Question 4 Classify each of the following as a movement along or a shift of the production function and provide a justification for your choice. (iv) The government invests in a new entrepreneurship training program (v) The government implements major reforms to make it easier to transact business

Question 4 Classify each of the following as a movement along or a shift of the production function and provide a justification for your choice. (iv) The government invests in a new entrepreneurship training program (v) The government implements major reforms to make it easier to transact business

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter3: Economic Decision Makers

Section: Chapter Questions

Problem 2QFR

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Step 1

The production possibility frontier is an economy model that depicts the link between the input resources and output level. It takes two products at a time and describes the trade-off between them.

Step 2

(iv) Here, given that the government invested money in introducing a new entrepreneurial training program. This program will improve the productivity of the workers due to which they can produce more of both the products. As a result, there will be an outward shift in PPF.

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