{"id":8703,"date":"2021-10-16T16:42:32","date_gmt":"2021-10-16T16:42:32","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/?p=8703"},"modified":"2021-10-16T16:42:32","modified_gmt":"2021-10-16T16:42:32","slug":"micro-economics-question","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/micro-economics-question\/","title":{"rendered":"Micro-Economics Question"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>Question-1<\/p>\n<p>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: (3 Marks)<\/p>\n<p>Tables Chairs<br \/>\n0 200<br \/>\n50 180<br \/>\n60 160<br \/>\n70 140<br \/>\n80 120<br \/>\n90 0<\/p>\n<p>\u2981 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?<br \/>\n\u2981 Currently Bill is producing 70 tables and 140 chairs.<br \/>\n\u2981 Is this allocation of resources efficient? Why?<br \/>\n\u2981 Show this allocation on the graph and advise Bill how he can be more efficient.<br \/>\nQuestion-2<\/p>\n<p>Explain by applying these concepts with examples. (2 Marks)<br \/>\n\u2981 Rational people respond to incentives<br \/>\n\u2981 Role of prices in allocating resources<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; 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: (3 Marks) Tables Chairs 0 200 50 180 60 160 70 140 80 120 90 0 \u2981 Explain production possibilities frontier (PPF) by putting tables on the Horizontal [&hellip;]<\/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-8703","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/8703","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=8703"}],"version-history":[{"count":2,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/8703\/revisions"}],"predecessor-version":[{"id":8705,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/8703\/revisions\/8705"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=8703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=8703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=8703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}