In an economy where a unit of labour can produce either 1 unit of x or 4 units of y (or any linear combination of the two) and a unit of capital can produce either 4 units of x or 1 unit of y (or any linear combination of the two). There are 100 units of each means of production. Suppose now that the discovery of new production technologies allows the production of both x and y by using only one of the two means of production (without a change in their respective productivity).
1) what will be the production possibility curve?
2) What will be the opportunity cost of producing 50 units of x?
2006-07-27 01:41:43 · 4 answers · asked by Anonymous in Social Science ➔ Economics
Yeah, ditto. This should be easy to solve, anyway. If you don't see an approach, try a graphical analysis.
2006-07-27 02:24:13 · answer #1 · answered by Veritatum17 6 · 0⤊ 0⤋
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2016-11-03 02:40:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The KEY here is to understand there you have 1 of 2 possibilities:
1) The PPC curve can shift inward or outward, or
2) You can move to a different position on the curve.
How do you tell which one it will be? Look at the factors that effect the curve, and that will tell you.
For example, with a demand curve, if more consumers enter the market, the demand curve would shift outward and to the right.
2006-07-30 00:35:02 · answer #3 · answered by msoexpert 6 · 0⤊ 0⤋
We will not do your homework for you here on Yahoo Answers.
Stay after school or get tutored for extra help!
2006-07-27 01:45:57 · answer #4 · answered by crazyotto65 5 · 0⤊ 0⤋