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Production Possibility Curve

Theory of Production Possibility Curve

Production Possibility curve is imaginary curve, which is drawn to represent the scenario, in which amount of the different goods that can be obtained by shifting resources of production from the production of one to production of the other are compared. This curve is used to analyze the society's choice between the two goods. While making a production possibility curve, it is assumed that the economy id efficiently using all resources and technology for the production of two goods. Specifically, it can be said that the production possibility curve is way of looking at different goods which can be produced using a certain resources and technology for a specific period of time.

The production possibility curve is of great use when it is required to do the comparing between the two different goods so as to reach a proper result. There is also some important terms which arises while studying the production possibility curve. The one of them is the opportunity cost; it is cost of anything, in terms of what has to be given up. For example, the two different goods which are considered for production possibility curve are A and B. It has been decided that as compared to A, B will be produced less. Then decrease in the amount of B produced is the opportunity cost of A.

The production possibility curve is also used to explain the law of increasing cost. The production possibility curve will be in outward shape in case of increasing cost. The increasing cost is a situation when more resources are used to produce any specific good here obviously the resources considered are the one which are taken from the production of another good. So when opportunity cost will increase with every unit of producing the specific good. The reason for the increasing cost can be understand easily that some resources are suitable to produce a one kind of good for other good it might happen that more of that resources are required.

The production possibility curve is very useful to demonstrate both the opportunity cost and increasing cost. Not only these, but production possibility curve is also useful in understanding the other two important situations; the condition scarcity and use of unlimited wants. Hence the curve is very important for the students to study.

Although the production possibility curve is useful tool for the economist but there are certain limitation with it. The first and main limitation of the curve is that it is based on the imaginary or hypothetical situation so it can be only use in initial stage of concerting the comparison. For the growth purpose, the curve ignores many environmental conditions which play a very important part in the economic growth. The production possibility curve tries to define or study the human needs and behavior which in fact is purely based on assumption. The human needs and wants can never be absolute and can be changed easily. Therefore there are some limitations with the possibility production curve.

Problems Encountered In Solutions To Production Possibility Curve Problems

The production possibility curve as we know is based on the assumptions, the hypothetical situations. Nevertheless, the students have to understand the concept properly as it is a very important concept in economics. Hence first and foremost important task for the students is to understand these situations which obviously are not easy task for them. The students have to reach a level of thinking where they can study the graph easily. They have to do case studies where they need to explain the situations that why the curve is concave or otherwise. The students therefore need to understand the complexities of the subject. The students have to understand the opportunity cost and law of increasing cost and how they affect each other and also the production possibility curve. The production possibility curve is based on various assumptions and imaginary situations so if the student is not able to understand any particular case study then it will really tough for him to write the solution. Therefore they require the help of the expert economist who can help them with the subject. Also the production possibility curve is theoretical concept; it is very much required that the concepts are clear so that the students can draw the necessary conclusion from the curve

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