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Question 1 - Assume an economy can produce 10 000 cars but no food. On the other hand if all the factors of production are used, the economy can produce 12 000 kg of food but no cars. Draw a production possibility frontier diagram and determine and depict three (3) points showing the feasible and non-feasible alternatives, including an efficient outcome.
Question 2 - The market for a new refrigerator is in equilibrium with an equilibrium price of $1,250 and an equilibrium quantity sold of 20,000. There has been a consumer incomes rise and the equilibrium price increased to $1,425 and the equilibrium quantity sold increased to 22,000.
Sketch the supply and demand diagram for this market before and after income rise. Mark all curves and axes and showing any shifts or movements along the curves. Analyse and explain your diagram.
Affection of the global recession and Inflation in the economy of any country - causes of the global recessions and inflations on the economy of both countries and the affect of the global recessions and inflations on the economy of both countries.
Suppose that the price of good X rises and the price of good Y falls in such a way that the consumer's new optimal consumption bundle lies on the same indifference curve as his old bundle. Graph this situation. Compare the quantities demanded be..
1. identify the relationship between resources their cost and the project schedule. explain how resources should be
Explain the dilemma that advanced nations might have faced as they debated the ratification of the Kyoto Protocol, once the United States withdrew from the agreement.
Does advertising improve the economic efficiency of markets from an economist's perspective? Please explain and support your discussion with a diagrammatic model and include any assumptions regarding elasticity in your explanation.
Does this goal still apply to our understanding of the role of the business firm in society? Provide examples to support your understanding. Does government or society have a role to play in expanding the Friedman discussion?
Suppose that you were an industry analyst trying to determine if the leading firms in the automobile manufacturing industry are playing a tit-for-tat pricing game. What real world data would you want to examine? What would you consider to be evidence..
The forecasting technique which attempts to forecast short-run changes and makes use of economic indicators known as leading, coincident or lagging indicators.
What do you think happened to the use of pounds as a means of payment?
Write a 750-word essay on how the Environmental Protection Agency's policies impact business in the United States
you have been hired to manage a small manufacturing facility whose cost and production data are given in the table
BUS102 Introduction to Microeconomics - explain how the price and quantity of chips change. Show the changes on a graph.
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