A inventor found a new way to produce more steel from each ton of her country's...
A inventor found a new way to produce more steel from each ton of her country's iron ore. how would a production possibility curve reflect the application of that discovery to the country's production of steel cookware? Why?
Homework Answers
The new invention helps to produce more steel cookware from the same given amount of iron ore. It means that production possibility curve at the end of steel cookware, moves in outward direction, though the other end of PPC curve, will remain same. It happens, because only ability to produce steel cookware has increased. The new invention does not affect the production of non-steel products. It will look like as follows.
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A inventor found a new way to produce more steel from each ton
of her country's...
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