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The following graphs show two possible PPFS for South Africa's economy: a straight-line PPF (PPF¡) and a bowed-out PPF (PPF2). Graph 1 Graph 2 PPF 2 PPF 1 SMARTPHONES SMARTPHONES Based on the previous description, the trade-off South Africa faces between producing smartphones and tablets is best represented by TABLETS TABLETS

The following graphs show two possible PPFS for South Africa's economy: a straight-line PPF (PPF¡) and a bowed-out PPF (PPF2). Graph 1 Graph 2 PPF 2 PPF 1 SMARTPHONES SMARTPHONES Based on the previous description, the trade-off South Africa faces between producing smartphones and tablets is best represented by TABLETS TABLETS

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The following graphs show two possible PPFS for South Africa's economy: a straight-line PPF (PPF1) and a bowed-out PPF (PPF2). (?) Graph 1 Graph 2 PPF, 2 PPF 1 SMARTPHONES SMARTPHONES Based on the previous description, the trade-off South Africa faces between producing smartphones and tablets is best represented by TABLETS TABLETS
Transcribed Image Text:The following graphs show two possible PPFS for South Africa's economy: a straight-line PPF (PPF1) and a bowed-out PPF (PPF2). (?) Graph 1 Graph 2 PPF, 2 PPF 1 SMARTPHONES SMARTPHONES Based on the previous description, the trade-off South Africa faces between producing smartphones and tablets is best represented by TABLETS TABLETS
1. Specialization and production possibilities Suppose South Africa produces only tablets and smartphones. The resources that are used in the production of these two goods are not specialized- that is, the same set of resources is equally useful in producing both smartphones and tablets. The shape of South Africa's production possibilities frontier (PPF) should reflect the fact that as South Africa produces more smartphones and fewer tablets, the opportunity cost of producing each additional smartphone remains constant The following graphs show two possible PPFS for South Africa's economy: a straight-line PPF (PPF1) and a bowed-out PPF (PPF2).
Transcribed Image Text:1. Specialization and production possibilities Suppose South Africa produces only tablets and smartphones. The resources that are used in the production of these two goods are not specialized- that is, the same set of resources is equally useful in producing both smartphones and tablets. The shape of South Africa's production possibilities frontier (PPF) should reflect the fact that as South Africa produces more smartphones and fewer tablets, the opportunity cost of producing each additional smartphone remains constant The following graphs show two possible PPFS for South Africa's economy: a straight-line PPF (PPF1) and a bowed-out PPF (PPF2).
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