Answer Three Questions

Question 1The convex radiation pattern of the reapingion incident stemma is derived from the principle of opportunity address . The issue possibility bourn defines the maximum production potential of an deliverance given its resourcefulness and technology constraints . The opportunity cost is defined as exit of economic value that could bring been gained if resources had been invested in an alternative . so , the opportunity cost is an integral comp championnt of the production possibility leap in terms of how much of unmatched product git be produced given its opportunity costThe convex shape of the production possibility boundary means that as the economy produces much of one faithful , its opportunity cost rises . As a result , fewer quantities of that good can be produced . In other words more of the other goo d have to be sacrificed .

This is because , as a result of organism control by resource and technology constraints , the economy is in the best position of producing a certain quantity of from for all(prenominal) one one category of goods . Beyond that point , the opportunity cost of producing one good instead of another continues to rise as it requires change magnitude resource and technology investmentsQuestion 2According to the law of fall returns , the productivity of each additional remark continues to rise up to a particular point after which it starts to decline . As demonstrated in the table on the right , eac h additional input of labor continues to inc! rease the marginal proceeds up to a certain point beyond which the marginal utility goes consume again regardless of...If you want to worry a full(a) essay, order it on our website: OrderCustomPaper.com

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