Explain properties of production possibility
curve ?
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A typical PP curve has two characteristics: (1) Downward sloping from left to right - It implies that in order to produce more units of one good, some units of the other good must be sacrificed (because of limited resources). (2) Concave to the origin - A concave downward sloping curve has an increasing slope.
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Explanation:
The properties of production possibility curve has two basic properties:
(1) It is downward sloping from left to right signifying that in order to produce more units of one good, some units of the other good must be sacrificed.
(2) The production possibility curve is concave to the origin.
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