Transcription of INTRODUCTORY MICROECONOMICS - CBSE
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INTRODUCTORY MICROECONOMICS - CBSE
1 INTRODUCTORY MICROECONOMICSUNIT-IPRODUCTION POSSIBILITIES CURVEThe production possibilities (PP) curve is a graphical medium of highlighting the central problem of'what to produce'. To decide what to produce and in what quantities, it is first necessary to know whatis obtainable. The PP curve shows the options that are obtainable, or simply the is obtainable is based on the following resources available are technology remains resources are fully resources are efficiently resources are not equally efficient in production of all products. Thus if resources aretransferred from production of one good to another, the cost increases. In other wordsmarginal opportunity cost last assumption needs explanation because it determines the shape of the PP curve.
1 INTRODUCTORY MICROECONOMICS UNIT-I PRODUCTION POSSIBILITIES CURVE The production possibilities (PP) curve is a graphical medium of highlighting the central problem of
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