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
- 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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