Question

What does the steepness or flatness of the production Possibility Frontier curve tell you?

Answer 1

Production possibility curve can be defined as the line by joining the points of different combination of two goods which can be produced by using all available resources efficiently.

Opportunity cost can be defined as the production of output which is given up for producing some additional units of another output.

So a steeper PPF shows that the opportunity cost of production of a good is more while a flatter PPF shows that the opportunity cost of production of a good is less.