1 Specialization And Production Possibilities Suppose China Produces Only Smartphone 2449922

1. Specialization and production possibilities Suppose China produces only smartphones and tablets. 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 tablets and smartphones.

The shape of Chinas production possibilities frontier (PPF) should reflect the fact that as China produces more tablets and fewer smartphones, the opportunity cost of producing each additional tablet The following graphs show two possible PPFs for Chinas economy: a straight-line PPF (PPF,) and a bowed-out PPF (PPF2) Graph 1 Graph 2 PPF PPF TABLETS TABLETS Type here to search

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The shape of China’s production possibilities frontier (PPF) should reflect the fact that as China produces more tablets and fewer smartphones, the opportunity cost of producing each additional tablet The following graphs show two possible PPFs for China’s economy: a straight-line PPF (PPF,) and a bowed-out PPF (PPF2) Graph 1 Graph 2 PPF PPF TABLETS TABLETS Type here to search