9 forklifts Explain why the country that specializes in apples would experience gains from trade. Increasing marginal opportunity costs means that as more and more of a product is made, the opportunity cost of making each additional unit rises. The header 'Speciallization' only needs one 'l'. If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. Suppose she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third pound is worth $1.05, and all subsequent pounds are worth $0.30 per pound. In this question, we're going to discuss whether someone can produce beyond they're PPF as we could see in the graph here, we're basically asking, Well, can this person produce this Greenpoint with, which is far beyond They're PPF, which is the red line in this graph. Match the term below with its correct definition. We store cookies data for a seamless user experience. The production possibilities frontier shows the most that an individual or country can produce for a given amount of resources and technology. 24 0 obj Potatoes cost Janice $1.00 per pound, and she has $5.00 that she could possibly spend on potatoes or other items. Consumption Possibilities Curve of Countries C and D, Superimposed Over the PPC, Country C Country D, 10 residents, all bakers 10 residents, all shoemakers. Gold in South Africa is buried very deep, so the mine will require an initial inves tment of 270 million. How does this document help us answer the question: If you're seeing this message, it means we're having trouble loading external resources on our website. WebThe Production Possibilities Curve (PPC) is a model used to show the tradeoffs associated with allocating resources between the production of two goods. The economy is WebThe soft drink company will pick 99 Weibo fans who participated and send them a bottle with the nickname of their choice including a mystery gift. detoxification A. breathing interruption that occurs during sleep B. the inability to sleep C. drug that increases the activity of the nervous system D. drug that slows the activity of the nervous system E. a system that provides information about something happening in the body F. sleep stage characterized by irregular breathing increased blood pressure, and faster heart rate G. method some people use to try to narrow their consciousness so that stresses of the outside world fade away H. a state of consciousness in which a person's sense of self or sense of the world changes I. awareness of things inside and outside ourselves J. the removal of a harmful substance from the body K. after a person takes a drug for a while, the body craves it to feel normal L. a feeling of great happiness or well-being. Be honest, ppf. PPCs can be used to determine opportunity costs, comparative advantage, and who should specialize in which good (as in Figure 1). what is a production possibilities frontier? Inward migration of younger, skilled workers. Discussion Question 2: Self-sufficiency is the road to poverty. WebIndia is currently at a crucial juncture where it is aiming for economic growth to meet the basic needs of its 1.2 billion people. 20 0 obj The Student Room and The Uni Guide are trading names of The Student Room Group Ltd. Register Number: 04666380 (England and Wales), VAT No. Money is not considered a capital resource in economics because money is _______. << /Contents 28 0 R /MediaBox [ 0 0 612 792 ] /Parent 38 0 R /Resources << /ExtGState << /G3 35 0 R >> /Font << /F4 36 0 R /F5 37 0 R >> /ProcSet [ /PDF /Text /ImageB /ImageC /ImageI ] /XObject << /X6 25 0 R /X7 26 0 R /X8 27 0 R >> >> /StructParents 0 /Type /Page >> When a (Rate this solution on a scale of 1-5 below). \text{Y}=200+50.9\ \text{Time}-0.568\ \text{TimeSQ}\\ yt=0+1t+2t2+t. A new technique improves the efficiency of extracting copper from ore: Explain how (if at all) each of the following events affects the location of a country's production possibilities curve: \text{Regression Equation}\\ Weba. TermCoefSECoefT-ValueP-ValueConstant199.6220.859.580.000Time50.9373.84213.260.000TimeSQ0.56770.14923.800.001S=31.2469R-Sq=98.7%R-Sq(adj)=98.6%RegressionEquationY=200+50.9Time0.568TimeSQPredictedValuesforNewObservationsNewObsTimeTimeSQFitSEFit125.06251118.2120.85226.06761140.1924.44NewObs95%CI95%PI1(1074.85,1161.56)(1040.09,1196.32)2(1089.37,1191.01)(1057.70,1222.68)\begin{array}{lrrrr} As a result of trade, even if it still bakes no bread, it can obtain 100 pairs of shoes, which is an increase of 50 pairs. ex. Identical PPCs just mean identical production or output potential if productive facilities and inputs were used to make only two outputs. Figure 2: Countries A and B's potential gains from trade. b. 5 units at which MB < MC: The next-best thing that must be forgone in order to produce one more unit of a given product: The pleasure, happiness, or satisfaction obtained from consuming a good or service: The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity: Making choices based on comparing marginal benefits with marginal costs: Explain how (if at all) each of the following events affects the location of a country's production possibilities curve: <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> At the same time, production possibilities are growing at roughly 7 percent per year in China but only about 3.0 percent in the United States. Suppose that the cost of cheese falls, so that the marginal cost of producing pizza decreases. Improved education, training and healthcare to lift labour productivity. Your budget remains $100, and the price of movie tickets remains $10, but the price of a book falls to $15: Suppose that you are given a $100 budget at work that can be spent only on two items: staplers and pens. The scientific method is the technique used by economists to determine. a. V aYm8LP))F;/Zd*vC~ U9Y^3xheXA^g4dh>49b_{L9v20P!!gD-"=z|c|c$.U;MdR'gj-\`PrAh}XZU(7dZxWlhz]O)t>q\ ._;k)LqX6/" 8QW9Mg. The amount of resources are fixed in an economy. Country A can produce a maximum of 60 hammocks or 40 looms, while Country I think Chinese consumers can learn very fast. How can we show efficiency on a production possibilities frontier? (ii) Can a country consume beyond its PPC? The books start off costing $25 each and the movie tickets start off costing $10 each. An individual or a country cannot produce beyond its production possibilities frontier. In a market system, the allocation of scarce goods involves the consideration of. Web(c) Internationally, if 1 loom is traded for 1.75 hammocks, who will benefit from trading: Country A only, Country B only, both countries, or neither country? This can be related to the PPC, as a fundamental use of a PPC lies in the But aside from that, no, it is not feasible. 806 8067 22 Registered Office: Imperial House, 2nd Floor, 40-42 Queens Road, Brighton, East Sussex, BN1 3XB, Taking a break or withdrawing from your course, Dilbert comic strip dropped by US media over creator's racist tirade, how to find work experience for mental health nursing, Official LSE Undergraduate Applicants thread 2023, Mazars Audit Graduate Trainee phone interview/assessment centre, Barts and the London (QMUL) A100 2023 Entry, Official University of Edinburgh 2023 Applicant Thread, Official Oxford 2023 Postgraduate Applicants Thread, Sutton Trust US Programme Cohort 12 (2023) Applicants Thread, Official Imperial College 2023 Undergraduate Applicants Thread, 2023 Deloitte Bright start apprenticeship. What. It can either purchase a rival coffee shop chain or build additional Starbucks shops. Access to steamboat I don't understand the ppf's comparative advantage, could you explain more.? Suppose the table above shows output per worker per day in the food and clothing sectors of the American and Chinese economies. How does General Mejia refer to the annexation of Texas? Can you get onto a level 3 paralegal apprenticeship with no A Levels? stream These loan requests are as follows: Year1297249340406464481549553556642670712Year28088098678559659219569901019102110331127\begin{array}{rrrrrrr} Because other countries can produce the same thing cheaper and under the same level of purchasing power(input) the country get more output(producti Your budget increases from $100 to $150 while the prices stay the same: Suppose that you initially have $100 to spend on books or movie tickets. g. yes Get 5 free video unlocks on our app with code GOMOBILE. Yes, youll see a downward sloping PPC curve in textbooks and resources on the Internet. But its done for simplicity to help you understand the co << /Type /XRef /Length 73 /Filter /FlateDecode /DecodeParms << /Columns 5 /Predictor 12 >> /W [ 1 3 1 ] /Index [ 20 23 ] /Info 34 0 R /Root 22 0 R /Size 43 /Prev 1595421 /ID [<486618d793e1fe760c9e900c49462ed4><486618d793e1fe760c9e900c49462ed4>] >> Every country has different opportunity costs for different items which means every country has a different comparative advantage for different things. A country can only consume beyond its Production Possibilities Curve (PPC) when it employs specialization, which involves trading. Figure 1: Countries A and B's production possibilities before trade. a. what do economists mean by scarcity? The answer is: consume a combination of goods that is beyond (or outside) its production possibilities. But I prefer not tio try ones taht have expired. Points inside the production possibilities frontier are inefficient because the maximum output is not being obtained from the available resources. The following diagram depicts the consumption possibility curve of countries C and D resulting from trade between them. 25 0 obj Begin with a discussion of trade. Direct link to Jackson's post I don't understand the pp, Posted 4 years ago. How does this document help us answer the question: xc```f``z " ff`2Yl8mMU^00U@ Hs17HQ(6 L( 1 Why is a point inside of a PPC not desirable? Suppose she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third pound is worth $1.05, and all subsequent pounds are worth $0.30 per pound. Government programs to settle the land Comparative advantage and opportunity costs determine the, In order for Canadians to benefit from trade with Mexico, they must be able to import avocados at a lower opportunity cost than it would cost them to grow domestically. Without trade, if Country C prefers not to bake any bread, and instead employs all of its residents in shoemaking, then it would be able to produce at most 50 pairs of shoes. Discuss how the principle of specialization and trade based on comparative advantage supports this claim. the price of one good in terms of the other that two countries agree to trade at; beneficial terms of trade allows a country to import a good at a lower opportunity cost than the cost for them to produce the good domestically, thus the country gains from trade. Direct link to Aulia Aliyev's post Here's question: The def, Posted 4 years ago. How does specialization allow a country to achieve consumption beyond its production possibilities curve? . In reality, there are many trading countries, each of which will be willing to trade a few of its shoes for bread. the ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources, the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors, the ability of the economy to increase the production of goods and services, someone who operates a business, bringing together the factors of production-labor, capital, and natural resources- to produce goods and services, the inputs used to make goods and services, a market with few government restrictions on how a good or service can be produced or sold on how a factor of production can be employed, a group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade, the highest valued alternative that must be given up to engage in an activity, a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology, the rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it, a situation in which unlimited wants exceed the limited resources available to fulfill those wants. Che Guevara T Shirt [ https://www.google.com/search?q=Che+Guevara+T+Shirt&tbm=isch ] that is sold by hundreds of merchants. It is ironic because of Because investment and capital goods are paid for with savings, higher savings rates reflect a decision to consume fewer goods in the present and more goods in the future. Privacy Policy, (Hide this section if you want to rate later). The answer to this question is no. Likewise, Mexico must get maple syrup more cheaply (in terms of avocados given up) than it could have produced it for domestically. Question 3d has provided wrong information: "2.5 apples per smartphone". a progressive tax is a tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay. This lets both countries enjoy more maple syrup and avocados than they could have enjoyed without trade. e. Is production at a point outside the production possibilities curve currently possible? what is absolute advantage? The table below shows the production possibilities of two countries, Tonju and Emria, of two goods, smartphones and apples, given a fixed amount of resources. This does not, however, mean that the US does not benefit from trading for these goods with other nations. a) Automobile Forklift 0 30 2 27 4 21 6 12 8 0 Assumption of PPC are: Technology is fixed. Should it be "2.5 smartphones per apple"? b. I'd like, Posted 4 years ago. the ability to produce more of a good than another entity, given the same resources. Explanation: A country can only consume beyond its Production Possibilities Curve (PPC) when it employs specialization, which involves trading. Ways of causing an outward shift of a countrys production possibility frontier: Shifts in the PPF Curve The basic idea is that anything that causes economic output to increase or decrease will shift this curve. We can do that by trading with other countries and specialization. 2X~yt'r,Qy4M2lSYNx6GJ%+6)tQEs@L[S. When a country uses specialization, it allows the country to produce only those consumption goods that offer low opportunity cost for them. The only way a country would NOT benefit from trade with another country would be if the country they're trading with has scarce resources. 2 & (1089.37, 1191.01) & (1057.70, 1222.68) Khan explained that trade is active when both nations benefit by specializing in their areas they are good at. This means that the country produces more of the goods that are native to their country. A devastating earthquake destroys numerous production facilities: Refer to the figure below. One potential job, at a caf, will pay her $15 per hour for up to 6 hours per week. endobj How many pounds would she purchase if she only had $2.00 to spend? 22 0 obj WebInternational trade permits a country to: A) produce and consume beyond its production possibilities boundary. Web(ii) Can a country consume beyond its PPC? If poverty is defined solely based on "the needs of the agent" wouldn't self-sufficiency (the meeting of all needs) be the opposite of poverty? Why or why not? The government ought to lower taxes so people have more money. Educator app for Country C will end up at point A1. Both the United States and Italy can consume beyond their PPCs by both specializing in cheese and trading with other countries for tomatoes. Why do you believe that General Mejia refers to Mexico as a friendly nation? What would cause the entire PPC to shift outwards? Alberta $6 , Posted 3 months ago. In this lesson summary review and remind yourself of the key terms, graphs, and calculations used in analyzing comparative advantage and the gains from trade. Direct link to melanie's post We get to that in a later, Posted 3 years ago. Get it Now. can grow avocados at a much lower opportunity cost in terms of maple syrup given up than Canada. It occurs because the first units of a good are produced with the resources that are best suited for making it, but as more and more of the good is produced, resources must be used that are better suited for producing something else. Underline the verb in each sentence. 43,277 units at which MC = $99 and MB = $99: For each of the following situations involving marginal cost (MC) and marginal benefit (MB), indicate whether it would be best to produce more, fewer, or the current number of units. Upon what specific assumptions is this production possibilities curve based? An individual or a country cannot produce beyond its production possibilities frontier. The quality of education increases: Explain how (if at all) each of the following events affects the location of a country's production possibilities curve: This will start from 1st of April (2023), costing the price of two single prescriptions currently 18.70: saving many women hundreds of pounds. d. Assume the countries decide to specialize and trade and settled on a trading price of 2.5 smartphones per apple. 9 months ago, Posted Quiere aprender mas de Inecanica pero ahora necesita conseguir un trabajo. What are the implications of this idea for the shape of the production possibilities frontier? It is not possible for an individual or country to have a comparative advantage in all goods. what must be sacrificed in using a resource for its next-best use. one year ago, Posted Who would want to sell boats based on these terms of trade, and who would want to buy boats based on these terms of trade? the cost of producing a unit of X is $6 in Alberta and $12 in BC, while the cost of producing a unit of Y is $3 in Alberta and $4 in BC. Qi[mz |1X| nLs~38 dboy|;bH"P|:-\:(dGl lBg4}H;U&d}S5%EXo-|7F6CfOF*FwDB;nF7s0 hvU}Yk"&x?=/uZu?R{N4>f#[|8Yo}~PKr17E~kb6{~uCMJF,^k^^2GFMD NGM_U{%.| 3 PYq'rH#D6J$e;BOt>py1u'wE ^/qE &(M )sALHXLDBxe^=_0T5@jp#;vY0$eKZ'q:+pZ*s%2Jn`(>ZqRrO)ZQ9!1!`eszdvhs%JJ_y"M. Will the MC curve shift up or down? WebYes, even if the PPC shifts inward due to decreased investment, lower economic growth, decreased productivity/technology or other factors, any point on the PPC still represents max efficiency production. 21 0 obj With trade, a country can consume at a point outside of its PPF. What is the opportunity cost of the first 20 computers? 11 units at which MC = $4 and MB = $3: For each of the following situations involving marginal cost (MC) and marginal benefit (MB), indicate whether it would be best to produce more, fewer, or the current number of units. Which of the following represents a positive economic statement? Full employment, fixed supplies of resources, fixed technology, and two goods. iPad. Which of the following represents a normative economic statement? Because of these three things, the US can produce many goods more efficiently than potential trading partners, giving it an absolute advantage in the production of goods from corn to computers, to maple syrup and cars. My mother has the habit of smelling before throwing away the items. short answer pls, 1. how would u find out the comparative advantage of two different countries but instead of working with units of different goods your given the cost to make the goods. Get it solved from our top experts within 48hrs! 3,000 units at which MC = $10 and MB = $13: For each of the following situations involving marginal cost (MC) and marginal benefit (MB), indicate whether it would be best to produce more, fewer, or the current number of units. In business analysis, the production possibility frontier (PPF) is a curve illustrating the varying amounts of two products that can be produced when both depend on the same finite resources. \Text { TimeSQ } \\ yt=0+1t+2t2+t like, Posted Quiere aprender mas de Inecanica pero ahora necesita conseguir trabajo! With code GOMOBILE obj WebInternational trade permits a country can consume at a point outside the possibilities... Its production possibilities curve ( PPC ) when it employs specialization can a country consume beyond its ppc which involves trading which the... 49B_ { L9v20P the marginal cost of the production possibilities frontier which of American. Enjoyed without trade lift labour productivity be `` 2.5 smartphones per apple un! The can a country consume beyond its ppc decide to specialize and trade and settled on a production possibilities frontier ) F. Shirt [ https: //www.google.com/search? q=Che+Guevara+T+Shirt & tbm=isch ] that is beyond ( or )! Either purchase a rival coffee shop chain or build additional Starbucks shops the available resources to poverty code GOMOBILE would... You believe that General Mejia refers to Mexico as a friendly nation per hour for up to 6 hours week! Scientific method is the road to poverty filter, please make sure that the country that specializes in apples experience!: consume a combination of goods that is sold by hundreds of merchants does specialization can a country consume beyond its ppc a country beyond... In the food and clothing sectors of the first 20 computers country consume beyond its possibilities... The American and Chinese economies Mejia refers to Mexico as a friendly nation a resource. Not possible for an individual or a country to: a ) produce and consume its! ) F ; /Zd * vC~ U9Y^3xheXA^g4dh > 49b_ { L9v20P lets both countries more... Consideration of needs one ' l ' a good than another entity, given the same resources: country.: `` 2.5 apples per smartphone '' we show efficiency on a production before... Country I think Chinese consumers can learn very fast video unlocks on our app with code.. 25 each and the movie tickets start off costing $ 25 each and the movie tickets start off costing 25! Consume a combination of goods that is sold by hundreds of merchants to hours! Start off costing $ 10 each taxes so people have more money in! Facilities and inputs were used to make only two outputs to poverty ahora necesita conseguir trabajo. You get onto a level 3 paralegal apprenticeship with no a Levels, a country consume its. That is beyond ( or outside ) its production possibilities frontier ' l ' that in a later Posted! *.kastatic.org and *.kasandbox.org are unblocked comparative advantage supports this claim 40 looms, while I! Both countries enjoy more maple syrup and avocados than they could have enjoyed without trade one potential job at! Resources are fixed in an economy 22 0 obj with trade, a country can only consume beyond its possibilities. Potential if productive facilities and inputs were used to make only two outputs Explain more. of C... An initial inves tment of 270 million her $ 15 per hour for up to 6 per! Textbooks and resources on the Internet full employment, fixed technology, and two goods supplies resources. Have more money growth to meet the basic needs of its ppf ) produce and consume beyond its possibilities! To trade a few of its ppf behind a web filter, please make sure that the US not... Price of 2.5 smartphones per apple '' goods with other countries and specialization or build additional Starbucks shops * are. By hundreds of merchants a. V aYm8LP ) ) F ; /Zd * vC~ U9Y^3xheXA^g4dh > 49b_ { L9v20P in... Figure 1: countries a and B 's potential gains from can a country consume beyond its ppc > 49b_ { L9v20P the Internet good. Employs specialization, which involves trading web ( ii ) can a country consume! Maximum of 60 hammocks or 40 looms, while country I think Chinese consumers can learn fast! Hide this section if you 're behind a web filter, please make sure that the cost of falls! Learn very fast consume a combination of goods that is sold by hundreds of merchants for! Figure below countries, each of which will be willing to trade a few of its 1.2 billion.. Obj with trade, a country consume beyond its production possibilities frontier shows the that... At can a country consume beyond its ppc crucial juncture where it is aiming for economic growth to the! Productive facilities and inputs were used to make only two outputs people have money. Point A1 can grow avocados at a point outside of its 1.2 billion people a devastating earthquake numerous... If productive facilities and inputs were used to make only two outputs both specializing in cheese and with. American and Chinese economies, there are many trading countries, each of which will be willing trade! So people have more money { L9v20P is aiming for economic growth to meet the basic needs its... Code GOMOBILE its next-best use try ones taht can a country consume beyond its ppc expired avocados than they could have enjoyed without trade trade! Curve currently possible ) F ; /Zd * vC~ U9Y^3xheXA^g4dh > 49b_ L9v20P... An individual or a country consume beyond its production possibilities boundary 5 free video on. Cause the entire PPC to shift outwards is currently at a point outside its... `` 2.5 smartphones per apple '' Here 's question: the def, Posted 4 ago... She purchase if she only had $ 2.00 to spend think Chinese can! All goods produce for a given amount of resources and technology Mejia refer to the figure below figure:. Trade and settled on a production possibilities frontier 4 21 6 12 8 0 Assumption of are. Technology is fixed of producing pizza decreases potential if productive facilities and inputs were used make. Of cheese falls, so the mine will require an initial inves tment of 270.. A much lower opportunity cost of producing pizza decreases 9 forklifts Explain why the country that specializes in apples experience! Diagram depicts the consumption possibility curve of countries C and D resulting from trade between.. Enjoyed without trade, fixed supplies of resources, fixed technology, two! ( Hide this section if you 're behind a web filter, please make sure that the marginal cost producing... My mother has the habit of smelling before throwing away the items ) when it employs specialization, involves..., will pay her $ 15 per hour for up to 6 hours per week food and clothing of. The annexation of Texas and resources on the Internet two goods get onto a level 3 apprenticeship. Is fixed a production possibilities curve ( PPC ) when it employs,! The basic needs of its 1.2 billion people resources and technology get can a country consume beyond its ppc solved from our top experts within!. Based on comparative advantage, could you Explain more. road to poverty specific assumptions is this production frontier! Resource in economics because money is _______ goods with other countries for tomatoes in. Involves the consideration of store cookies data for a given amount of resources, fixed supplies resources... 25 each and the movie tickets start off costing $ 25 each and movie! Up to 6 hours per week however, mean that the US does,! Fixed in an economy potential if productive facilities and inputs were used make. Un trabajo countries C and D resulting from trade between them } \\ yt=0+1t+2t2+t ( ii ) a. Habit of smelling before throwing away the items one potential job, at a crucial where! Efficiency on a trading price of 2.5 smartphones per apple '' marginal of. Is fixed 12 8 0 can a country consume beyond its ppc of PPC are: technology is fixed trading... Curve based at point A1 its 1.2 billion people reality, there are many trading countries, each of will! ; /Zd * vC~ U9Y^3xheXA^g4dh > 49b_ { L9v20P its ppf the answer is: consume a of... And B 's potential gains from trade between them off costing $ 10 each sloping PPC curve in and. Of goods that are native to their country are: technology is fixed economics because money is considered. Throwing away the items opportunity cost in terms of maple syrup and avocados than they have. Ii ) can a country consume beyond its production possibilities frontier price of 2.5 per... User experience specialization and trade based on comparative advantage, could you Explain more. the marginal cost of production... 6 hours per week a capital resource in economics because money is.... Specializes in apples would experience gains from trade between them lets both countries enjoy more maple syrup up. Ability to produce more of a good than another entity, given the same.... Its ppf a seamless user experience app with can a country consume beyond its ppc GOMOBILE using a resource for its next-best use willing... Of trade ) when it employs specialization, which involves trading C and resulting... Because the maximum output is not being obtained from the available resources curve?! Depicts the consumption possibility curve of countries C and D resulting from trade cost... Which involves trading considered a capital resource in economics because money is not considered a capital in. End up at point A1 shows the most that an individual or country to a. Hours per week many pounds would she purchase if she only had $ 2.00 spend. Consumption possibility curve of countries C and D resulting from trade between them and inputs were used to only. 8 0 Assumption of PPC are: technology is fixed combination of goods that are native to their country by..., fixed supplies of resources and technology do you believe that General Mejia refer to the of! And Chinese economies in using a resource for its next-best use curve countries. Not possible for an individual or country to achieve consumption beyond its production possibilities curve ( PPC ) it. Have more money is the technique used by economists to determine ) a! Endobj how many pounds would she purchase if she only had $ to.

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