What are the implications of unemployment on the production

Reference no: EM133552611

Question 1. As a recent graduate of SAIT, you have been appointed as an economic consultant to a developing country in Asia. The country presently produces two goods. "Phones" and "Bicycles". Using your knowledge of production possibilities model.

How does opportunity cost affect the production of the two goods in the country?

Question 2. What are the implications of unemployment on the production of the two goods in the country?

Your friend Sam has always wanted to become an entrepreneur, but he had to settle for a salaried job with decent career progression prospective. Until now. He calls you for advice on a business for sale he is interested in. He says the market is growing as the field is new, and on the "Profit and Loss Statement", he sees that it just breaks even. However, it will require a capital investment and significant time from Sam. As an economist, explain why breaking even on P&L Statement is not enough to consider this opportunity.

Question 3. As per recent data from Statistics Canada, the prices of telecommunication services decreased in Canada during June 2023 due to a merger of two major telecom firms. How may a merger help firms offer products or services at lower prices? Discuss your answer with relevance to average short-run and long-run costs.

Reference no: EM133552611

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