Use the second PPF to illustrate economic growth as a result of an increase in the capital stock. 10 Capital goods (in millions) 9 8 M 6 00 LO + 3 2 1 0 0 1 2 3 4 5 6 7 Consumer goods and services (in millions) 80 9 10 Use the first production possibilities frontier (PPF) to illustrate the impact of an advance in technology that only benefits the production of consumer goods. Capital goods (in millions) 10 10 9 8 7 co 6 5 + 3 2 1 0 0 1 2 3 4 5 6 .co NO 7 8 9 10 Consumer goods and services (in millions)
Use the second PPF to illustrate economic growth as a result of an increase in the capital stock. 10 Capital goods (in millions) 9 8 M 6 00 LO + 3 2 1 0 0 1 2 3 4 5 6 7 Consumer goods and services (in millions) 80 9 10 Use the first production possibilities frontier (PPF) to illustrate the impact of an advance in technology that only benefits the production of consumer goods. Capital goods (in millions) 10 10 9 8 7 co 6 5 + 3 2 1 0 0 1 2 3 4 5 6 .co NO 7 8 9 10 Consumer goods and services (in millions)
Chapter1: Introducing The Economic Way Of Thinking
Section: Chapter Questions
Problem 2SQ
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Transcribed Image Text:Use the second PPF to illustrate economic growth as a result of an increase in the capital stock.
10
Capital goods (in millions)
9
8
M
6
00
LO
+
3
2
1
0
0
1
2 3
4
5 6 7
Consumer goods and services (in millions)
80
9
10
Transcribed Image Text:Use the first production possibilities frontier (PPF) to illustrate the impact of an advance in technology that only benefits the
production of consumer goods.
Capital goods (in millions)
10
10
9
8
7
co
6
5
+
3
2
1
0
0
1
2
3
4
5
6
.co
NO
7
8
9
10
Consumer goods and services (in millions)
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