Properties of production possibilities curve
Describe properties of the production possibilities curve.
Expert
There are two main properties of production possibilities curve.
1. Downward sloping: This is since as more quantity of one good produced few quantity of the other good which must be sacrificed.
2. Concave to the origin: This is since the marginal rate of transformation rises as more of one good is generated.
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When the firm produced at output level q2, this produced where: (w) MR = MC. (x) MR > MC. (y) MR < MC. (z) P < MC. Discover Q & A Leading Solution Library Avail More Than 1456408 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1940960 Asked 3,689 Active Tutors 1456408 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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