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Author Question: What does the slope of the production possibilities curve represent? Explain. What will be an ... (Read 39 times)

ssal

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on: Jun 29, 2018
What does the slope of the production possibilities curve represent? Explain.
 
  What will be an ideal response?

Question 2

The assumption that other things are constant is also known as the
 
  A) ceteris paribus assumption.
  B) rational self-interest assumption.
  C) distinguishing characteristic of economics as a science.
  D) relationships assumption.


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juiceman1987

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Reply #1 on: Jun 29, 2018
Answer to Question 1

It represents the trade-off between two goods from two points on the PPC. Specifically, as we move from one point to another, in order to produce more of one good, we must trade-off or give up the other good. If the trade-off is constant, then the slope is constant along the PPC and the PPC is a straight line. If the trade-off increases, then the slope is increasing along the PPC and the PPC is bowed outward.

Answer to Question 2

A


ssal

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

pratush dev

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Reply 3 on: Yesterday
Excellent

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