Revs

REVISION CLASS
QUESTION 1

a) Discuss ab proscribed the scarcity and how it creates opportunity cost. (4marks)

b) Rather than go out to eat by yourself, you devote up ones mind to stay at home and fix dinner for yourself and your twain roommates. Your roommates applaud your decision. Your first roommate tells you that your decision to eat at home has no opportunity cost because you already set out all the dinner ingredients in your pantry. Is this roommates comment correct? (3marks)

c) down the stairs is a students answer to the question What is microstintings? If you were the instructor, how would you correct the students answer?
Microeconomics is the select of how government influences the choices made by individuals and businesses and of the performance of the whole depicted object economy. (3marks)

d) Distinguish between absolute advantage and comparative advantage.(5 marks)

e) What is the residuum between positive and normative statements? (5 marks)

QUESTION 2

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2a) The figure higher up shows a nations production possibilities frontier for apples and oranges.
i)What combination of goods is represented by tiptop A?(3 .5marks)
ii)What combination of goods is represented by point B?(3.



5 marks)
iii)Which point represents an unattainable combination of goods?(3 marks)

2 b) enjoin Olympus decided to invest RM 45 billion in ontogenesis and launching a unseasoned model of its digital camera, expecting that it allow bring additional sales of RM 60 billion. The company has already invested RM 38 billion when the marketing department suddenly finds out that the introduction of a similar camera by Samsung depart reduce Olympus expected additional sales to RM 30 billion. The companys vigilance is trying to decide whether to continue investing in the new product or close the project. Olympus management hires you as an economic consultant. So, think like an economist to help the companys management make their...If you want to get a full essay, order it on our website: Orderessay



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