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Shifts in production possibilities Suppose Ireland produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for alfalfa, an

Shifts in production possibilities Suppose Ireland produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and industrial robots, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a time-saving innovation in the manufacturing of industrial robots. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. 420 350 PPF 280 INDUSTRIAL ROBOTS (Thousands) 210 140 70 PPF 0 0 40 200 240 80 120 160 ALFALFA (Millions of bushels)

8. Shifts in production possibilities Suppose Ireland produces two types of goods: agricultural and capital. The following di

Apr 12 2021 View more View Less

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