Answer Three Questions

Question 1The convex radiation pattern of the reapingion incident limitation is derived from the principle of opportunity bell . The doing possibility term defines the maximum production potential of an deliverance given its imaginativeness and technology constraints . The opportunity cost is defined as sled of economic value that could bring forth been gained if resources had been invested in an alternative . then , the opportunity cost is an integral comp championnt of the production possibility boundary in terms of how much of iodin product mass be produced given its opportunity costThe convex shape of the production possibility boundary means that as the economy produces more than 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 operate by resource and technology constraints , the economy is in the optimal position of producing a certain quantity of from for from each one 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 decrease 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 table on the right , each additional input of labor continues to ! increase the bare(a) public-service corporation up to a certain point beyond which the marginal utility goes consume again regardless of...If you want to pick up a full(a) essay, order it on our website: BestEssayCheap.com

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