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Economics Assignment | Production Possibility Curve (PPC)

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Added on  2020-04-07

Economics Assignment | Production Possibility Curve (PPC)

   Added on 2020-04-07

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Economics 1Economics
Economics Assignment | Production Possibility Curve (PPC)_1
Economics 2Part 1. Exercise 1a) Private propertyhas a legal description on the ownership of property with non-governmental articles of legal. It has also noticed that public property has owned in the formof the article of state. At the same time, it is also treated as cooperative property, which hasowned by the assembly of action of non-governmental. In other words, it is a type of propertythat can be used for utilization or personal uses. b) Yes,it is applicable to the people where they used to live. Australian property law is themethod of prioritizing of rights or laws regulating, responsibilities and interests of a personduring the relative with the “things”. This equipment reveals the type of the “right” and“property” for the ownership and possession of the entity. Exercise 2An organisation is used different resources in order to generate the large revenue for thecompany. A firm possesses several types of characteristics, which are similar to theeighteenth-century pirate ships. These ships are well skilled for maintaining the disciplineamong its members as well in its operations. The leader of the pirate ship has potential to takechallenges, which helps in future growth of the firm. As a result, above characteristics arequite helpful for the firm in terms of future growth.Exercise 3
Economics Assignment | Production Possibility Curve (PPC)_2
T2T1W2W1XProduction Possibility CurveMNRENTWAGET1T2XEconomics 3A)B) The second technology is dominant, which is used in the process of production ascompared to technology 1. Technology 2 is more effective and efficient in terms of cost andmanpower and it helps the company in terms of reducing the production cost and maximisingthe profit level of the company. c) YY
Economics Assignment | Production Possibility Curve (PPC)_3
RENTWAGET1T2YXEconomics 4Above figure indicates that the more rent has to be incurred if the company uses thetechnology 1. As a consequence, it increases the company cost consequently, it significantlyimpacts on the company profitability. Vice versa, technology 2 is quite helpful for thecompany in terms of minimize the overall cost of the company.The above figure shows that if company selects the technology 1, more workforces will berequired as compared to other technology. Thereby, it increases the labour cost consequently,its adverse impacts on the company profitability. d) Economic rent refers the payments made over and above the income that is earned byusing a factor of production. For this, it is very significant for making the production factoractive into the operations of the company (Posner, 2014).
Economics Assignment | Production Possibility Curve (PPC)_4

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