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Draw production possibility frontier

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Reference no: EM133222904

Question 1. Draw a production possibility frontier, clearly marking the regions of inefficient production, efficient production and unattainable production.

Question 2. Illustrate how the slope of the PPF represents opportunity cost. Why is the frontier concave to origin?

Question 3. Examine the ways in which a business might use information about the different elasticities of demand for its product in its decision making.

Reference no: EM133222904

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