Question
21. What is the difference between change in demand and change in quantity demanded? 22. Explain the following statement: The only thing that can't cause
21. What is the difference between change in demand and change in quantity demanded?
22. Explain the following statement: The only thing that can't cause a change in the demand for gasoline is a change in the price of gasoline.
23. Consider the following table:
Products | Production Rates | Production Rates | Production Rates | Production Rates | Production Rates |
A | B | C | D | E | |
X | 5 | 10 | 15 | 20 | 25 |
Y | 150 | 140 | 120 | 90 | 50 |
What are the Marginal Rate of Transformations (MRTs) from
A. A to B
B . B to C
C. C to D and
D. D to E?
24. Under what condition does a production possibility frontier take the shape of a straight line?
25. Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it. 3
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started