Production-possibility curve (PPC)
What is the production-possibility curve (PPC)? How can we show economic efficiency on the PPC? How can we show inefficiency? To illustrate your answer, use the most recent data on capacity utilization in the US: http://www.federalreserve.gov/releases/g17/Current/default.htm What does this statistic suggest about the US industry's position relative to its production possibility curve? Explain.
What is the production-possibility curve (PPC)? How can we show economic efficiency on the PPC? How can we show inefficiency? To illustrate your answer, use the most recent data on capacity utilization in the US: http://www.federalreserve.gov/releases/g17/Current/default.htm What does this statistic suggest about the US industry's position relative to its production possibility curve? Explain.
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