• Economicas
    : Teachers’ version GCE AS/A LEVEL – May/June 2010 Syllabus 9708 Paper 22 (a) Explain how a country’s production possibility curve depends upon its factors of production. [8] A production possibility curve (ppc) shows the combination of outputs that a country can produce when fully employing its...
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  • economics
    / CURVE The concept of production possibility curve is given by the famous economist Prof. Samuelsson. It explains the basic subject matter of economics namely scarcity of resources. The resources like land, labour, capital, technology, etc available to any economy is limited. Hence they have to be...
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  • Economics Assignment
    . Nowadays, this subsidiary effect, although insignificant, has changed. This may indicate the beginning of economies of scope in the industry. 2. Draw a production possibilities frontier for the followings and explain: (a) How it would be affected by a reduction in standard number of hours worked? Ans...
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  • Student
    entrepreneur possess? Describe the role of an entrepreneur in the economic development of a country. What are the central problems of an economy? Discuss them in detail. What is a production possibility curve? How is it used to explain the central problems of an economy? Explain the concept of opportunity cost...
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  • Foundation in Economics
    nature of trade offs l Explain the principles underlying the production possibility curves Unit content l l l l l Scarcity, Choice and Resource Allocation The nature of the basic economic problem and the production possibility curve Different allocative mechanisms - market economies...
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  • 12th Eco.
    demerits of socialism. 33. Explain ‘mixed economy’ in detail. 34. Describe the ‘production possibility curve’ with a suitable diagram. 46 Chapter 3 Theory of Consumer Behaviour Introduction The existence of human wants is the basis of all economic activity in a society. All desires, tastes and...
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  • International Trade
    countries. Suppose that there are many countries capable of producing two goods, and that each country has only one factor of production, labor. What could we say about the pattern of production and in this case? (Hint: Try constructing the world relative supply curve.) [pic] Any countries to the...
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  • Microeconomics
    touches the PPC. * Define and construct a consumption possibilities curve for both closed and open economies * Explain how production and consumption are determined in both closed and open economies For a closed economy, the domestic supply and demand for a good or service determine...
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  • Introductory of Economic
    . 17. 18. What do you mean by an economic problem? How does an economic problem arise? What are the central problems of an economy? What is a production possibility curve? Explain with the help of a diagram. Give the meaning of the term opportunity cost. Why is the production possibility curve...
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  • Use of Model in Economic Analysis
    possibly produce given the available factors of production and the available production technology. [pic] FIGURE 2 Production Possibilities Frontier This figure shows the six possible pairs of food-machines production levels. A smooth curve fills in between the...
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  • Basic Economic Ideas
    economy, the table below shows how labor and capital can be allocated to the production of autos and airplanes. The Production Possibilities for a Single Country Option Cars/Automobiles Airplanes A 150 0 B 125 4 C 80 9 D 30 16 E 0 25 The...
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  • International Economics: Theory and Policy Solution
    international trade for interpreting and understanding our economy. Chapter 2 introduces students to international trade theory through the Ricardian model of trade. This model shows how trade arises when there are two countries, each with one factor of production which can be applied toward...
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  • Mr Sachin
    given focused by Prof. Samulson by using the production possibility curve. 1) There is full employment in the society- which means all the four factors of production are fully employed and there is no unemployment in the society. 2) The supply is limited- which means that supply of factors are...
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  • Eco561
    | | | | | | | | a. Show these data graphically. Upon what specific assumptions is this production possibilities curve based? b. If the economy is at point C, what is the cost of one more automobile? One more rocket? Explain how...
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  • Fiscal
    -Assessment Test 1. Explain how production possibility curve is helpful in determining the combination of goods that can be produced with given resources and technology. 2. What are the different types of economic systems? Discuss them in detail along with examples. 3. Explain partial and general...
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  • Economics of Production
    ” (3 marks) (b) Explain and illustrate the resultant hypothetical total and marginal product curves in an economy with only two factors of production, one of which is fixed. (8 marks) (c) (i) What is a “production possibility frontier? (3 marks...
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  • Economics Ch 2 Solution
    axes show the levels of output per period. It is useful to point out that the production possibilities curve depends on two things: the availability of resources and the level of technology. ALTERNATIVE CLASSROOM EXAMPLE: A small country produces two goods: corn (measured in bushels) and...
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  • Economics
    marks) (b) Explain and illustrate the resultant hypothetical total and marginal product curves in an economy with only two factors of production, one of which is fixed. (8 marks) (c) (i) What is a “production possibility frontier? (3 marks) (ii) Given a...
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  • Mmmmm
    can refresh your memory with the graphing appendix to this chapter.) The opportunity cost of a car in terms of the number of computers is not a constant in this economy but depends on how many cars and computers the economy is producing. This is reflected in the shape of the production possibilities...
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  • Introduction to Microeconomics
    . Please see the discussion on the talk page. (February 2010) In economics, factors of production means inputs and finished goods means output. Input determines the quantity of output i.e. output depends upon input. Input is the starting point and output is the end point of production process and such...
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