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Change in the quantity of fish demanded

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Question 1.

Classify the effect of each of the following as (i) a change in the demand for fish or (ii) a change in the quantity of fish demanded. Illustrate each diagrammatically.

a. The government of Canada closes the Atlantic cod fishery.

b. People buy less fish because of a rise in fish prices.

c. The Catholic Church relaxes its ban on eating meat on Fridays.

d. The price of beef falls and, as a result, consumers buy more beef and less fish. e. It is generally alleged that eating fish is better for one's health than eating meat.

Question 2.

How would you define the concept Production Possibility Curve? What is the shape and slope of the Production Possibility Curve? Please explain the reasoning behind your answers.

Questions 3.

A. Explain the concept of Opportunity Cost.

B. Consider your decision whether to go skiing for the weekend. Suppose transportation, lift tickets, and accommodation for the weekend cost $300. Suppose also that restaurant food for the weekend will cost $75. Finally, suppose you have a weekend job that you will have to miss if you go skiing, which pays you $120 (after tax) for the one weekend day that you work. What is the opportunity cost of going skiing? Provide the reasoning behind your answer. Do you need any other information before computing the opportunity cost?

Reference no: EM133153407

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