Question

What is production possibility frontier?​

Answer 1

Answer:

A production–possibility frontier, production possibility curve, or production possibility boundary, or Transformation curve/boundary/frontier is a curve which shows various combinations of the amounts.

Answer 2

Answer:

Production possibility frontier is the graph which indicates the various production possibilities of two commodities when resources are fixed. The production of one commodity can only be increased by sacrificing the production of the other commodity.

Explanation:

The four key assumptions underlying production possibilities analysis are: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.

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