Answer on Other Management Question for nidhi
various combinations of amounts of two commodities that an economy can
produce (e.g., number of guns vs kilos of butter) using a fixed amount of each
of the factors of production. Graphically bounding the production
set for fixed input quantities, the PPF curve shows the maximum possible
production level of one commodity for any given production level of the other,
given the existing state of technology.
(b) In this case, the competitive equilibrium can't be found, as there is not
(c) If every consumer owns 100 units of labour and owns one firm, the competitive
equilibrium will change.
(d) We can't find the Pareto efficient allocations for this economy, because
there is not enough data.
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