Production possibility curve

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667p tichhythan 17-08-2023 13 8   Download

Lecture Economics for Managers - Chapter 1: The Challenge of Economics. After studying this section will help you understand: explains the general scope of economics including scarcity, opportunity cost, the three basic economic questions, the market mechanism, and government intervention,...

41p diepchilang 26-08-2021 10 1   Download

Chapter 2 - Specialization and exchange. In this chapter you will learn: How to construct a production possibilities frontier, describe what causes shifts in production possibilities curves, define absolute and comparative advantage, define specialization and explain why people specialize, explain how the gains from trade follow from comparative advantage.

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This chapter introduces many of the fundamental concepts in economics and covers a wide variety of concepts. It begins with the definition of economics; then the economic perspective is discussed. After that, the discussion moves to the development of economic theory. The individual’s and society’s economizing problems are examined using a budget line and production possibilities curves where economic growth is addressed. The Last Word deals with common mistakes students make when thinking about economics.

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The main goals of this chapter are to: Apply production possibilities analysis, increasing opportunity costs, and economic growth; explain how economic growth and international trade increase consumption possibilities; understand graphs, curves, and slopes as they relate to economics.

14p dien_vi03 08-10-2018 33 0   Download

Chapter 2: The production possibility model, trade, and globalization. After reading this chapter, you should be able to: Demonstrate trade-offs with a production possibility curve; relate the concepts of comparative advantage and efficiency to the production possibility curve; state how, through comparative advantage and trade, countries can consume beyond their individual production possibilities; explain how globalization is guided by the law of one price.

16p whocarea 05-09-2016 36 1   Download

Chapter 2, The production possibility model, trade, and globalization. The objectives of this chapter are: Demonstrate trade-offs with a production possibility curve; relate the concepts of comparative advantage and efficiency to the production possibility curve; state how, through comparative advantage and trade, countries can consume beyond their individual production possibilities; explain how globalization is guided by the law of one price.

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Basic concepts of production function. Historical background and characteristics of different forms of production functions- linear, quadratic, square-root, Spillman, cubic, semi-log, Cobb-Douglas, trascedental, CES, VES and Leontief. Static and dynamic production functions and their applications. Frontier production functions. Dualities between production, cost and profit functions. Derivation of output supply and factor demand functions from production and profit functions. Optimisation and resource allocation. Multiple product relationships. Production possibility curves.

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A basic assumption about consumers in microeconomics is that they have preferences over different baskets of goods. Explain the concepts “preference”, “preference order”, and “basketof goods”. Exercise 1.1.2 a)If there are only two goods, it is possible to illustrate a consumer’s preferences over them with an indifference map. Draw an indifference map with three indifference curves. b)There are a few standard assumptions about what an indifference map can and cannot look like. Which are these assumptions, and what reasoning lies behind them?...

93p tuanloc_do 04-12-2012 126 12   Download

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17p xau_la 10-02-2012 62 8   Download