ECON-102 Chapter Notes - Chapter 5-6: Gdp Deflator, Apple Juice, Demand Curve

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Production possibilities frontier (ppf) give something up in order to achieve something else on the production curve) before the amount they produce lessens. Your constant would be the factory size and the variable would be the staff. You can only house so much staff before you run point within the curve would show there has been a change in the supply / demand curve or a change in efficiency. Recessions would be an example of companies lessening their output and moving to a point within the pff. Supply & demand shifts [ y=mx + b ] Price falls demand rises; price increases demand falls pairs well with that item goes down as a result. (cost of syrup rises, decrease in the purchase of pancake mix) More producers enter the market, supply shifts to the right of oj goes up, consumers shift to apple juice) Demand curve shift to the left decrease purchases in new cars)

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