y:PossibilityA АсDECommodity XCommodity Y(a) Show these production possibilities through PPF. What do the points on the curve indicate?(b) Label a point Finside the curve. What does this point indicate?(c) Label a point G outside the curve. What does this point indicate?(d) What must occur so that the economy can attain the level of production as indicated bypoint G.​

Answer 1

Explanation:

In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.