Answered: What is the production possibilities…

What is the production possibilities frontier? Explain the basics of the simple tool and illustrate your answer with an example!

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 8SQP

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Question

What is the production possibilities frontier? Explain the basics of the simple tool and illustrate your answer with an example!

Expert Solution

Step 1

The production possibility curve or production possibility frontier is a curve that shows whether how much of two goods can an economy produce using all the available resources. The outline of the curve represents efficient production, that is, the production that consumes all the resources. The various combination of all the possible combinations of both the goods are represented by the production possibility curve.

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