Stefan is a young man who plays soccer with a group of older men. Most of the older men have families and have to stop playing soccer around 4:00 p. m. to be home in time for dinner. A new man named Hugh, who is also older, joins the group. At 4:00 p. m., the game stops, and Stefan assumes that Hugh has to go home like the rest of the men in the group. Stefan has developed a(n) about Hugh based on his experience with the rest of the older men.

we need a diagram to you sorry

levels of production can be increased by technology while holding labor and capital constant, because increased technology makes the production process more efficient. subsequently, the lras curve is almost a vertical line, that can shift to the right, with an increase in technology.

the relationship between the lras curve and the ppc is that both can make the economy could grow. the ppc achieves that when it shifts outward because of more resources or technological advances while the lras curve shifts if more resources are developed or if there are technological advances.

the lras curve is a vertical line at an output level that represents the number of goods and services a nation can produce over a sustained period using all of its productive resources as efficiently as possible with all of the current technology available to it.

the production possibilities frontier (ppf) is a graphical device that is used for economic analysis of production decisions because the ppf measures the maximum possible combinations of two goods that an economy is capable of producing with its currently available resources and technology.

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