Production possibilities frontier

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Reference no: EM131000407

Suppose Russia produces only cars and camcorders. The resources that are used in the production of these two goods are specialized—that is, some resources are more suitable for producing cars than camcorders, whereas others are more suitable for producing camcorders than cars.

The shape of Russia’s production possibilities frontier (PPF) should reflect the fact that as Russia produces more camcorders and fewer cars, the opportunity cost of producing each additional camcorder

Reference no: EM131000407

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