Answer Three Questions

Question 1The convex radiation pattern of the reapingion incident channel is derived from the principle of opportunity damage . The performance possibility barrier defines the maximum production potential of an deliverance given its vision and technology constraints . The opportunity cost is defined as leaving of economic value that could study been gained if resources had been invested in an alternative . therefore , the opportunity cost is an integral comp championnt of the production possibility margin in terms of how much of wizard product potentiometer be produced given its opportunity costThe convex shape of the production possibility boundary means that as the economy produces to a greater extent of one faithful , its opportunity cost rises . As a result , fewer quantities of that good can be produced . In other words more of the other good have to be sacrificed .

This is because , as a result of organism impelled by resource and technology constraints , the economy is in the optimum position of producing a certain quantity of from for individually one one category of goods . Beyond that point , the opportunity cost of producing one good instead of another continues to rise as it requires change magnitude resource and technology investmentsQuestion 2According to the law of diminish returns , the productivity of each additional remark continues to rise up to a particular point after which it starts to decline . As demonstrated in the ta ble on the right , each additional input of ! labor continues to increase the marginal good up to a certain point beyond which the marginal utility goes consume again regardless of...If you want to bewilder a full(a) essay, order it on our website: BestEssayCheap.com

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