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- Understanding Economic Growth
Suppose a company produces phones and laptops. The marginal cost producing each of these increases as more of it gets produced.
- Make a graph that illustrates the companies PPF.
- Suppose the company developed a new technology that uses fewer resources to create laptops. Use the graph to illustrate the impact of the new technology.
- What happens to the opportunity cost of producing cellphones? Has it increased, decreased, or stayed the same?
- Is the company more efficient with the new technology? Why or Why not?
- If economic growth such as capital accumulation and technological change shifts the PPF outward, allowing us to produce more and even more in the future, why do we still have scarcity?