Purchase Solution

Production possibilities frontier (ppf)

Not what you're looking for?

Ask Custom Question

Explain the production possibilities frontier. What are the main assumptions?

Purchase this Solution

Solution Summary

The solution goes into a great amount of dept related to production possibilities frontier (ppf). The solution talks about efficiency, fixed technology and other such concepts in order to explain ppf. Solution is very well written and excellent for anyone who wants to get a good understanding of the ppf. Overall, an excellent response.

Solution Preview

The PPF is used to better understand the basic economic problems of scarcity and choice. Scarcity is the most basic of problems. But, given the scarcity of financial resources that we face, we must ponder choices.

We use the production possibilities frontier to help us understand in an economic context the constraints caused by scarcity and the resulting choices. If you are taking microeconomics, choice will often be described in terms of the individual's or firm's decision. In macroeconomics, choice has a broader ...

Purchase this Solution

Free BrainMass Quizzes
Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.