The aggregate production function and growth. Changes in the aggregate production function. Lesson summary: Economic growth. Practice: Economic growth. Next lesson. Current timeTotal duration Google Classroom Facebook Twitter. Video transcript In the last few videos, we've been talking about the production possibilities frontier as a relatively static thing, something that you couldn't change but you could move along.
What I want to do in this video is think about, maybe there are ways to change or expand the production possibilities frontier. And to do that let's assume that our little hunter-gatherer has decided to become a strict carnivore. So he's only focused on rabbits now.
And his whole happiness in life is optimizing the number of rabbits he can catch and eat in a given day. And so let's-- on one axis let's draw, let's say the number of rabbits that he can catch in a given day. Let's say it's 1, 2, 3, 4, 5, 6, I could keep going on and on. So this right over here is rabbits that he can catch in a given day, rabbits in a day. But remember, he wants to optimize this. He wants to think about how he can increase his productivity in terms of the number of rabbits.
And he knows-- we'll just assume that he knows how to build rabbit traps. So now we're going to do a production possibilities frontier, not between rabbits and berries, but between rabbits and building rabbit traps, so rabbit traps.
So maybe he's able to get twigs together and he builds something. Puts the twigs together in a little thing. It's a little box that-- maybe he puts a little, I don't know some type of carrot down over there. And then if the rabbit comes then takes the carrot then the box falls on the rabbit or something like that. We don't have to go into the particulars of the actual trap. But he can also spends his time building rabbit traps.
So let's say, 1 rabbit trap, 2 rabbit traps, and 3 rabbit traps. And let's say-- we're going to hold all other things equal, ceteris parabus. So we're not worrying about other things. And as we'll see, in most introductory economics class, whenever you do a production possibilities frontier you're only doing it with two dimensions. And so that's why you have a regular curve. You could have one with three dimensions, where you're doing the trade off between three things.
But then you would have to have a three dimensional graph, and essentially the production possibilities frontier would be a surface. But let's just focus on this right now. Maybe I'll do a surface in the future, just for fun.
So these are the rabbit traps. And let's say the production possibilities frontier between rabbit traps and rabbits look something like this. View shopping cart. View mytutor2u. Account Shopping cart Logout. Explore Economics Economics Search.
Explore Blog Reference library Collections Shop. Share: Facebook Twitter Email Print page. Higher investment should allow businesses to lower their production costs per unit, increase their supply capacity and become more competitive in overseas markets.
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