Define the Product Possibility curv. Write it's feature.
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The production possibility frontier (PPF) is a curvedepicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors. The PPF assumes that all inputs are used efficiently.
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The production possibility frontier (PPF) is a curvedepicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors. The PPF assumes that all inputs are used efficiently.
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PPC (production possibility curve) is a curve showing different possible combination of two goods which can be produced with the available resources .
FEATURE :
➡️Downward sloping>PPC slopes downward because with the given resources and constant Technology .
➡️Concave to the origin>Marginal opportunity cost increasing slope implies increasing marginal opportunity cost .
PPC (production possibility curve) is a curve showing different possible combination of two goods which can be produced with the available resources .
FEATURE :
➡️Downward sloping>PPC slopes downward because with the given resources and constant Technology .
➡️Concave to the origin>Marginal opportunity cost increasing slope implies increasing marginal opportunity cost .
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