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An inventor found a new way to produce more steel
from each ton of her country's iron ore. How would a production possibilities curve reflect the
application of that discovery to the country's production of steel cookware? Why?
Economic
WRAP 1.3

Respuesta :

The production possibility curve shifts outward with the advancement in the technology.

Explanation:

Production possibility curve is a curve which shows the combination of two goods that a country can produce with the given amount of resources to it. To increase the production of one good, the production of the other good has to be decreased if the resources remain the same.

But if there is an invention or an advancement in the technology, then the production possibility curve shifts outwards towards the right because then there would be more efficiency in the production process by the country leading to increase in the production.

Tundexi

The production possibilities curve will reflect the application of that discovery by shifting outward towards the right, with the advancement in the technology.

What is Production possibility curve?

Production possibility curve means a curve which shows the combination of two goods that a country can produce with the given amount of resources to it.

If there is an advancement in the technology, then, the production possibility curve will shifts outwards towards the right because there would be more efficiency in the production process by the country leading to increase in the production.

Hence, the production possibilities curve will reflect the  application of that discovery by shifting outward  towards the right with the advancement in the technology.

Read more about production possibilities curve

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