Attachment 5863
Am I wrong is is wiki wrong here
Wiki states that N is NOT one pareto frontier. but i dont see any other options obsoleting it from beeing on the pareto frontier. no other options is better in both 1 and 2.
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Attachment 5863
Am I wrong is is wiki wrong here
Wiki states that N is NOT one pareto frontier. but i dont see any other options obsoleting it from beeing on the pareto frontier. no other options is better in both 1 and 2.
Graph is correct, but misleading. Description is as follows:
The big points are just examples while there is an infinite amount of choices.Quote:
A production-possibility frontier is an example of a Pareto-efficient frontier, where the frontier and the area left and below it is a continuous room of choices. The red points are examples of Pareto-optimal choices of production. Points off the frontier, such as N and K, are not Pareto-efficient.
Okey!Thank you for clarification!