PPF Shapes Under CRS, DRS & IRS Production Functions

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M

maheshkollipara

Education Technology

Shapes of PPF

PPF when production function of
goods produced exhibits CRS. Often
used when there is only one factor of
production

PPF when production function of
goods produced exhibits DRS. The
cost of producing additional units
gradually increases, the last unit being
most costly

PPF when production function of
goods produced exhibits IRS.

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PPF Shapes Under CRS, DRS & IRS Production Functions

1. Shapes of PPF PPF when production function of goods produced exhibits CRS. Often used when there is only one factor of production PPF when production function of goods produced exhibits DRS. The cost of producing additional units gradually increases, the last unit being most costly PPF when production function of goods produced exhibits IRS.