Production Possibilities Frontier Assignment Help

We all have a tendency to desire more and want more in life. Doesn’t the world seem like a magical place when your parents let you know that you can have PS5 and the latest iPhone at the same time?  However, that smile disappears when you want both and your parents’ say that you need to make your choice between the iPhone and PS5? Similarly, society as a whole cannot have everything they want, either. They face certain constraints and are required to determine what to produce as they have access to limited resources. These societal constraints and their need to make a decision are what production possibilities are all about.

It is most likely for you to be well-versed with this term if you are an economics student. Securing dream grades in this paper demands you to develop an innate knowledge and profound understanding of the intricacies associated with the fundamentals of Production Possibilities Frontier. Know you can always avail unsurpassed guidance at the world’s No.1 reliable assignment help company, MyAssignmentHelp.com. Nevertheless, you should also keep the following aspects in mind to write an exemplary paper and leave your strict Economics professors spellbound with flawless solutions.

What is Production Possibilities Frontier In Economics?

Before we roll on to learn the factors responsible for the shift in production possibilities frontier outward, it is always wise to comprehend the importance of the term Production Possibilities Frontier in Economics.

Have a look here to find out what truly is the production possibilities frontier in economics-

• Production possibility frontier is the graph that demonstrates the different production possibilities of two commodities when resources are fixed. The production of one commodity can only be increased by compromising on the production of the other commodity. This is what is popularly known as the production possibility curve or the product transformation curve.  

• It shows businesses and national economies the optimal production levels of two different capital goods competing for the same resources in production and the opportunity cost associated with either of the decision. Over time, the movement of the production possibility frontier shows if a business or economy is growing or shrinking.

• In private companies, managers utilise this kind of data to comprehend the exact combination of commodities that can and must be produced to offer the greatest boost to the profits of the company.

• For example, let’s say if a non-profit agency produces a mix of textbooks and computers, the PPF may show that it can produce either 30 textbooks and five computers or 70 textbooks and three computers. The leadership of the agency should determine which item is more urgently required. In this instance, the opportunity cost of producing an additional 40 textbooks equals 2 computers.

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 When Does A Production Possibility Frontier Curve Shift Outward?

Outwards or inwards shift in the production possibility frontier curve are driven by changes in the total amount of available production factors or the advancements in the technology. If there is an increase in the total amount of production factors like labour or capital, then the economy will be able to produce more goods at any points along the frontier.

Conversely, during times of high unemployment and limited money supply, the frontier curve will retreat inwards. Then, the total quantity of goods that can be produced will decrease rapidly.

Apart from this, here are the ways of causing an outward shift of a country’s production possibility frontier-

• Investment in  the capital, i.e. plant, machinery, and new technologies
• Inward migration of younger and skilled workers
• Exploration of new natural resources
• Innovations that result in the increased output per unit and  diminishes the resource wastage
• Improved education, healthcare, and training to enhance labour productivity.

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Which Of The Following Would Shift The Production Possibilities Frontier Outward?

Does solving the different trick questions also seem like an uphill task to you? Then talk to our academicians and let the reputed professors from renowned institutes take care of your paper.

Now, you may be asked to deliver a stellar paper on the below-enlisted question like-

1. More efficient use of existing resources and technology
2. Society’s desire to produce more of the goods
3. The end of the strike by a labour union
4. Government prints more money
5. An increase in the size of the labour force

The correct answer will be e- an increase in the size of the labour force.

This is just a basic question example to clear the air about production possibilities frontier to you. You may have to work on more complicated problems in your academic papers. No need to panic if the problems seem too overwhelming and arduous for you to solve. Contact MyAssignmenthelp.com, and our PhD economists will do it all for you. Our team will provide you with detailed explanations as well.

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When drawing a production possibilities frontier, which of the following is (are) held constant?

You may also be provided with a question like given above and then asked to determine the statement that best demonstrates the concept of production possibilities frontier pertaining to the scenario.

For example:

1. In drawing a production possibilities curve, which of the following is (are) held constant? 

1. The supply of natural resources and the supply of labour
2. Technology and the educational attainment of the workforce
3. Both a and b
4. None of the above

The correct answer to the above question will be c- both a and b.

2. When drawing a production possibility frontier, which of the following is held constant? 

1. The amount of money in the economy
2. The prices of goods and services
3. The number of goods and services that are produced
4. The availability factors of production and the state of technology
5. None of the above as nothing is held constant while drawing the production possibilities frontier

The correct answer to the above question is d- the availability of factors of production and the state of technology.

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Which Of The Following Trade-Offs Does The Production Possibility Frontier Illustrate?

By now, we hope that you have a fair and comprehensive idea of the production possibility frontier. Let’s now try to figure out the trade-offs that the production possibility frontier illustrates.

You can be asked the below-enlisted questions in a spot-on economics test or your gruelling economics exams. These are as follows-

1. Which of the following trade-offs does the production possibilities frontier illustrate?

1. For an economy to produce and consume goods, it must sacrifice the quality of the environment
2. If an economy wants to increase efficiency in production, then it must compromise consumption equality
3. Once an economy has reached the efficient points on its production possibilities frontier, the only way of getting more of one good is to get less the other
4. For an economy to consume more of one good, it must stop consuming the other good completely

The correct answer to the above question is b.

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