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Graph a production possibilities frontier and illustrate the concepts of trade-off and
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- Which concept is NOT illustrated by the production possibilities frontier? A. tradeoffs B. efficiency C. opportunity cost D. equityProduction possibilities frontier illustrates both production efficiency and opportunity cost. Discuss.Draw a production possibilities frontier with movies on the x-axis and other goods and services on the y-axis to illustrate increasing opportunity cost.
- Production possibilities frontier illustrates both production efficiency and opportunity cost.DiscussDrag the production possibilities frontier on the graph to show the effects of a time saving innovation in the manufacturing of carsProduction Possibilities Frontier Step 1: Draw the Y and X axes and number the units. Step 2: Label the Y and X axes and title the graph. Step 3: Plot the production combinations. Step 4: Draw the curve. Step 5: Note the opportunity cost of each variable in terms of the other.
- Suppose a new drug was discovered that slowed the deterioration of health that accompanies aging. (All the graphs you draw should include labels down and right arrows to indicate the changes before and after the new drug were discovered). Draw the production possibilities frontier and explain it.The definition of Product Possibility Frontier is The graph which indicates the various production possibilities of two products when resources are fixed. The graph that shows the highest amount of money a person can make over a period of time. The graph that shows how supply and demand works. The graph that tells us how well an economy is doingUsing your own words, describe the law of increasing opportunity costs. Be sure to explain why this phenomenon occurs and how it helps to contribute to the shape of the production possibilities frontier.