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Question-1. (a) Why production possibility curves are concave to the origin? Under what conditions would it be convex and linear? (b) What do you understand by mixed economy? Explain its main feature with reference to India. (a) Production Possibility Curves: Concave to the Origin, Convex, and Linear Concave to the Origin: Production Possibility Curve (PPC) is typically concave to the origin, indicating increasing opportunity costs. This shape reflects the idea that as a society specializes in the production of one good, the opportunity cost of producing additional units of that good increases. This is because resources are not perfectly adaptable to the production of all goods. As more resources are shifted from one good to another, they are likely to be less well-suited, leading to diminishing returns and increasing opportunity costs. Conditions for Convex Shape: A convex PPC would imply constant opportunity costs. This scenario could occur under certain conditions, such as perfect