Microeconomics (Book Only)
Microeconomics (Book Only)
12th Edition
ISBN: 9781285738307
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 2, Problem 5QP
To determine

Explain the reason for most PPF to be bowed-outward.

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Consider an economy which uses all its resources to produce national security and consumer goods. Draw a PPF for this economy. Is the PPF convex and concave? Explain
( a) why is the slop of PPF downward? (b)  why does  the PPF look concave to the origin? (c) What is positive economic analysis?
Would the analysis of the spending of all U.S. consumers and firms on goods and services be a topic for microeconomics or macroeconomics? Why?
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