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

Question

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Kristin Barron

16 May, 13:39

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

+1

Answers (1)

Know the Answer?

Yaretzi Rodriguez · Answer 1

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.

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

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