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Combination of cup cakes and ovens

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A. A nation with fixed quantities of resources is able to produce any of the following combination of cup cakes and ovens.

CUP CAKES (MILLIONS) OVENS (THOUSANDS)

75 0

60 12

45 22

30 30

15 36

0 40

These figures assume that a certain number of previously produced ovens are available in the current period for baking cup cakes.

i. Using the data in the table, graph the PPF (with ovens on the vertical axis)

ii. Does the principle of "increasing opportunity cost" hold in this nation? Explain using information provided in the table above.

Now suppose that a new technology is discovered that allows twice as many cup cakes to be baked in each existing oven.

iii. Suppose currently the nation is producing 22 thousand ovens. If a new technology is introduced, the nation produces 30 ovens. What is the effect of the new technology on the production of cupcakes? (Give the number of cupcakes before and after the change). Illustrate (on your original graph) the effect of this new technology on the production possibility curve.

B. "Maslahah can be achieved in both capitalist and command economies" Do you agree? Discuss.

C. What role do prices play under Socialism and Capitalism? Explain. Discuss its implications for efficiency of each of the systems.

Reference no: EM132431395

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