AP (Advanced Placement) Macroeconomics Fundamentals of Economics-Opportunity Cost Study Material (Page 6 of 8)

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Production Possibility Curve or Transformation Curve

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Production Possibility Curve or Transformation Curve

It represents the various combination of two goods that can be produced using all the resources available

Production Possibility Curve
  • Marginal Rate of Transformation (MRT) is the rate at which one product can be transformed into another product, resources remaining unchanged. Thus, MRT …

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Long Run Analysis of Production

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Long Run Analysis of Production

  • Long run: Laws of returns to Scale.
  • The term ‘returns to scale’ refers to change in output when all factors of production are changed by the same proportion.
  • Initial level of Output:

  • Let us change all the factors by a factors in the new output level is ‘X ⚹’ .

  • If increase by same proportion m, then it is a case of constant returns to scale.
  • If increase by a factor less than m, then it is a case o…

… (17 more equations, 9 figures) …

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