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TOTAL PRODUCT AND MARGINAL PRODUCT: A mathematical connection between marginal product and total product stating that marginal product IS the slope of the total product curve. If the total product curve has a positive slope (that is, is upward sloping), then marginal product is positive. If the total product curve has a negative slope (downward sloping), then marginal product is negative. If the total product curve has a zero slope (horizontal), then marginal product is zero. Moreover, if the total product curve has a positive and increasingly steeper slope, then the marginal product is positive and rising. If the total product curve has a positive and decreasingly steeper slope, then the marginal product is positive but falling.

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Lesson 4: Production Possibilities | Unit 2: The Schedule Page: 5 of 24

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This is a simple, hypothetical production possibilities schedule for the economy.
  • The economy is using all resources with given technology to efficiently produce two goods, jogging shoes and quartz clock calibrators.
  • Bundles A through K represent production alternatives for the economy, such as bundle D with 3 calibrators and 425 pairs of shoes. We have unlimited possibilities using available resources and technology to the fullest extent.
  • All shoes, no calibrators, bundle A.
  • All calibrators, no shoes, bundle K.
  • Some of each good, bundles E or J.
  • How about 9 calibrators and 410 pairs of shoes? No! Each bundle is the maximum we can produce.

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CONSTANT RETURNS TO SCALE

A given proportional change in all resources in the long run results in the same proportional change in production. Constant returns to scale exists if a firm increases ALL resources--labor, capital, and other inputs--by 10 percent, and output also increases by 10 percent. This is one of three returns to scale. The other two are increasing returns to scale and decreasing returns to scale.

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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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