1. your own market experience as a buyer to explain your view on the difference between value and price.

See explanation

Explanation:

Price is the amount that we pay for a particular good or service. On the other hand, value refers to the worth of a good. The amount that the seller charges for a good is the price of the good and it consists of the cost and profit margin.

For example, if a person buys a book for $10, then the price is $10 while the value of the book is the worth of the book to the person that buys it. Price is the amount we pay for goods while value is what the product pays us and this can be measured in several ways.

levels of production can be increased by technology while holding labor and capital constant, because increased technology makes the production process more efficient. subsequently, the lras curve is almost a vertical line, that can shift to the right, with an increase in technology.

the relationship between the lras curve and the ppc is that both can make the economy could grow. the ppc achieves that when it shifts outward because of more resources or technological advances while the lras curve shifts if more resources are developed or if there are technological advances.

the lras curve is a vertical line at an output level that represents the number of goods and services a nation can produce over a sustained period using all of its productive resources as efficiently as possible with all of the current technology available to it.

the production possibilities frontier (ppf) is a graphical device that is used for economic analysis of production decisions because the ppf measures the maximum possible combinations of two goods that an economy is capable of producing with its currently available resources and technology.

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