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In the PPC model how do we see economic growth? Explain and show graphically.

In the PPC model how do we see economic growth? Explain and show graphically.

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Answer #1

A production possibility curve represents the production of two type of goods in India in an economy over a given period of time in various combinations

It works on the principle of law of opportunity cost

if a point lies inside the production possibility curve then it is due to the underutilization of resources

If there is any technological advancement and due to which economic growth happens then the PPC curve shift outwards shown below-

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