Econ expert, 4-5 pages 2023 Business Finance
2023 Q1 CAF Inc is producing two goods cars and milk The following table gives several
Q1. CAF Inc. is producing two goods: cars and milk. The following table gives several points on its production possibility frontier.
Cars (1000’s/year)
Milk (1000’s of gallons/ year)
0
60
1
50
2
30
3
0
a. Graph this on production possibility frontier. (1.5 Marks)
b. Why is the production possibility frontier downward sloping? Be sure to explain economic intuition behind that fact. (3Marks)
c. Suppose the firm is currently producing 2000 cars and 30,000 gallons of milk. What is the opportunity cost of producing additional 20,000 gallons of milk? (3Marks)
d. Give an example of opportunity cost principle from everyday experiences of economic activities (1.5 Marks)
Q2. A team consisting of three people working on a big project, which involves manual entry of data in a computer, with subsequent processing of these data and making a poster presentation. Naturally, each member of the team has different abilities in performing either task. Amna can make one poster or 400 data entries in a day. Hard-working Zeba can make two posters or 1200 data entries in a day. Artistic Ibraheem can make three posters or 900 entries in a day.
a. Initially, the entire team (each of them having their own personal computer) starts with entering data. How many entries will be made in a day? (2Marks)
b. As the time comes to start making posters, you decide to assign one member of the team to this task. Whom would you choose? Explain why? (2.5Marks)
c. As you make this decision, what is the opportunity cost of each poster made? (1.5Marks)
d. As there is less and fewer data remaining to be entered, another person can shift to making posters as well. Which of the remaining two members of the team will you choose this time? Explain your choice. As a result, what is the opportunity cost of each additional poster you will get? (2Marks)
Q3. Is Economics a science? Why, or why not? As part of your response and explanation, include the definitions of “science” and “economics” as you understand them. (3Marks
We give our students 100% satisfaction for their assignment, which is one of the most important reasons students prefer us from other helpers. Our professional group and planners have more than ten years of rich experience. The only reason that our inception days, we have helped more than 100000 students with their assignments successfully. Our expert’s group have more than 2200 professionals of different topics, and that not all; we get more than 300 jobs every day more than 90% of the assignment get the conversion for payment.
Place Order Now