Principles of Microeconomics
8th Edition
ISBN: 9781337470384
Author: N. Gregory Mankiw
Publisher: Cengage Learning US
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Question
Chapter 3, Problem 1QR
To determine
Linear production possibility frontier .
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If the production possibilities frontier curve is linear and downward-sloping instead of bowed out, that indicates
Define and describe the production possibilities frontier model.
Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?
Chapter 3 Solutions
Principles of Microeconomics
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- Bread В A • Steel The graph shows the production possibility frontier for a country that can use it's resources to make either bread or steel. According to the graph, the opportunity cost of shifting reasources from making bread to making steel is increasing constant decreasingarrow_forwardExplain Production possibility frontier with an example and give explanation on why it is represented as a curved diagram(concave)arrow_forwardWhich of the following results in an outward shift in the Production Possibility Frontier? * Diversity in consumer preferences Reduction in prices Improvements in technology All of the abovearrow_forward
- Explain the usefulness of a Production Possibilities Frontier and how it could be applied to an example to support an economic argumentarrow_forwarddraw a production possibility frontier showing a combination of two goods that a country could produce and an area of inefficiency and another unattainablearrow_forwardwhat is industial policy.arrow_forward
- What is the production possibilities frontier? Explain the basics of the simple tool and illustrate your answer with an example!arrow_forwardA point inside the production possibilities frontier is___ while a point outside the frontier is ____.arrow_forwardBecause of the existence of comparative advantage, the total output of goods is higher when each producer?arrow_forward
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