Properties of production possibilities curve
Describe properties of the production possibilities curve.
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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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At the whole prices where quantity demanded is zero, there the: (w) slope of the demand curve is zero. (x) price elasticity of demand is zero. (y) supply curve has infinite slope. (z) price elasticity of demand is imperfectly defined. Discover Q & A Leading Solution Library Avail More Than 1417251 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1938749 Asked 3,689 Active Tutors 1417251 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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