{"id":40072,"date":"2022-03-10T02:45:48","date_gmt":"2022-03-10T02:45:48","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/?p=40072"},"modified":"2022-03-10T02:45:48","modified_gmt":"2022-03-10T02:45:48","slug":"economics-questions-2-2","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/economics-questions-2-2\/","title":{"rendered":"Economics Questions"},"content":{"rendered":"

Question-1<\/strong><\/p>\n

Bill can produce either tables or chairs. Bill can work up to 10 hours a day. His production possibilities are given in the table below:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3 Marks)<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n
Tables<\/strong><\/td>\nChairs<\/strong><\/td>\n<\/tr>\n
0<\/strong><\/td>\n200<\/td>\n<\/tr>\n
50<\/strong><\/td>\n180<\/td>\n<\/tr>\n
60<\/strong><\/td>\n160<\/td>\n<\/tr>\n
70<\/strong><\/td>\n140<\/td>\n<\/tr>\n
80<\/strong><\/td>\n120<\/td>\n<\/tr>\n
90<\/strong><\/td>\n0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

    \n
  1. Explain production possibilities frontier (PPF) by putting tables on the Horizontal axis and chairs on the vertical axis. What is Bill\u2019s opportunity cost of producing one additional table?<\/li>\n
  2. Currently Bill is producing 70 tables and 140 chairs. Is this allocation of resources efficient? Why?<\/li>\n
  3. Show this allocation on the graph and advise Bill how he can be more efficient.<\/li>\n<\/ol>\n

    \u00a0<\/strong><\/p>\n

    Question-2<\/strong><\/p>\n

    Explain by applying these concepts with examples.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2 Marks)<\/strong><\/p>\n

      \n
    1. Rational people respond to incentives<\/li>\n
    2. Role of prices in allocating resources<\/li>\n<\/ol>\n

      Question-3<\/strong><\/p>\n

      The table below shows the marginal benefit that Khaled earns from keeping his store open one more hour. Khaled has a marginal cost of $40 per hour. Khaled stays open 20 hours.\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3 Marks)<\/strong><\/p>\n

       <\/p>\n

       <\/p>\n

       <\/p>\n

       <\/p>\n\n\n\n\n\n\n\n\n\n\n
      Hours<\/strong><\/td>\nMarginal Benefit Per Hour<\/strong><\/td>\n<\/tr>\n
      20<\/td>\n200<\/td>\n<\/tr>\n
      21<\/td>\n140<\/td>\n<\/tr>\n
      22<\/td>\n110<\/td>\n<\/tr>\n
      23<\/td>\n70<\/td>\n<\/tr>\n
      24<\/td>\n40<\/td>\n<\/tr>\n
      25<\/td>\n10<\/td>\n<\/tr>\n
      26<\/td>\n0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

       <\/p>\n

        \n
      1. Do you think Khaled\u2019s decision to stay open 20 hours is optimal? Why?<\/li>\n
      2. How many hours do you advise Khaled to stay open? Why?<\/li>\n<\/ol>\n

        Question-4<\/strong><\/p>\n

        Suppose the market for Computer is given by the following equations for supply and demand:<\/p>\n

        (2 Marks)<\/strong><\/p>\n

        Qd= 3300\u22122P
        \nQs= 500+8P<\/p>\n

         <\/p>\n

          \n
        1. Calculate the equilibrium price and quantity.<\/li>\n
        2. Sketch the supply and demand curves on a graph indicating the equilibrium quantity and price.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

          Question-1 Bill can produce either tables or chairs. Bill can work up to 10 hours a day. His production possibilities are given in the table below:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3 Marks) \u00a0 Tables Chairs 0 200 50 180 60 160 70 140 80 120 90 0   Explain production possibilities frontier (PPF) by putting tables on the Horizontal […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-40072","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/40072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=40072"}],"version-history":[{"count":3,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/40072\/revisions"}],"predecessor-version":[{"id":40076,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/40072\/revisions\/40076"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=40072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=40072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=40072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}