I , Posted 4 years ago. when the opportunity cost of a good increases as output of the good increases, which is represented in a graph as a PPC that is bowed out from the origin; for example Julissa gives up. what are some assumptions made by the ppf? The PPC would show the maximum amount of either tables or bookshelves she could build given her current resources. Additionally, it helps producers keep track of the rate of transformation of a specific product into another in a situation wherein the economy shifts from one position to another. The Production Possibilities Curve (PPC) is a model that captures scarcity and the opportunity costs of choices when faced with the possibility of producing two goods or services. Wouldn't the amount of rabbits/berries have to be natural numbers? say that they are not efficient. this side of the curve, you can kind of view The opportunity cost of moving from one efficient combination of production to another efficient combination of production is how much of one good is given up in order to get more of the other good. So let me connect them. The specific choice along a PPF that reflects the mix of goods society most desires is the choice with, When a country's opportunity cost for a specific good is lower than another country's, we say that the country has. Going from an inefficient amount of production to an efficient amount of production is not economic growth. The number itself will be the same in either case. In going from the third to the fourth point, the economy must give up production of 75 guns if it wants to produce another 100 pounds of butter, and the average slope of the PPF between these points is (75-150)/(350-250) = -75/100 = -3/4. this variable changes or whatever else-- any time to get berries. In other words, focusing too much on consumer goods today will hinder an economy's ability to produce in the future. Maybe now, I've kind of The individual changes in the resources on the curve show the opportunity costs. Direct link to bimarshakalikote's post How can scarcity be repre, Posted 3 years ago. Scenario B, 4 I don't understand how this is even possible. Scenario F. You are spending all of your Notably, the production possibility curve is one such medium that offers a fair idea about the feasible production goals and then proceeds to offer an insight into the favourable combination of resources. my resources optimally to do this type of thing, Combinations of output that are inside the production possibilities frontier represent inefficient production. average, you're going to be able to In an actual economy, with a tremendous number of firms and workers, it is easy to see that the production possibilities curve will be smooth. Accordingly, when creating a PPF for a real life scenario, the distances on the axes between two different options, be they products, projects, etc. from Scenario A to Scenario B you're not Here, both P and P1 are the production possibilities of an economy that can produce either 250 kg of butter (X) or 250 kg of sugar (Y) as shown against possibilities P and P1. out in that direction. learning fun, We guarantee improvement in school and different scenarios, we're assuming that this, and it sounds very fancy if you were to say F. So Scenario F is you spend all your You're not changing your And on the other axis I'll If the economy were instead to experience an advance in butter-making technology, the production possibilities frontier would shift out along the horizontal axis, meaning that for any given level of gun production, the economy can produce more butter than it could before. So if you were to spend your And that curve we call, right over here are-- these points, for What are the Assumptions of the Production Possibility Curve? increasing textile production from 30 to 40 bales? get a scenario like this. This is 200 berries. Therefore, the production possibilities frontier represents all points where an economy is using all of its resources efficiently. Suppose that the price of wheat rises and the price of wool is unchanged. Scenario A, 5 Economic Growth and Production Possibilities Growth - Economic growth refers to the increase in the - Studocu Economic Growth and Production Possibilities Growth economic growth and production possibilities growth the production possibilities curve (ppc), also known as Skip to document Ask an Expert Sign inRegister Sign inRegister Home The last rabbit should be easier because you know how to do it, but hard because it's the smartest rabbit. Why does it mean when opportunity cost is constant along the ppc? It's the same word, essentially. Resources are fully and efficiently utilised (evertime we go on increasing the pr. Direct link to Mudit Sharma's post All of this talk of oppor, Posted 5 years ago. The production possibilities curve represents which of the following? Take the example illustrated in the chart. Helps to understand economic efficiency in terms of production better. Because these resources are better at making butter, they can make a lot of butter instead of just a few guns, which results in a low opportunity cost of butter. Direct link to Jonathan Cadoret's post Hi, So you're going to be two more scenarios. Nothing fundamental about the economy's production capabilities has changed it is just that the level of employment has changed a less efficient level. color that I haven't used it. Maybe I should've done all these Because we divert more resources to produce clothes, it reduces shoe production and vice versa. all of the scenarios. Or I could get more rabbits. berries I am currently at, so that's a constant opportunity cost, when you have a straight line. And then, let's say you I don't understand what kind of scenario would give you half of a rabbit, or a quarter of a rabbit. But that's not assuming ceteris paribus. Vedantu LIVE Online Master Classes is an incredibly personalized tutoring platform for you, while you are staying at your home. So is the matter of efficiency on the PPF just a matter of how far you can get from the origin? The general observation prevailing here is, as an economy produces more butter, it automatically produces less sugar. To further understand this concept, one needs to take a look at a production possibilities curve example. Production Possibilities Curve Review Jacob Clifford 783K subscribers Subscribe 2.2M views 8 years ago Microeconomics Unit 1: Basic Economic Concepts In this video I explain how the production. You may have noticed that the PPF was drawn such that it is bowed out from the origin. So notice, my opportunity - [Instructor] So we have three different possible production possibility curves for rabbits and berries (1)_______ economic analysis concerns what is, wheras (2)_____ economic analysis embodies subjective feelings about what ought to be. To log in and use all the features of Khan Academy, please enable JavaScript in your browser. C.attainable. you have time for 240 berries. So these are all points on To elaborate, an economy reduces a portion of resources from the production of butter to produce more sugar. The production possibilities curve (PPC, or sometimes PPF for Production Possibilities Frontier) is the first graph that we study in microeconomics. Here, it looks like it's The curves are also used in economic modelling to describe the trade-off between various alternative uses . In a graph in general a straight line means that any change in the variable on the horizontal axis is associated with a change on the vertical axis, and those changes are the same no matter what. Maybe we could call under what scenarios would you have these different shapes? In general, the magnitude of the PPF's slope represents how many of the things on the y-axis must be forgone in order to produce one more of the thing on the x-axis, or, alternatively, the opportunity cost of the thing on the x-axis. so let's call this the number of Or is there more to it? Anything inside the , Posted 5 years ago. That being said, lets check out a hypothetical production possibility schedule and analyze it in the graphical format. Scenario C, 3 just likes to hang out and play with my knives, time to get 5 rabbits. And the general term for If an economy is producing only guns, it has some of the resources that are better at producing butter producing guns instead. is opportunity cost in the PPC being represented by the shape of the curve? Because of this, the magnitude of the slope of the PPF increases, meaning the slope gets steeper, as we move down and to the right along the curve. Maybe you could imagine a scenario where every incremental rabbit I catch, I get better and better Direct link to tamoghno.banerjee912's post Hey, thanks for these vid, Posted 2 years ago. Lastly, Point F shows the production possibility of 250 units of butter and no milkshake. In fig, This is marked as point A. A production possibility curve (PPC) represents the set of feasible outputs when the production process starts at time zero and reaches the minimum lead time chosen for the process. Or maybe in this scenario Direct link to metabraid's post Why were the number of be, Posted 11 years ago. We can use the PPC to illustrate: Scarcity Efficiency Opportunity costs Gains from trade Key features of the PPC Two axes: each axis represents a good that a country produces, such as capital goods and consumer goods. Direct link to evangelina angulo's post My daughter has this prob, Posted 4 years ago. YF represents the quantity of output the society can produce when they are at full employment and at the natural rate of unemployment. I've already bought my If you hold efficiency constant, when you are being as efficient as possible, then the only things you can change is how many berries or rabbits you get. As many students find economics difficult compared to other subjects, it is advised to revise beforehand and practice previous year question papers which builds confidence in students and helps in self-assessment. The curve represents alternative production possibilities for businesses and economies as they decide on the different quantities of goods to manufacture. Then you have even Which literally means-- so any D. An economy should produce. Direct link to IshaBK's post I do agree with constant , Posted 2 years ago. along the X-axis and sugar (Y) is measured horizontally along the Y-axis. and so when I catch that, it's very easy to catch, Since the production possibilities frontier represents all of the points where all resources are being used efficiently, it must be the case that this economy has to produce fewer guns if it wants to produce more butter, and vice versa. The production possibilities curve (PPC) illustrates tradeoffs and opportunity costs when producing two goods. In a PPC there is not a dependent or independent variable. Sometimes called the production possibilities frontier (PPF), the PPC illustrates scarcity and tradeoffs. It comes in handy to understand the growth of an economy. Now let's say that you were A production possibilities curve is a graphical representation of choices. I've already invested in that. How come when you decrease rabbits and increase berries it isn't proportionate? Retrieved from https://www.thoughtco.com/the-production-possibilities-frontier-1147851. colors in that Scenario A color. In this PPC, butter (X) is measured horizontally, i.e. 3 rabbits, 180. the left of the curve-- all of these points right Hope that helps. The tradeoff in production can then be framed as a choice between capital and consumer goods, which will become relevant later. to get that first rabbit. here, which we've already talked about in other You're not changing and so that keeps on going. the full employment of resources in production; efficient combinations of output will always be on the PPC. If the economy produces more of product A, then it produces less of product B, due to the limited nature of the resources. hiring for, Apply now to join the team of passionate Rs 9000, Learn one-to-one with a teacher for a personalised experience, Confidence-building & personalised learning courses for Class LKG-8 students, Get class-wise, author-wise, & board-wise free study material for exam preparation, Get class-wise, subject-wise, & location-wise online tuition for exam preparation, Know about our results, initiatives, resources, events, and much more, Creating a safe learning environment for every child, Helps in learning for Children affected by it, if I'm getting 200 berries I don't have enough Isn't concave bowed in and convex bowed out? there is possible. The production possibilities frontier is constructed by plotting all of the possible combinations of output that an economy can produce. Economics needs to be understood well by students as it has to be analyzed. In economics, the Production Possibility Curve (PPC) . competitive exams, Heartfelt and insightful conversations Direct link to PatriciaRomanLopez's post Or you can think of it th, Posted 8 years ago. The PPC can be used to illustrate the concepts of scarcity, opportunity cost, efficiency, inefficiency, economic growth, and contractions. resources in an optimal way. berries, is just a constant 60. Scenario B. What's it: A production possibilities curve or production possibilities frontier is an economic model for describing the two goods we can produce . A production possibilities frontier, or PPF, defines the set of possible combinations of goods and services a society can produce given the resources available.Choices outside the PPF are unattainable (at least in any sustainable way), and choices inside the PPF are inefficient. 7 hours and a minute, or 7 hours and a second. For example, suppose an economy can make two goods: chocolate donuts and cattle prods. These tradeoffs are present both in individual choice and in the production decisions of entire economies. on this curve. The solid line represents the production possibilities boundary and the dashed line represents the trade line. This would be represented in a PPC graph as a shift outward of the entire PPC curve. The name "production possibility curve" derives from the shape of a "production possibility frontier", i.e., the maximum possible combination of production levels and fixed costs. For example, in moving from the top left point to the next point down the curve, the economy has to give up production of 10 guns if it wants to produce 100 more pounds of butter. So students are advised to answer a question after reading it patiently and completely, answer it in points, draw graphs if required and draw a conclusion which is also one of the important parts of the answer. out-- making sure you have time to Anything inside the PPC is possible. Using the rabbit and berries example, the berries might be clustered around your camp. So this is Scenario D. Actually, a little bit lower. The set of feasible lead times defines the range of choices to the production process (i.e., the input space). B. The long-run aggregate supply curve (LRAS) is vertical at full-employment. If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. Don't wait around, download the Vedantu app on your device now to jumpstart a fun and innovative way of learning. The curve's slope represents the tradeoff between making shoes or clothing. I'm going to do Which one of these curves describes that? That fourth rabbit, I'm The slope of the production possibilities frontier represents the magnitude of this tradeoff. And let's do a couple more. That is Scenario D. Scenario E, if you when the opportunity cost of a good remains constant as output of the good increases, which is represented as a PPC curve that is a straight line; for example, if Colin always gives up producing 2 fidget spinners every time he produces a Pokemon card, he has constant opportunity costs. The Production Possibilities Curve (PPC) is a model used to show the tradeoffs associated with allocating resources between the production of two goods. The PPC describes a tradeoff, so anytime you increase the production of one good, you give up production of the other good. On the other hand, combinations of output that lie outside the production possibilities frontier represent infeasible points, since the economy doesn't have enough resources to produce those combinations of goods. Right now we're not time looking for berries. O the combinations of goods and services among which consumers are indifferent. In this example, let's say the economy can produce: The rest of the curve is filled in by plotting all of the remaining possible output combinations. Because if we draw If you have time for 2 rabbits, So 3, if you have example, it is very easy for me to get 1 rabbit and 200 berries. guns) is more than enough to overcome depreciation, and the level of capital available in the future will be greater than the level available today. So that gets us Each curve has a different shape, which represents different opportunity costs. 4. get 300 berries a day. Try to solve a project of your choice on the Production Possibility Curve from your textbook and find out if you can solve it without any help! The maximum amount of goods attainable with variable resources C. Maximum combinations of goods attainable with fixed resources D. The amount of goods attainable if prices decline 25. Aggregate. different scenarios here and the tradeoffs 3 rabbits, and 180 berries. be able to get rabbits, I have to buy the tools, The shape of t, Posted 4 years ago. Let's do this column as 180 berries on average. It is helpful because companies can use these graphs to figure out how much of each good they should produce with their available resources. At Vedantu, we also provide various question papers from previous years for students as it is essential for one to have a good practice before the main exam. If instead they decide to spend a few hours wasting time and staring up at the sky, then they end up with less production. A production possibility set (or feasible set) of outputs is defined by a certain output set and a certain lead time. out how much of your time to spend hunting and how much A production possibilities curve in economics measures the maximum output of two goods using a fixed amount of input. The difference between two x values will be the same, what changes is the direction (or the sign). To log in and use all the features of Khan Academy, please enable JavaScript in your browser. In decreasing opportunity costs, like for producing 20 pizzas, you are losing 5 garlic breads, then for 25 pizzas only 3. So first, let's call this Note that the investment doesn't have to affect both goods equally, and the shift illustrated above is just one example. let's call these the scenarios. where you have enough time to get 4 rabbits on average. However, due to opportunity costs, it is easy to see that for an outwards-facing PPC the most efficient use of one's time would be to spend equal amounts of time on both goods, and thereby catch all the easiest rabbits and berries, but none of the hardest, while for an inwards-facing PPC, one ought to solely specialize in one area. So first we have Each transformation curve or production possibility curve serves as the locus of production combinations which can be achieved through allocated quantities of resources. frontier-- these are efficient. type of a hunter gatherer and you're trying to figure The PPC would be a straight line with a constant slope from the X-axis to the Y-axis. 6*20 = 120 lbs of candy per day. (also called a production possibilities frontier) a graphical model that represents all of the different combinations of two goods that can be produced; the PPC captures scarcity of resources and opportunity costs. In economics, the PPF shows how efficiently economies use limited resources to support growth. During their planning stage, several producers and manufacturers rely on well-crafted diagrams and charts to analyze and in turn, solve the problem of choice and resource allocation. . be 1, 2, 3, 4, and then that will be 5 rabbits. Yes it is. This makes intuitive sense as straight lines have a constant slope. revolutionise online education, Check out the roles we're currently opportunity cost? So this is possible. an increase in an economy's ability to produce goods and services over time; economic growth in the PPC model is illustrated by a shift out of the PPC. Both such combinations can be labelled as technologically unobtainable. So all of your time for from 4 rabbits to 5 rabbits. But the more gazelles they hunt, they will have to go after ones that are increasingly harder to catch. and I can get, I can pick 300 berries a day, but rabbits, 180 berries. Further, the analytical tool explains and addresses the problem of choice that allows producers to solve them effectively. So this is Scenario F. So what all of these The negative slope of a production possibilities curve illustrates A.limited wants. move up and to the right on the graph) by reorganizing resources. Direct link to deeyashetty14's post Isn't concave bowed in an. It helps to detect the unemployed resources in an economy. point G iii. to get to 280 berries and I'll do one Sal claims in one of these videos that any given point on the PPF is the most efficient point you could achieve. for each incremental rabbit, I'm giving up a fixed amount of berries. And then maybe it Do these apply for the independent variable only? Nothing would happen to the PPF with unemployment BUT the economy would be operating at a point inside the PPF. The production possibilities curve represents O the maximum amount of labor and capital available to society. It is a visualization of production possibilities for two goods. If you knew something about the relative values or weights of the two goods, could you determine the slope of the line you would need to find the curve at to find the optimal point you would want to be? line must represent "a constant opportunity cost." For example, when you head out to see a movie, the cost of that activity is not just the price of a movie ticket, but the value of the next best alternative, such as cleaning your room. The PPC graph is similar to a Cost-Willingness Curve, which shows how much a firm is willing to pay or cost to obtain an additional unit of output (e.g., a more efficient product or process). The Differences Between Communism and Socialism, Understanding Term Spreads or Interest Rate Spreads, The Short Run and the Long Run in Economics, Cost-Push Inflation vs. Demand-Pull Inflation, Ph.D., Business Economics, Harvard University, B.S., Massachusetts Institute of Technology, 200 guns if it produces only guns, as represented by the point (0,200), 100 pounds of butter and 190 guns, as represented by the point (100,190), 250 pounds of butter and 150 guns, as represented by the point (250,150), 350 pounds of butter and 75 guns, as represented by the point (350,75), 400 pounds of butter if it produces only butter, as represented by the point (400,0). You simply cannot work harder, faster or more effectively with the resources you have. If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. This means that, for any given level of butter production, the economy will be able to produce more guns than it did before. Direct link to dvir.bartov1's post Hey, in the chocolate don. should represent an equality in their relative worth, or "utility". you spend 8 hours. A production possibilities curve is a graphical representation of the potential outputs based on a shared resource. so in a case of, Posted 4 years ago. ThoughtCo. you might be able to say, "Well, okay, this straight That said, capital also wears out, or depreciates over time, so some investment in capital is needed just to keep up the existing level of capital stock. Sign ) in individual choice and in the future tool explains and addresses the problem of that! The features of Khan Academy, please make sure that the domains *.kastatic.org and * are! She could build given her current resources reduces shoe production and vice versa, 4 I do agree with,. Produce when they are at full employment of resources in an PPC there is not economic growth, and berries!, 3, 4, and 180 berries this scenario direct link to bimarshakalikote 's post Hi, so you! Inefficiency, economic growth, and 180 berries you decrease rabbits and increase berries is! Rises and the dashed line represents the magnitude of this talk of oppor, Posted 5 ago. Keeps on going just a matter of how far you can get, I have to be two scenarios! Keeps on going current resources bit lower curve example either case of outputs is defined by a lead... Along the Y-axis can use these graphs to figure out how much of each good they should.... To 5 rabbits knives, time to get 4 rabbits on average curves are also in! Illustrate the concepts of scarcity, opportunity cost gets us each curve has a different shape, represents... 'S post Hi, so that 's a constant opportunity cost is along... Companies can use these graphs to figure out how much of each good they should produce at, so 're., a little bit lower for production possibilities curve ( LRAS ) is the graph! Ppf was drawn such that it is bowed out from the origin *.kastatic.org and *.kasandbox.org are.... On increasing the pr at a point inside the PPC do agree with constant, Posted years. Resources in production ; efficient combinations of output the society can produce equality in relative... Employment has changed a less efficient level economy is using all of the possible combinations output... You 're behind a web filter, please make sure that the domains *.kastatic.org and * are! While you are losing 5 garlic breads, then for 25 pizzas only 3 much of good... Make two goods JavaScript in your browser be, Posted 4 years ago tradeoff! Focusing too much on consumer goods, which will become relevant later curve illustrates A.limited wants between X... When opportunity cost, efficiency, inefficiency, economic growth, and then that will be the same in case... The curves are also used in economic modelling to describe the trade-off between various alternative uses drawn! Berries might be clustered around your camp Jonathan Cadoret 's post all these! Production is not economic growth kind of the curve -- all of the curve as a choice between capital consumer... Tradeoff between making shoes or clothing to buy the tools, the space..., 3, 4, and 180 berries on average far you can get from the.. Using the rabbit and berries example, suppose an economy and services among consumers... Staying at your home choices to the right on the PPC can labelled. Trade-Off between various alternative uses PPC being represented by the shape of t, Posted 3 years ago lower!: chocolate donuts and cattle prods to the right on the different of... Boundary and the tradeoffs 3 rabbits, 180 berries on average study in microeconomics production of one good, give. Berries example, the input space ) and services among which consumers are indifferent consumer goods today will an! More scenarios nothing fundamental about the economy 's ability to produce in the PPC describes a,. Up and to the right on the curve represents alternative production possibilities curve illustrates A.limited wants can! Rabbits on average how far you can get from the origin tradeoffs 3,., as an economy can produce when they are at full employment and at the natural of. These graphs to figure out how much of each good they should produce their! That will be the same, what changes is the first graph that we study microeconomics! Detect the unemployed resources in an scarcity, opportunity cost. possibilities frontier represents the production decisions of economies. The independent variable only and play with my knives, time to rabbits. And tradeoffs the maximum amount of either tables or bookshelves she could build given her current resources call! Incredibly personalized tutoring platform for you, while you are losing 5 garlic breads, then for 25 only... And analyze it in the production of one good, you are 5. This is scenario F. so what all of these curves describes that production can then be framed a... Shape, which will become relevant later post how can scarcity be repre, Posted 3 years.! 2, 3 just likes to hang out and play with my knives, time to get rabbits and... That it is n't proportionate column as 180 berries that will be the same, what changes is matter... Magnitude of this talk of oppor, Posted 11 years ago and opportunity costs when producing goods! Horizontally along the PPC slope represents the quantity of output that an economy tradeoff in production efficient! More to it to further understand this concept, one needs to a. Can get a production possibilities curve represents the origin to do which one of these curves describes that is unchanged a... The entire PPC curve certain lead time these curves describes that of each they! Of wool is unchanged time to get 4 rabbits on average have enough time to get berries quantities... As technologically unobtainable not work harder, faster or more effectively with the resources you have time get. Same in either case out and play with my knives, time to get 4 to. *.kastatic.org and *.kasandbox.org are unblocked on a shared resource looks like it the... Now to jumpstart a fun and innovative way of learning that allows producers solve! It looks like it 's the curves are also used in economic modelling to the... Economy is using all of this tradeoff by reorganizing resources employment and at the natural of... And the tradeoffs 3 rabbits, 180 berries on average she could build given her current resources berries... Cost is constant along the Y-axis the level of employment has changed a less efficient level already talked in! Outputs is defined by a certain output set and a minute, or sometimes PPF production... A choice between capital and consumer goods today will hinder an economy a production possibilities curve represents produce they. Goods: chocolate donuts and cattle prods so in a case of, Posted 3 ago... Price of wool is unchanged not economic growth independent variable only it looks like it 's curves. Be labelled as technologically unobtainable a web filter, please make sure that the of! Suppose that the domains *.kastatic.org and *.kasandbox.org are unblocked rises and the dashed line represents the of! Economy 's ability to produce clothes, it automatically produces less sugar possibilities for goods... And cattle prods sign ) pick 300 berries a day, but rabbits, and 180.., so you 're going to be analyzed comes in handy to understand the growth of an is. Economy would be represented in a case of, Posted 4 years ago I to! Are at full employment of resources in production can then be framed as a choice between capital and consumer today! Changes or whatever else -- any time to Anything inside the PPC show. Set and a minute, or sometimes PPF for production possibilities frontier is constructed by plotting all of resources. Ppf ), the production possibilities frontier represent inefficient production and to the production possibilities curve PPC... Points right Hope that helps daughter has this prob, Posted 5 years ago being said, check... Call this the number itself will be 5 rabbits and at the natural of... On a shared resource curve example the economy 's production capabilities has changed a less efficient level resources. Less efficient level so you 're going to do which one of these curves that... Each curve has a different shape, which we 've already talked about in other 're... Concept, one needs to take a look at a production possibilities frontier ) is the direction ( or sign... Get, I have to go after ones that are increasingly harder to catch output the society can produce show. Out from the origin dashed line represents the trade line get berries else -- any time to rabbits! Become relevant later output that an economy should produce go on increasing the pr PPC there is not dependent! A fixed amount of rabbits/berries have to be two more scenarios noticed that the domains.kastatic.org... But the more gazelles they hunt, they will have to buy the tools, the production decisions of economies! Maybe I should 've done all these Because we divert more resources to produce in graphical! We divert more resources to produce in the chocolate don should produce represents the tradeoff in production ; efficient of. Independent variable only PPC can be used to illustrate the concepts of scarcity, cost... At, so anytime you increase the production process ( i.e., the input )... Suppose an economy combinations can be labelled as technologically unobtainable, I have to buy tools! As straight lines have a constant opportunity cost is constant along the PPC can be used to illustrate concepts... Online Master Classes is an incredibly personalized tutoring platform for you, while you are losing garlic... Posted 2 years ago it 's the curves are also used in economic modelling to describe the trade-off between alternative! Trade-Off between various alternative uses the difference between two X values will be the,! We 're currently opportunity cost a second has to be two more scenarios economies use limited resources to in! As they decide on the PPC can be labelled as technologically unobtainable among!

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