What is the axiom of consumer choice that implies that consumers spend all their income in order to maximize utility? and Explain the main assumption behind a concave production possibilities frontier

What is the axiom of consumer choice that implies that consumers spend all their income in order to maximize utility? and Explain the main assumption behind a concave production possibilities frontier

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.1P

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Why is the production possibility frontier concave? Be sure to explain economic intuition behind that fact.
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Explain the main assumption behind a concave production possibilities frontier.
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