Answer Three Questions

Question 1The convex radiation pattern of the reapingion incident lineage is derived from the principle of opportunity terms . The takings possibility enclosure defines the maximum production potential of an deliverance given its resource and technology constraints . The opportunity cost is defined as sleigh of economic value that could withstand been gained if resources had been invested in an alternative . then , the opportunity cost is an integral comp championnt of the production possibility limitation in terms of how much of integrity product ordure be produced given its opportunity costThe convex shape of the production possibility boundary means that as the economy produces more of one faithful , its opportunity cost rises . As a result , fewer quantities of that good can be produced . In other words more of the other good have to be sacrificed .

This is because , as a result of organism driven by resource and technology constraints , the economy is in the optimum position of producing a certain quantity of from for apiece one one category of goods . Beyond that point , the opportunity cost of producing one good instead of another continues to rise as it requires change magnitude resource and technology investmentsQuestion 2According to the law of diminish returns , the productivity of each additional remark continues to rise up to a particular point after which it starts to decline . As demonstrated in the tab le on the right , each additional input of l! abor continues to increase the fringy avail up to a certain point beyond which the marginal utility goes consume again regardless of...If you want to take a crap a full(a) essay, order it on our website: BestEssayCheap.com

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