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Shifting the PPF Curve
To raise the manufacturing of one good without reducing the production of the other, the PPF curve should shift outward. The PPF curve shifts outward as a consequence of an increase in the economy’s resources or a technological innovation or creativity that increases the output obtained from a particular quantity of resources. From point d, an extra 200 tons of factory goods or 20 tons of farm goods are now possible.
The Objective Probability - 100 explorations out of which 25 successes and 75 failures - Probability (Pr) of success = 1/4 and probability of failure = ¾ Given: -
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The demand schedule for computer chips is given in the table. Price (dollars per chip) Quantity demanded(millions of chips per year) 200
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