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Lecture 4

ECON 101 Lecture 4: Chapter 2

6 Pages
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Department
Economics
Course Code
ECON 101
Professor
Ratna Shrestha

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Description
ECON-101 Lecture 4 notes – second part of chapter 2: • A second economic model: Production possibilities frontier (PPF) is a graph that shows the various combinations of outputs that the economy can possibly produce given the available factors of production and technology. o Opportunity cost could be understood like with each increase of the car production, we would decrease more amount of computer. And the decrease amount of computer is called opportunity cost. o Question: why improved the technology for producing computer also cause the increase quantity of cars produced? 1. Better technology could decrease the workers’ amount and those workers could go help producing cars. 2. Better technology could decrease the resources we used to produce compute
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