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Anonymous
timer Asked: Jul 3rd, 2018
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Question description

On the producer side, why are prices advantageous over a system where each producer would make some amount of goods along their PPF? (Hint: The word incentives should be included in this answer. Explain what information the producers would have to glean from others before making their production decision in a priceless system of trade.)

Show the derivation of a supply curve from the underlying fundamentals of producers solving their problem. In other words, show a societal PPF, given price line, and amount of good 1 produced. Then change the price of good 1 (either decrease or increase it) and show the new amount of good 1 produced. Change the price one more time (in the same direction) and show the new amount of good 1 produced. Plot your three (Q1, P1) points on a separate graph to reveal your supply curve.

Tutor Answer

Robert__F
School: UCLA

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Report: Production Possibility Frontier

Production Possibility Frontier
by HAL

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