Unformatted text preview: What technology we currently have is all we have to work with. We also are going to assume that resources are not perfectly mobile. This is a realistic assumption relative to the first two. In our previous student/studying example, we implied resources WHERE perfectly mobile. One hour of study in ag. econ. was just as productive as one hour of student in the livestock course. Most resources are not perfectly mobile. A resource used in agricultural production may not be as productive if used in non-agricultural production....
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- Fall '10
- Economics, Production-possibility frontier, one hour, ECON.