'The concept of elasticity is defined as the percentage\r'

'The lenticular shape of the ware scuttle boundary is derived from the article of belief of prospect cost. The production possibility boundary defines the uttermost production potential of an miserliness stipulation its resource and engineering science constraints.The opportunity cost is defined as loss of economic value that could ease up been gained if resources had been invested in an alternative. Therefore, the opportunity cost is an integral component of the production possibility boundary in terms of how ofttimes of one product can be produced given its opportunity cost.The convex shape of the production possibility boundary means that as the economy produces to a greater extent of one good, its opportunity cost rises. As a result, fewer quantities of that good can be produced. In other words, more of the other good have to be sacrificed.This is because, as a result of cosmos driven by resource and technology constraints, the economy is in the optimum position of p roducing a authoritative quantity of each category of goods. Beyond that point, the opportunity cost of producing one good instead of another(prenominal) continues to rise as it requires increasing resource and technology investments.\r\n'