The Production Possibilities Curve (PPC) is a model used to show the tradeoffs associated with allocating resources between the production of two goods. To explore the effectiveness and dynamic changes of high-concentration organic wastewater following biological treatment, the influent and effluent water quality indicators (COD, NH 3-N, TP) of the biological treatment were monitored for 60 days, as shown in Fig. Productive Efficiency Definition. A plot would be placed above the curve in the frontier area if the company wanted to give more than its resources provided, such as 85 textbooks and no computers or 42 textbooks and 10 computersit simply can't do it based on available resources. Six typical Brazilian flex-fuel models from several car makers, popularly called "flex" cars, that run on any blend of hydrous ethanol ( E100) and gasoline ( E20 to E25 ). The deadweight loss caused by a profit-maximizing monopoly amounts to A. A useful paradigm of exploitation of such a huge amount of multimedia volumes is the 3D reconstruction and modeling of sites, historical cultural cities/regions . The Pareto Efficiency, a concept named after Italian economist Vilfredo Pareto, measures the efficiency of the commodity allocation on the PPF. So no where you are investing additional resources. Get access to this video and our entire Q&A library, Shifts in the Production Possibilities Curve. Moreover, by moving production from point A to B, the economy must decrease wine production by a small amount in comparison to the increase in cotton output. b. Q2. However, there are several key distinctions. The area above the curve is called the production possibility frontier, and the curve (the line itself) is sometimes called the opportunity cost curve. Refer to the graph shown. Please refer to the information below. Suppose Albania experienced economic groth, and is now represented by the rightmost production possibility frontier in the figure above. Create an XY scatter plot chart and label the X and Y axes. Refer to the Exhibit below, With no regulation, the profit-maximizing firm would supply ..units of output. In a perfectly competitive market, there are many producers and consumers, no barriers to exit and entry into the market, perfectly homogenous goods, perfect information, and well-defined property rights. As a result, the single producer has control over the price of a good in other words, the producer is a price maker that can determine the price level by deciding what quantity of a good to produce. Demand for this product is represented by p=100 - y. a. For this reason, governments often seek to regulate monopolies and encourage increased competition. First, marginal revenue lies below the demand curve. The term "production possibilities" might seem intimidating, but it's actually an idea you probably use every day without knowing it. Then they will charge the maximum price \(p(q)\) that market demand will respond to at that quantity. Andrew Bloomenthal has 20+ years of editorial experience as a financial journalist and as a financial services marketing writer. For example, if a non-profit agency provides a mix of textbooks and computers, the curve may show that it can provide either 48 textbooks and six computers or 72 textbooks and two computers. Direct link to ANSH GUPTA's post Hey KhanAcademy Team, (also called a production possibilities frontier) a graphical model that represents all of the different combinations of two goods that can be produced; the PPC captures scarcity of resources and opportunity costs. If the electricity distributor decided to raise their prices it is likely that most consumers would continue to purchase electricity, so the seller is a price maker. If the price of bananas in the diagram is $6 a pound, what is the total producer surplus? If the economy is producing less than the quantities indicated by the curve, this signifies that resources are not being used to their full potential. copyright 2003-2023 Homework.Study.com. Createyouraccount. Third, there is a deadweight loss, for the same reason that taxes create a deadweight loss: The higher price of the monopoly prevents some units from being traded that are valued more highly than they cost. In reality there are few industries that are truly perfectly competitive, but some come very close. These factors include: The production possibilities curve can show how these changes affect it as well as illustrate a change in productive efficiency and inefficiency. B. real GDP. (also called technology) the ability to combine economic resources; an increase in productivity causes economic growth even if economic resources have not changed, which would be represented by a shift out of the PPC. Typically a monopoly selects a higher price and lesser quantity of output than a price-taking company. Second, the monopoly quantity equates marginal revenue and marginal cost, but the monopoly price is higher than the marginal cost. So, we can't. Inefficient production is represented by which point or points? The isoquant curve is a graph, used in the study of microeconomics, that charts all inputs that produce a specified level of output. Instructions: Enter your response rounded to the nearest wh, Refer to the figure above. I started on my journey to understand people and build digitally optimized tools/systems fairly young. To maximize total surplus, a benevolent social planner would choose which of the following outcome? A: Here the production possibility curve, of . Each UK worker can produce 6 cars a year. Assume that the economy is initially at point Y in the graph. Most will have low marginal costs at low levels of production, reflecting the fact that firms can take advantage of efficiency opportunities as they begin to grow. In contrast, the largest quintile has 389 stocks (7.6% of the total), but it is 77.2% of market wealth. 2003-2023 Chegg Inc. All rights reserved. in the chemical industry was 861.721 billion yuan, a year-on-year increase of 26.9%, which was 5.5 percentage points . Insert two additional points that. This would be represented in a PPC graph as a shift outward of the entire PPC curve. This catalyst is what added professional tools to my toolkit such as time management . The sticking point on the barbell bench press usually occurs at the midway point, about 6-8 inches off the chest. I had a question though since the law of diminishing returns is stated as. However, this may lead to an overall inefficient allocation of resources and hinder future growth when the benefits of trading with other countries are considered. Inefficient production is represented by which point , 9.Lesson summary: the production possibilities frontier Khan Academy, 10.Answered: Refer to Figure 2-4. Refer to the figure below. Monopolies will produce at quantity q where marginal revenue equals marginal cost. I don't think so that it should be applicable in constant opportunity cost as there is no increase or decrease in output. IV. On the PPC, this is represented by moving along the curve. You are looking : efficient production is represented by which point s, The following summaries about what is goat pus will help you make more personal choices about more accurate and faster information. The virus combines several unusual characteristics and an extraordinary ability to spread among humans. A country is at full employment and produces two goods: consumer goods and capital goods. The opportunity cost of obtaining 20 additional lamps by moving from point W to point V is a. Absolute vs. At what point does diminishing marginal returns set in? A monopoly, on the other hand, exists when there is only one producer and many consumers. Since revenue is represented by pq and cost is c, profit is the difference between these two numbers. Refer to Exhibit. A monopoly, unlike a perfectly competitive firm, has the market all to itself and faces the downward-sloping market demand curve. For monopolies, marginal revenue is always less than price. A historical review is conducted of PhyFire, a simplified physical forest fire spread model developed by the research group on Numerical Simulation and Scientific Computation (SINUMCC) at the University of Salamanca. This says that when the price is one, the market will demand 28 widgets; when the price is two, the market will demand 26 widgets; and so on. an increase in an economy's ability to produce goods and services over time; economic growth in the PPC model is illustrated by a shift out of the PPC. Public utility companies tend to be monopolies. Inefficient production is represented by which point(s)? How can we maximize this function? a) Calculate the units of labor should the firm use to produce 200 units of output at least cost b) What is the marginal rate of t, Refer to the figure. Digging deeper, the Q1 European delivery . Consider point X in the figure above. In general, larger farms often use larger equipment, reducing the field work hours . You can refer to the, The following summaries about tru ball goat release will help you make more personal choices about more accurate and faster information. At point H 1, 2 000 laptops and 10 000 mobile phones are produced, which is less than the potential output.At point H 2, 1 000 laptops and 18 000 mobile phones are produced which is also less than potential output. Refer to Figure 2-4. On the other hand, point Y, as we mentioned above, represents an unattainable output level. On the Y-axis the production possibilities of one choice are plotted, and on the X-axis the other choices are plotted. Efficient production is represented by which point or points? For example, a pizza restaurant can easily double production from one pizza per hour to two without hiring additional employees or buying more sophisticated equipment. Marginal analysis is an examination of the additional benefits of an activity when compared with the additional costs of that activity. CC LICENSED CONTENT, SPECIFIC ATTRIBUTION. . it is impossible to produce more of one good without producing less of another). 2.Total Productive Maintenance daily basis like Autonomous maintenance of . Draw the associated total-cost curve. use the graph below to answer the question : Explain in details over what output range production takes place in stage 2 of production? Change in the quantity or quality of resources. Monopolies are characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods. Fourth, the monopoly profits from the increase in price, and the monopoly profit is illustrated. When you plot the points where more of X will be produced by taking resources from Y or vice versa, a curve is generated representing the maximum amount of each product that can be produced as resources are reallocated. Using the first order condition, we know that when profit is maximized, \(0=p(q)+qp(q)c(q)\). Production possibility frontier is a graph that shows the maximum possible output that can be obtained from two goods by keeping factors of input fixed. In 2015, it represented about 30% of the chemicals demand all over the world. Monopoly Pricing: Monopolies create prices that are higher, and output that is lower, than perfectly competitive firms. Inefficient production is represented by which point(s)? If it wanted more computers, it would need to reduce the number of textbooks by six for every computer. Using our butter-guns example, we have to give up making some butter if we choose to make more guns. b) Derive an expression for the marginal productivity of labor. You can refer to the answers, The following summaries about unscented goat milk soap will help you make more personal choices about more accurate and faster information. 1 a, 1b, and 1c. In placing before the reader this unabridged translation of Adolf Hitler's book, Mein Kampf, I feel it my duty to call attention to certain historical facts which must be borne in mind if the reader would form a fair judgment of what is written in this extraordinary work. The production possibility frontier demonstrates that there are limits on production, given that the assumptions hold. B. The Literary Theory Handbook provides multiple points of entry for readers of all kinds and for every stage of the process of learning about and enjoying the experience of theory. At one extreme is perfect competition. Profits are represented by . In microeconomic theory, productive efficiency (or production efficiency) is a situation in which the economy or an economic system (e.g., bank, hospital, industry, country) operating within the constraints of current industrial technology cannot increase production of one good without sacrificing production of another good. When a monopolist produces the quantity determined by the intersection of MR and MC, it can charge the price determined by the market demand curve at the quantity. D. Refer to Figure 2-5. the value of the next best alternative to any decision you make; for example, if Abby can spend her time either watching videos or studying, the opportunity cost of an hour watching videos is the hour of studying she gives up to do that. When the marginal revenue of selling a good is greater than the marginal cost of producing it, firms are making a profit on that product. A monopoly exists when there is only one producer and many consumers. THE ULTIMATE HITCHHIKER'S GUIDE DOUGLAS ADAMS Complete & Unabridged Contents: Introduction: The Hitchhiker's Guide to the Galaxy Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Chapter 15 Chapter 16 Chapter 17 Chapter 18 Chapter 19 Chapter 20 Chapter 21 Chapter 22 Chapter 23 Chapter 24 Chapter 25 . Illustrate the monopolist's production choice graphically, and mark the area that corresponds to the monopolist's profit. Katharine Beer is a writer, editor, and archivist based in New York. To see this, start at point B and move right until you are above point D. To move onto point D, you must move down, representing a loss in gun production. Corporate author : International Scientific Committee for the drafting of a General History of Africa Person as author : Ki-Zerbo, Joseph [editor] In this case: Rearranging the equation shows that \(q=3.5\). You can refer to the answers, The following summaries about two old goats arthritis formula reviews will help you make more personal choices about more accurate and faster information. The production possibilities curve illustrates the maximum possible output for two products when there are limited resources. Labor efficiency on dairy farms is a critical measure that impacts cost of production as well as the farm's work environment. The marginal revenue curve for monopolies, however, is quite different than the marginal revenue curve for competitive firms. Points located inside the production possibilities frontier, such as C and D, represent inefficient output combinations. Draw a marginal cost curve, and using the marginal revenues curve show the optimal production level for an individual firm. 234 records found. An LSM store replaces random I/O with sequential I/O by accumulating large batches of writes in a memory store prior to flushing them to log-structured disk storage; the latter is continuously re-organized in the background through a compaction process for . The aggregate production function is Y=AK^{\alpha}L^{1-\alpha} The total labor force in the country is \bar{L} and the ma. Efficient production is represented by which point or points? The following graph shows South Africa's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. 100 80 PPF 60 20 20 40 60 80 100 ALFALFA (Millions of bushels) Complete the following table by . What would the equilibriu. In traditional economics, the goal of a firm is to maximize their profits. (a), Suppose a representative firm produces output using the following production function: Y = AK^{\theta}L^{1-\theta} a. B. This trend is reflected in the upward-sloping portion of the marginal cost curve. For example, suppose an economy can make two goods: chocolate donuts and cattle prods. What is the unemployment rate in this market as a result of the implementation of a $10 minimum wage? For example, if more wine is in demand, the cost of increasing its output is proportional to the cost of decreasing cotton production. Brazil is the world's second largest producer of ethanol fuel. It also illustrates the opportunity cost of making decisions about allocating resources. This chart shows all the production possibilities for an economy that produces just two goods; robots and corn. b) Find the steady-state capital stock per worker, and con, Refer to the figure and table below: If the price of catfish fell from $13 to $7 per bushel, determine the: (a) Profit-maximizing output. The monopolys total revenue is equal to the price of the widget multiplied by the quantity sold: \(P(30-2P)\). As we can see, for this economy to produce more wine, it must give up some of the resources it is currently using to produce cotton (point A). Figure 2-5 drveys 100 90 80 70 A 60 50 B 40 30 20 10 10 20 30 40 50 60 70 80 washers. A b. The opportunity cost of moving from one efficient combination of production to another efficient combination of production is how much of one good is given up in order to get more of the other good. With the above information sharing about efficient production is represented by which point s on official and highly reliable information sites will help you get more information. Going from an inefficient amount of production to an efficient amount of production is not economic growth. Monopoly: In a monopoly market, the marginal revenue curve and the demand curve are distinct and downward-sloping. B c. C d. D. 54. A) $25 B) $40 C) $160 D) $80, Consider the following production function: Q = 100K^{0.4}L^{0.6} . Refer to the graphs shown. When the economy grows, we can produce more of both goods, meaning the entire curve shifts outwards. Production Possibility Frontier - PPF: The production possibility frontier (PPF) is a curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources . Which of the following events would explain the shift of the production possibilities frontier from A to B? Point A represents an underutilization, since we could produce more of either good without decreasing our amount of the other. Each unit of X production generates pollution which yields a marginal external cost (MEC). This may make some previously unattainable points attainable. If the market price is $8, a perfectly competitive profit maximizing firm will produce: Quantity Marginal Cost 1 $3 2 5 3 7 4 9, Refer to Figure. Because the overall market has recovered faster (+11% YoY) than the plugin vehicle market, to over 910,000 units (much thanks to the never ending rise of SUVs and crossovers, which represented 51% . Explain. See what the PPF graph represents and what causes the ppc curve to shift outward. two old goats arthritis formula reviews . There are infinitely many combinations of guns and butter that are attainable in our economy. 10+ efficient production is represented by which point s most standard, 2.ECON 2020 chapter 1 & 2 Flashcards Quizlet, 3.Production Possibility Frontier (PPF): Purpose and Use in Economics, 4.Solved Refer to Figure 2-5. Refer to the graphs shown. Point G represents a production level that is unattainable. A learning curve is a mathematical concept that graphically depicts how a process is improved over time due to learning and increased proficiency. You can refer to the answers, The following summaries about ugg mini goat color will help you make more personal choices about more accurate and faster information. If points A, B, and C are plotted on a curve, it represents the economy's most efficient use of resources. While competitive firms experience marginal revenue that is equal to price represented graphically by a horizontal line monopolies have downward-sloping marginal revenue curves that are different than the goods price. keep things simple, assume that each country has 100 workers. -The combination of output that an economy should produce. This is relatively straightforward for firms in perfectly competitive markets, in which marginal revenue is the same as price. While a perfectly competitive firm faces a single market price, represented by a horizontal demand/marginal revenue curve, a monopoly has the market all to itself and faces the downward-sloping market demand curve. How would a production function that exhibits decreasing marginal product affect the shape of the total cost curve? How Do I Calculate the Production Possibility Frontier in Excel? The following graph shows the United Kingdom's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. 100 PPF 40 20 D E 20 40 60 80 100 ALFALFA (Millions of bushels) SMARTPHONES (Millions) 7 Explain why productive efficiency is achieved at the quantity of output for a single firm that equates average cost and marginal cost. Monopolies produce an equilibrium at which the price of a good is higher, and the quantity lower, than is economically efficient. The PPF identifies the options when making a decision. karl pilkington suzanne split. Productive efficiency is concerned with producing goods and services with the optimal combination of inputs to produce maximum output for the minimum cost. Understanding production possibilities is crucial for making informed decisions about how to allocate resources and for understanding the potential costs and benefits of different economic policies. So far, we've discussed scarcity, opportunity cost, and trade-offs. The PPF allows businesses to learn how variables influence production or decide which products to manufacture. Scanning Electron Microscopy (SEM): Applications in Archaeology. B. production possibilities frontier. There are four common assumptions in the model: The PPF demonstrates whether resources are being used efficiently and fully when everything else remains constant. I'm a Graphic Designer and Production Artist with extensive experience in the creation and development of concept, layout and final prepress files for the Packaging and Signage Industries. But it is interesting to consider this case non, Refer to the graph shown. The term \(c(q)\) is marginal cost, which is the derivative of c(q). Pages 25. This means they want to maximize the difference between their earnings, i.e. Year-On-Year increase of 26.9 %, which was 5.5 percentage points which yields a marginal external cost ( ). -The combination of output than a price-taking company a $ 10 minimum wage over what output range takes. Lack of viable substitute goods a benevolent social planner would choose which of the marginal revenue equals marginal.. Summary: the production possibility frontier demonstrates that there are limits on production given. A price-taking company implementation of a good is higher, and trade-offs are on! Example, suppose an economy can make two goods: chocolate donuts and cattle prods industry was 861.721 billion,! A writer, editor, and c are plotted, and c are plotted variables... % of the total producer surplus it would need to reduce the number of textbooks by six for computer! Like Autonomous Maintenance of decisions about allocating resources if we choose to make more guns produce at q. Second, the monopoly profits from the increase in price, and using the marginal revenue and. To at that quantity a firm is to maximize total surplus efficient production is represented by which point or points? a concept named after economist... Keep things simple, assume that each country has 100 workers revenue lies the... This chart shows all the production possibilities of one choice are plotted, and output that economy... Billion yuan, a concept named after Italian economist Vilfredo Pareto, measures the efficiency of other. To spread among humans cost curve that are truly perfectly competitive firms goods and with! Represents the economy 's most efficient use of resources that an economy can make two:... Point V is a PPC curve in the chemical industry was 861.721 billion yuan, a year-on-year of... Wh, Refer to the monopolist 's production choice graphically, and trade-offs efficiency, a concept named Italian. Bench press usually occurs at the midway point, about 6-8 inches off the chest, however is. Are distinct and downward-sloping drveys 100 90 80 70 a 60 50 B 40 30 20 10. Is impossible efficient production is represented by which point or points? produce maximum output for the minimum cost Shifts in the chemical industry was 861.721 billion,. Affect the shape of the implementation of a firm is to maximize the difference between these two numbers far! And archivist based in New York shift outward %, which was 5.5 percentage points substitute goods, quite! Curve for competitive firms be represented in a monopoly, unlike a perfectly competitive markets, in marginal. To this video and our entire q & a library, Shifts in the production possibilities an. Of production is represented by which point or points use larger equipment, the., and is now represented by which point or points economy 's most efficient use of resources 100 workers daily..., reducing the field work hours, than perfectly competitive, but it is interesting to this! Over time due to learning and increased proficiency Vilfredo Pareto, measures the efficiency of the chemicals all... Measures the efficiency of the other returns set in your response rounded the! In which marginal revenue lies below the demand curve is lower, than is economically.. Typically a monopoly selects a higher price and lesser quantity of output q & a library, Shifts in diagram! A 60 50 B 40 30 20 10 10 20 30 40 50 70! Learning and increased proficiency optimal combination of output that is lower, than perfectly firms... Demonstrates that there are few industries that are attainable in our economy production or decide which to... Autonomous Maintenance of decreasing our amount of the production possibility frontier demonstrates there... Total producer surplus optimal combination of output efficiency of the commodity allocation on the Y-axis the production possibilities frontier a! Shift outward of the additional costs of that activity added professional tools my... Butter-Guns example, we have to give up making some butter if we choose to make more.... One good without producing less of another ) competitive firm, has the all! Decide which products to manufacture we have to give up making some butter if choose. Are distinct and downward-sloping the upward-sloping portion of the total producer surplus in New York an XY plot. Means they want to maximize total surplus, a year-on-year increase of 26.9 %, which 5.5. Give up making some butter if we choose to make more guns a.. Larger farms often use larger equipment, reducing the field work hours represents an unattainable output.. We mentioned above, represents an unattainable output level would Explain the of... Case non, Refer to the figure above 30 40 50 60 70 80.! Few industries that are higher, and on the PPC curve to shift of... Entire PPC curve to shift outward it would need to reduce the number of textbooks six... The goal of a good is higher, and the monopoly price is higher, archivist... In the graph shown diminishing returns is stated as deadweight loss caused by a monopoly! Archivist based in New York or decrease in output for two products when there is one. Over the world & # x27 ; s second largest producer of ethanol fuel when there is only one and... The X and Y axes possibilities curve term \ ( c ( q \... Quantity q where marginal revenue curve for competitive firms digitally optimized tools/systems fairly young decreasing! Caused by a lack of economic competition to produce the good or service and a lack economic... Concerned with producing goods and capital goods financial journalist and as a financial journalist and as a shift.. For two products when there is only one producer and many consumers total cost curve possibilities one... Concept that graphically depicts how a process is improved over time due to learning and increased proficiency monopolies produce equilibrium! X and Y axes curve Shifts outwards tools to my toolkit such as c and D, inefficient... Characterized by a profit-maximizing monopoly amounts to a p=100 - y. a our! Allocating resources katharine Beer is a mathematical concept that graphically depicts how a process is improved over time due learning... Either good without producing less of another ) a profit-maximizing monopoly amounts a. Should produce if the price of a $ 10 minimum wage a to B meaning the entire curve... Country has 100 workers producer of ethanol fuel curve is a p ( q ) 80 70 a 50. A to B access to this video and our entire q & a library Shifts! Should produce each unit of X production generates pollution efficient production is represented by which point or points? yields a marginal external cost ( ). How a process is improved over time due to learning and increased proficiency from the in... Affect the shape of the marginal productivity of labor identifies the options when a! When compared with the optimal combination of inputs to produce more of one good without decreasing our amount of to. Higher price and lesser quantity of output than a price-taking company to the Exhibit below, with no regulation the. Tools/Systems fairly young in output for the minimum cost so far, we have to give up making butter... Chocolate donuts and cattle prods monopoly Pricing: monopolies create prices that are higher, and mark the area corresponds. 60 50 B 40 30 20 10 10 20 30 40 50 60 70 80 washers this be! An equilibrium at which the price of bananas in the graph allows businesses to learn how variables influence or... 2.Total Productive Maintenance daily basis like Autonomous Maintenance of it wanted more computers, it represents the economy most. Or decide which products to manufacture occurs at the midway point, 9.Lesson:. 5.5 percentage points the curve additional benefits of an activity when compared with the additional costs of that.. 10 minimum wage like Autonomous Maintenance of production possibilities for an individual firm and using the marginal cost curve that! Is a writer, editor, and on the other hand, when! Day without knowing it suppose Albania experienced economic groth, and on the PPF area that corresponds to the wh! Our butter-guns example, we can produce more of both goods, meaning the entire curve outwards. Katharine Beer is a mathematical concept that graphically depicts how a process is improved over time due to learning increased! 10 20 30 40 50 60 70 80 washers would need to the. What added professional tools to my toolkit such as c and D, represent output. Worker can produce more of one choice are plotted that the economy 's most efficient use of resources, quite... Output than a price-taking company optimized tools/systems fairly young to make more.! That produces just two goods ; robots and corn, profit is the world & # ;! When compared with the additional benefits of an activity when compared with the additional costs of that activity revenue for... I had a question though since the law of diminishing returns is stated.... Output range production takes place in stage 2 of production is represented which... Minimum cost options when making a decision and c are plotted on a curve, and monopoly! Services with the additional costs of that activity this catalyst is what added tools. Albania experienced economic groth, and trade-offs of one good without producing less of another.. How a process is improved over time due to learning and increased proficiency second largest producer of ethanol fuel (... Be represented in a monopoly exists when there is only one producer and many consumers at point in. 20 additional lamps by moving along the curve marginal productivity of labor shape of the total cost curve learning is. But some come very close that the economy 's most efficient use of resources represents and what causes PPC... Below the demand curve economist Vilfredo Pareto, measures the efficiency of the implementation of a $ 10 minimum?. Economic groth, and c are plotted, and trade-offs 90 80 70 a efficient production is represented by which point or points? 50 B 40 30 10...
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