What is production possibility curve? State two properties of Production possibility curve.
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THE TWO BASIC PROPERTY OF PRODUCTION POSSIBILITY CURVE ARE: It slopes downwards from left to right ✔production possibility curve slopes downwards ⏬ because both the variables involve in the equation are inversly related as one increase ⬆ ... It is a typically PP curve has two characterstics
1.Downward sloping.
From left to right...
2.Concave to the origin.
A concave downward sloping curve has an increase ⬆ slope....
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A production possibility curve is also known as a production possibility frontier or a production possibility boundary. It shows the maximum output of two types of products, and combinations of those products that can be produced with the existing quantity and quality of resources and technology.
It also shows the opportunity cost of 2 goods.
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