dmotapane
Oct 8, 2012, 08:50 AM
table 1.1
Possibility ORANGES (TONS OF OUTPUT) APPLES (TONS OF OUTPUT
A 30.0 0.0
B 29.0 20.0
C 26.5 28.0
D 22.5 34.0
E 16.5 38.0
F 0.0 40.0
1.1 Using the information given, plot a fully labelled diagram to illustrate the production possibility curve (ppc)anduse it to explain the concept of Scarcity, choice and opportunity cost. (note oranges should be on the Y axis and apples on the x axis)
1.2 Suppose that the market demand and supply curves are given by QD-200-2P AND Qs - 50- p calculate the equilibriam price and quantity (show all workings)
Evaluate the economic situatiion of your Country and state the type of economy system that is used in the country.
Possibility ORANGES (TONS OF OUTPUT) APPLES (TONS OF OUTPUT
A 30.0 0.0
B 29.0 20.0
C 26.5 28.0
D 22.5 34.0
E 16.5 38.0
F 0.0 40.0
1.1 Using the information given, plot a fully labelled diagram to illustrate the production possibility curve (ppc)anduse it to explain the concept of Scarcity, choice and opportunity cost. (note oranges should be on the Y axis and apples on the x axis)
1.2 Suppose that the market demand and supply curves are given by QD-200-2P AND Qs - 50- p calculate the equilibriam price and quantity (show all workings)
Evaluate the economic situatiion of your Country and state the type of economy system that is used in the country.