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Draw the shapes of PPC when MOC is (a) Decreasing (b) Constant (c) Increasing. Video Lecture - Commerce
FAQs on Draw the shapes of PPC when MOC is (a) Decreasing (b) Constant (c) Increasing. Video Lecture - Commerce
| 1. What is a PPC? |  |
Ans. A PPC, or Production Possibility Curve, represents the different combinations of two goods or services that an economy can produce with its given resources and technology.
| 2. How does a decreasing MOC affect the PPC? | |
Ans. When the Marginal Opportunity Cost (MOC) is decreasing, it implies that the resources being used to produce one good can be easily shifted to produce the other good. This results in a concave shape of the PPC, indicating increasing opportunity cost as more of a particular good is produced.
| 3. What happens when MOC is constant in relation to the PPC? | |
Ans. When the Marginal Opportunity Cost (MOC) is constant, it means that the resources used to produce one good cannot be easily shifted to produce the other good. In this case, the PPC will have a straight-line shape, indicating a constant opportunity cost for each additional unit of either good produced.
| 4. How does an increasing MOC affect the PPC? | |
Ans. An increasing Marginal Opportunity Cost (MOC) means that the resources used to produce one good cannot be efficiently used to produce the other good. As a result, the PPC will have a convex shape, indicating a higher opportunity cost for each additional unit of either good produced.
| 5. What factors can cause a shift in the PPC? | |
Ans. The PPC can shift due to changes in factors such as technological advancements, changes in resource availability, changes in population, changes in capital stock, or changes in trade policies. These factors can lead to an expansion or contraction of the production possibilities of an economy, shifting the PPC outward or inward.
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Nov 28, 2024 Last updated |
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