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Referring to the table in problem 5, suppose improvement or. curs in the technology of producing forklifts but not in the tech nology of producing
Referring to the table in problem 5, suppose improvement or. curs in the technology of producing forklifts but not in the tech nology of producing automobiles. Draw the new production possibilities curve. Now assume that a technological advance occurs in producing automobiles but not in producing forklifts Draw the new production possibilities curve. Now draw a pro- duction possibilities curve that reflects technological improve- ment in the production of both goods. LO1.7
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