Microeconomics
Solutions
Microeconomics
Draw a PPF that represents the production possibilities for goods X and Y if there are constant opportunity costs. Next, represent an advance in technology that makes it possible to produce more of X but not more of Y. Finally, represent an advance in technology that makes it possible to produce more of Y but not more of X.
Illustration of PPF.
Figure 1 shows changes in PPF when there is technological advancement.
In Figure 1, the vertical axis measures quantity of Y and horizontal axis measures quantity of X...
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