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Chapter 2-1
Laugher Curve
Introduction
1
Introduction
Introduction
Introduction
2
The Production Possibilities
Model
3
The Production Possibility
Curve for an Individual
17 92 3 49 B
16 90 4 52 88
15 88 5 55
14 86 6 58
13 84 7 61
12 82 8 64 C
11 80 9 67 70
10 78 10 70 20 hours of
9 76 11 73 history
8 74 12 76
7 72 13 79 0 hours of
6 70 14 82 economics
5 68 15 85 D
4 66 16 88 46
3 64 17 91 40 E
2 62 18 94 58 66 78 94 98
1 60 19 97 History grade
0 58 20 100
4
The Production Possibility
Curve for an Individual
5
A Production Possibility Curve
for a Society
A Production Possibilities
Table and Curve
% of resources % of resources
devoted to devoted to
production Number production Pounds
of guns of guns of butter of butter Row
0 0 100 15 A
20 4 80 14 B
40 7 60 12 C
60 9 40 9 D
80 11 20 5 E
100 12 0 0 F
A Production Possibilities
Table and Curve
1 pound A
of butter 15 B
14
2 pounds C
of butter 12
D
Butter
5 E
5 pounds
of butter
F
0 4 7 9 11 12 Guns
4 guns 3 guns 1 gun
McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
6
Increasing Marginal
Opportunity Cost
Increasing Marginal
Opportunity Cost
Guns
Efficiency
7
Efficiency
Efficiency
Efficiency
8
Efficiency and Inefficiency
Unattainable point,
10 given available technology,
resources and labor force
8
Efficient C D
Guns
6
points
B
4
A
2 Inefficient
point
0
2 4 6 8 10
Butter
9
Shifts in the Production
Possibility Curve
Butter
C
A
0 B D Guns
Butter
C
B
0
A Guns
10
Distribution and Production
Efficiency
11
Examples of Shifts in the
Production Possibility Curve
12