Final answer:
A point outside the PPF indicates an unattainable level of production with current resources and technology. The PPF is curved due to increasing opportunity costs, exemplified by the reallocating of resources from healthcare to education in a hypothetical economy that initially overinvests in healthcare.
Step-by-step explanation:
When a point is outside the PPF (Production Possibilities Frontier), it represents a level of production that is currently unattainable with the available resources and technology. In the context of a student trying to 'produce' homework for both math and English, if the point is beyond the frontier, it means that the student does not have enough time or academic ability to achieve that level of homework completion.
The reason the PPF is curved is due to increasing opportunity costs. For example, if at point A, all resources are devoted to healthcare with none for education, and then resources are moved to point B for education, there is a relatively small reduction in healthcare while a substantial increase in education. This is because the last few resources put into an already heavily resourced sector produce less gain than when put into a sector without resources.
The shape of the PPF is important, as it demonstrates the trade-offs and opportunity costs between different choices. However, without specific numbers on the axes, it remains a theoretical model designed to illustrate concepts rather than provide exact data.