The Marginal rate of transformation MRT i. What are the four factors of production? Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services. Why is the PPF not a straight line?
Its always drawn as a curve and not a straight line because there a cost involved in making a choice i. This is known as opportunity cost. What is the slope of PPC? It is also called as marginal rate of transformation MRT.
Slope of the PPC defines the rate of producing two goods with available resources and technology. What happened to Elvis first car? Why PPC is concave to the point of origin? Draw and define a production possibility curve.
Why is it downward sloping left to right? Or Why is What does concavity of PPC indicate? PPC is concave when marginal opportunity cost. PPC is concave shaped as production of one good can be increased only by reducing quantity of anothe Define a PPC.
Forgot Password? New User? Sign Up. Create your account now. Signup with Email. Gender Male Female. Create Account. Already Have an Account? What is the slope of production possibility curve? What does it mean when a PPC is a straight line?
Why is a PPF straight? Who introduced production possibility curve? Can PPC be convex? What is the shape of PPC? What are the properties of production possibility curve? Is production possibility a curve? What is production possibility curve with diagram? What is production possibility curve Class 11? What does PPC mean? What are the types of production possibility curves?
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