Q1) Discuss the differences between the constant opportunity cost and the increasing opportunity cost in terms...

Q1) Discuss the differences between the constant opportunity cost and the increasing opportunity cost in terms of Production Possibility Curve. ie.) the shapes of PPC and the main assumption behind these two. (2 points)

Q2) Discuss the differences between macroeconomics and microeconomics.(2 points)

Q3) Compare "Change in Demand " with " Change in Quantity demanded" . Discuss causes and shape of curve.(2 points).

Q4) At what price does Shortage and Surplus occur ? Once a market has shortage and Surplus, then what happens to the market price? (2 points)

Q5) If an increase in Demand is larger than an increase in Supply, discuss equilibrium price and output sales. ( 2 points)

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Expert Solution

Rahul Sunny answered 1 year ago

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