Question: Please help me with me with all questions.. would be much appreciated AGAB 54 HW 6 - (20 pts) CHAPTER 6: OPTIMAL OUTPUT SELECTION 1.

Please help me with me with all questions.. would be much appreciated

AGAB 54 HW 6 - (20 pts) CHAPTER 6: OPTIMAL OUTPUT SELECTION 1. What is a Production Possibilities Frontier (PPF) and give an example: (4 pts) 2. Why is the PPF "bowed out?" (2 pt) The PPF is bowed outwards due to the law of increasing opportunity costs. 3. What is the impact of technology? Give an example. (4 pts) 4. What is the difference between MRTS & MRPS? (2 pts) 5. What are the differences and similarities between isocost and iso revenue? (4 pts)

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