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Production and cost — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsProduction and cost3 Marks
Question
State the meaning and properties of production possibilities frontier.
✓

Answer

PPF is the locus of different combinations of the two goods that can be produced with fixed resources, assuming full and efficient utilisation of these resources.
Properties:
  1. Slopes downward from left to right.
  2. Concave to the origin.

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