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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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Section
BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Explain how the following can be represented in a PPF framework: (a) the finiteness of resources implicit in the scarcity condition, (b) choice, (c) opportunity cost, (d) productive efficiency, and (e) unemployed resources.

(a)

To determine

Explain how scarcity is represented in PPF.

Explanation

Scarcity can be illustrated or represented by the existence of frontier. If the availability of resource is abundant, then there will be no problem exists in the economy. They can produce as much goods they want...

(b)

To determine

Explain how the choices are represented in PPF.

(c)

To determine

Explain how the opportunity cost is represented in PPF.

(d)

To determine

Explain how the productive efficiency is represented in PPF.

(e)

To determine

Explain how the unemployed resource is represented in PPF.

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