The boundaries of production possibilities.
| February 6, 2021 | education
The boundaries of production possibilities are determined for conditions of full employment, when all the resources available in the state are used for economic purposes. Determining these boundaries is necessary in order to ensure the rational allocation and consumption of resources. Production capabilities are graphically depicted as a curve along two axes. Each of the axes represents a specific product being put on the market. There is also a mathematical formula developed to determine the boundaries of production possibilities: F (Y1, Y2) = 0.
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