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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

From earlier chapters you will recall that technological change shifts the average cost curves. Draw a graph showing how technological change could influence intra-industry trade.

To determine

The graph for showing the way of changes that could influence intra-industry trade is to be drawn.

Explanation

The graph of production possibility curve can be drawn by taking an example in which the technology of nation is incremental trend i.e. improving which indicates decrease in the cost of the production of quantity. Say, in the production of product X, the technology is in the line of improvement then PPC will be as follows:

After analyzing the above curve, it can be said that the opportunity cost of product X is decreasing which gives the nation comparative advantage in this product...

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