(a) What is production possibility curve? (3marks) (b) Draw a production possibility curve and indicate any: (i) Point P, where resources are fully utilized...

(a) What is production possibility curve? (3marks)

(b) Draw a production possibility curve and indicate any:
(i) Point P, where resources are fully utilized;
(ii) Point U, where resources are under utilized;
(iii) Point X, where production is not feasible. (8 marks)

(c) Explain any two factors that can make production at Point X feasible. (6marks).

(d) Why is the production possibility curve negatively sloped? (3marks)