a.Discusses the principles of individual decision making with examples   b.Explain with your own words the determinants of price elasticity of demand.   c. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples,

Q: Any point on a country's production possibilities frontier represents a combination of two goods…

A: Production possibility frontier is used for 2 goods. These two goods can be anything.

Q: Which of the following accurately describes the fundamental problem at the core of all economic…

A: Economics is a branch of social science that deals with the efficient allocation of finite resources…

Q: 1. Use the model of the production possibility frontier below to answer the following questions.…

A: Economic growth can be caused by various factors. However, two of the most common sources are:1.…

Q: Which of the following statement is correct? i. Microeconomic environment affects an entire economy…

A: Microeconomics is more concerned with individual markets, while macroeconomics is concerned with…

Q: Which of the following are three key components of the economic problem? a. scarcity; choice; giving…

A: The economics as a study is based upon the basic idea of scarcity, where the resources which are…

Q: In a single day, Maxistan can produce 8 cheesecakes or 10 prime ribs. In a single day, Elistan can…

A: Here, it is given that Maxistan and Elistan produce two goods that are cheesecakes and prime ribs,…

Q: The unattainable points in a production possibilities diagram are OA. the points within the…

A: Production is the process of converting basic materials such as labour and unprocessed commodities…

Q: 1. Production Possibility Curve for the economy is concave to the origin. Provide an explanation for…

A: The slope of the production–possibility frontier (PPF) at any given point is termed the marginal…

Q: D. Assume this economy experienced recession due to a pandemic that caused massive unemployment.…

A: Given, Combination G F E D C B A Potato  (in thousand MT) 105 99 90 75…

Q: Production possibilities frontier is a combination of output that the economy can possibly produce…

A: Productive efficiency says that the economy can't produce more of one commodity without sacrificing…

Q: Good B .d. b a Good A Refer to Exhibit 2.2, which shows the production possibilities frontier for…

A: The PPF is a set of points in macroeconomics where a country's economy is most efficiently…

Q: What does a production possibilities frontier represent? Explain how you would use it to make…

A: The production possibilities frontier (PPF) is the producer's side concept which is the…

Q: Explain the three fundamental economic questions of What, How and for whom, stating clearly the…

A: Since you have asked multiple question, we will answer first question for you. If you want any…

Q: 1. What is a production possibility curve and explain points of efficiency, inefficiency, and not…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 1.1. What type of economy is the South African economy? A. A command system B. A mixed economy C. A…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: If the resources in an economy is fully owned by the government, such economies are called_____. a.…

A: An economy is described by its economic system using which it allows the people to make an exchange…

Q: QUESTION 6 One advantage market economies have over centrally-planned economies is that market…

A: Economic system: produces, allocates resources, and distributes goods and services within a society…

Q: 1. Cars(thousands) Beef (Thousands of tons) 10 mal B 2 9 с 4 7 6 E 8 O 0 a)Plot the production…

A: A Production Possibility Frontier is a curve depicting a combination of two goods that can be…

Q: Identify the TRUE statement that describes capitalism, command or mixed economies. O a. Scarcity of…

A: There are  various types of economic systems with different features.   The command economy is an…

Q: Define the term “Production Possibilities.” Explain what each point on the production possibilities…

A: The production possibilities curve (PPC) is a graphical representation of production possibilities.…

Q: b. A decrease in the supply of coconut will increase the price of German chocolate cake, a good that…

A: Positive economic analysis shows economic ideas and phenomena. It explains various perspectives of…

Q: ACTIVITY TO DO: ESSAY: Explain the question in five (5) sentences 1. Identify which of the following…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: Graph 1: Draw a production possibilities model with 4 points labeled A, B, C, D, one inside, two on,…

A: The curve that depicts combinations of goods that could be produced while making use of the same…

Q: 4. Shifts in production possibilities Suppose Japan produces two types of goods: agricultural and…

A: A production possibilities frontier (PPF) is a curve that represents the combination of two goods…

Q: In a world of scarcity, we will never O satisfy all basic human needs. O meet all of society's…

A: In a world of scarcity, the notion of satisfying all basic human needs or meeting all of society's…

Q: 2. Explain the law of increasing opportunity cost in a production possibility curve. What is the…

A: As per honor code, we’ll answer only one question at a time, we have answered the question 2. Please…

Q: Firm's fixed costs

A: A fixed cost is one that does not fluctuate when the quantity of products or services produced or…

Q: 1. Identify the normative statement out of the following statements. 1) Sri Lanka has reported a…

A: Normative statements includes prescriptions and judgement about what should be done or how something…

Q: Which of the following is true of an economic theory? a. It uses complex mathematical equations to…

A: We know that It is a bunch of principles and ideas which explain the functioning of the economy or…

Q: a Explain the economic link between scarcity, choice and opportunity cost.

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Distinguish between production efficiency and allocative efficiency. Explain why many production…

A: Production and allocative efficiency are different concepts and have varied characteristics…

Q: Any point within a production possibility frontier indicate _________________ combinations in the…

A: Production is the process of converting basic materials such as labour and unprocessed commodities…

Q: Analyze the positive versus normative argument sin the following case. What statement of positive…

A: Positive arguments are unbiased statements that can be tested, changed, or rejected by referring to…

Q: In what economic system does tradition dictate how economic activity is organized? O market-oriented…

A: There are different types of economic systems based on different economic characteristics.