Suppose Susan is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Susan is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is ▼per day. From the previous analysis, you can determine that as Susan increases her production of boats, her opportunity cost of producing one more boat higher than Suppose Susan buys a new tool that enables her to produce twice as many boats per hour as befo lower than't affect her ability to produce puzzles. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more boats per hour, Susan's opportunity cost of producing puzzles is the same as it was previously.

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Economics is a study of the usage of resources and how we can make those resources valuable under distinct captivity. It involves an intense study of production, distribution, and consumption of goods and services. Economics is not just about money; it is also about making correct choices, balancing them with the money, and improving an individual’s overall well-being. Some important MCQs on economics are given to analyse your understanding of the topic. Economics MCQsQ1. What do you mean by the supply of goods? a) Stock available for sale b) Total stock in the warehouse c) The actual production of the goods d) Quantity of the goods offered for sale at a particular price per unit of time Answer:- d Q2. What do you mean by ‘under conditions of a perfect competition in the product market’? a) MRP = VMP b) MRP > VMP c) VMP > MRP d) None of the above Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely.…

The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow.  Goodland Economy 2017 and 2018 Item Price 2017 Price 2018     Production Price per unit Production Price per unit Rice (000tons) 50000 1.5 55000 2 Wheat (000 tons) 100000 2 98000 2.5 Tractor mid size( units ) 50000 23000 45000 24500 Cotton (000 tons) 120000 100 110000 120 Used Cars (00) 5000 5000 6000 7000 Manufacture Garments (000 tons) 150000 50 145000 70 Eggs (000 trays) 2000 2.5 2300 3.5 Coca cola (000litres) 6000 0.8 6500 1.2 Pepsi cola (000 litres) 700 1.1 850 1.5 Beef (000 tons) 5000 6.5 4800 8.5 Second hand clothes (000 tons) 500 15 450 25 Alcoholic Beverages (000 litres) 500 3.25 600 3.75 Milk (000) 7000 2.3 7500 2.5  Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to…