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The Law of Increasing Opportunity Cost
Negative Slope of PPF and Opportunity Cost

Homework help production possibilites. A PPF production possibility frontier typically takes the form of the curve illustrated on the right. Since our certified professional essay writers have.

The benefits of economic production and growth outweigh the risks of damage to. Active use of fiscal policy can help keep aggregate demand high and employment rates. This valuable tool is recommended to help you with all of your lighting questions and concerns. Production Possibility Frontiers image 5. Spring - 8: Given that resources are limited; Robinson must decide how to best use them to satisfy his wants.

Given the scarcity of time and resources, if Robinson decides to collect wood, he will have less time to collect fruits.

He faces a trade-off between wood and fruit or between food and shelter. Suppose that another survivor appears on the island, Man Friday. Robinson and Friday will have different preferences in terms of whether to collect fruits or to collect wood.

Also they will have different skills and knowledge. So Robinson and Friday will need to make certain decisions such as:. Should only one of them take charge and decide for both of them?

Or should the two of them cooperate, to split the planning as well as the production duties? Or should they live alone individually at opposite ends of the island? All these possibilities are again decisions regarding what to produce, how to produce it, and who gets it. Suppose that Robinson and Friday have only two tasks to accomplish each week: If Friday could cut more logs than Robinson in 1 day and Robinson could gather more fruits than Friday could, specialization would clearly lead to more total production.

Both would benefit if Friday only cuts woods and Robinson only gathers fruits, as long as they can trade. Suppose that Robinson is slow and lazy in his fruit gathering and that Friday is better at cutting woods and gathering fruits. It might look like since Friday is better at both jobs, he should do everything. But that is not right. Friday only has limited time in a day Scarcity and every hour he spends collecting woods, he has to forgo collecting fruits.

Suppose Friday can cut 10 woods per day and Robinson can cut only 4. Also suppose Friday can gather 10 fruits per day and Robinson can gather only 8. A producer has an absolute advantage over another in the production of a good or service if he or she can produce the good or service using fewer resources, including time. Since Friday can cut more woods per day than Robinson, we say that he has an absolute advantage in the production of woods.

Similarly, Friday also has an absolute advantage over Robinson in collection of fruits. Ricardo explains this on the basis of comparative advantage. A producer has a comparative advantage over another in the production of a good or service if he or she can produce the good or service at a lower opportunity cost.

Robinson can collect 8 fruits per day, or he can cut 4 woods. To collect 8 additional fruits, he must give up cutting 4 woods. Friday can collect 10 fruits per day, or he can cut 10 logs. Friday thus gives up 1 wood for each additional fruit; so for Friday, the opportunity cost of 1 fruit is 1 wood. Think now about what Friday must give up in terms of fruits to get 10 woods.

To produce 10 woods he must work a whole day. The final result I got was exceptional. I cannot thank them enough to help out at the last minute and deliver the work in the short deadline.

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