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"https://pagead.googlesyndication.com/pagead/js/adsbygoogle.js">                                              Microeconomics The slope of a production possibility frontier can relay a lot of information about the trade-offs faced by individuals in an economy PPF shows all the possible production points if resources  used to their full potential let's look at our  example of  Jerry, who has stranded on an island by himself if we draw a PPF for Jerry it would show the maximum amount of food he could collect during the day if he were using all of his time. let's assume that Jerry can only collect bananas or catch fish. the slope of his PPF shows us the trade-offs he's experiencing when making decisions if Jerry is efficient. He is producing at a point on the frontier if he wants to catch an additional fish he has to give up time gathering bananas this trade...

                            Positive  Economics Let us focus on positive economics I'm also going to talk about normative economics because it is important for you to understand what normative is to understand what positive is so in a somewhat  textbook definition the  economics is a branch of economic analysis that describes the economy works therefore it is objective and fact-based. So, a positive economics question might be something like how much revenue will tolls yield next year, and that's based off of whatever  the  current price of the toll may be and how much we expect the traffic to be it's a forecast basically normative economics is a branch of economic analysis that describes how the economy should work  there for Noren economics is opinion-based. example and the government is thinking about increasing tolls from a dollar to a dollar fifty and if revenue will increase or de...