(*) ) With the aid of a diram showing education and medical services, explain what meant by 'production possibilities fr
Posted: Thu May 19, 2022 8:28 am
- With The Aid Of A Diram Showing Education And Medical Services Explain What Meant By Production Possibilities Fr 1 (21.93 KiB) Viewed 58 times
(*) ) With the aid of a diram showing education and medical services, explain what meant by 'production possibilities frontier (PPF) 112 marks] State TWO sumptions on which the PPF is based 14 marks] Using the production possibilities frontier, discuss the following: 0 Scarcity ( () (1) Choice (e) (HD) Increasing Opportunity Cost 118 marks] (1) Define the following terms: Allocative Efficiency b) Production Efficiency [6 marks] (II) Using the production possibilities frontier, illustrate the concepts of efficiency and 'allocative efficiency [4 marks State how the following will affect the production possibilities frontier: (1) Decrease in resources (ii) Improvement in technology [6 marks] (d)