Possibilities Frontier
I would like to draw out a Production Function showing two curves on one graph: 1) Manufacturing Goods vs. High-Tech Goods, and 2) High Tech Goods vs. Services. I think that I understand how the Possibilities Frontier graph would look for 1), but not 2). Also, I am not sure how how the composition of the Production Functions shifted and changed over the past 25 years. I appreciate receiving your explanation and graph example of both 1) and 2) on one graph. Thank you.
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I would like to draw out a Production Function showing two curves on one graph: 1) Manufacturing Goods vs. High-Tech Goods, and 2) High Tech Goods vs. Services. I think that I understand how the Possibilities Frontier graph would look for 1), but not 2). Also, I am not sure how the composition of the Production Functions shifted and changed over the past 25 years. I appreciate receiving your explanation and graph ...
Solution Summary
Possibilities Frontier is depicted.