a) of what is economics primarily a study? b) what is (are) primary goal(s) in economics?...

a) of what is economics primarily a study?

b) what is (are) primary goal(s) in economics?

c) draw a simple production possibilities diagram with two goods of your choice.Place and label four points; one inside , two on and one outside the production possibilities frontier. Describe each and compare between them in reference to the question of economic goals.

d) what two things can we say ''ceteris paribus'' (given, constant) when we assume a production possibilities frontier? What would be the effect on the PPF if one or both were to change? Be specific

Expert Solution

Rahul Sunny answered 2 years ago

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