What is ppc and it's assumptions...?? Don't cheat want real answer..
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The production possibility curve is based on the following
Assumptions:
(1) Only two goods X (consumer goods) and Y (capital goods) are produced in different proportions inthe economy.
(2) The same resources can be used to produce either or both of the two goods and can be shifted freely between them.
Assumptions:
(1) Only two goods X (consumer goods) and Y (capital goods) are produced in different proportions inthe economy.
(2) The same resources can be used to produce either or both of the two goods and can be shifted freely between them.
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Heya....
PPC....
It is a curve showing different possible combinations of two goods that can be produced at the available resources...
Assumptions....
1 Resources are given...
2 Resources are fully and efficiently utilised..
3 Technology remains constant...
PPC....
It is a curve showing different possible combinations of two goods that can be produced at the available resources...
Assumptions....
1 Resources are given...
2 Resources are fully and efficiently utilised..
3 Technology remains constant...
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