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Graph the production possibilities curve for medical services and all other goods and evaluate the changes along the PPF raw a bowed-out production possibilities curve (PPC or PPF) with an aggregate measure of medical services, Q, on the horizontal axis and an aggregate measure of all other goods (and services) Z on the vertical axis. Discuss the implications of the subsequent changes on the quantities of medical services and all other goods:

a) A movement down along the curve.

b) A movement from the interior of the curve to a north east early point on the curve.

c) An increase in the quantity of labour in the economy.

d) A technological discovery which increases the production of Z.

e) If it were your choice, where would you choose to capable to produce on the PPC and why?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917508

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