00:01
All right, so in this problem, we're talking about a production possibilities frontier with jam and bread.
00:07
Let's say it looks something like this.
00:11
All right, so we're wondering how we can produce more jam and more bread.
00:15
How can we do that? we have a couple of options here.
00:19
A, unemployed labor, labor being put to work.
00:27
So the main thing we want to avoid here, more than anything, is inefficiency.
00:32
So that would be a point somewhere here, here, here.
00:35
Right inside of the curve.
00:37
Any point on the curve is efficient and feasible...