Know About the Concepts of Production Possibilities Frontier with Professional Services as Myhomeworkhelp.Com!
The production possibilities frontier, also known as PPF, is a graphical representation or curve which shows the highest possible outcome by using two or more products and services in the community. You can get this curve by efficiently employing the workers and using the resources. Hence, it also demonstrates the production efficiency. Some of the resources that it represents are the opportunity cost, productive efficiency, scarcity of resources, allocative efficiency, etc.
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Role in Economic Efficiency
As we have a particular idea about the PPF, let’s understand what role it plays in the economic efficiency. With the production possibilities frontier homework help, you will be able to figure out its use in the field of effectiveness.
- It describes the growth of the economy.
- It also demonstrates opportunity cost and the trade offs.
- You can conclude that the resources are inefficient when the combination of output and goods lies inside the curve of PPF.
- Similarly, if it lies outside, then the resources are to be not attainable at the moment.
- The points also show the way in which the company uses the resources.
Role in Opportunity Cost
Opportunity cost occurs when you relocate on scare resources from one product to the other product. To get the right guidance for understanding the topic you can also use the production possibilities frontier homework help to assist you with the answers.
- The opportunity cost of the products increases if the law of diminishing return is real.
- If there is an increase in the production of goods, then you will have to use little resources to produce the money.
- Allocating more number of resources will result in the less number of additional products. Hence, for producing quality goods, these other productions should be cut off.
- All the input factors used in production may not always be suitable for the products manufactured. Hence, there comes the use of the law of diminishing returns.
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