Assignments submitted through email will not be accepted. Students are advised to make their work clear and well presented. This also includes filling in your information on the cover page. Students must mention question numbers clearly in their answers. Late submitted assignments will NOT be entertained. Avoid plagiarism; the work should be in your own words; copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). Submissions without this cover page will NOT be accepted. (Don't change the cover page format.) Assignment Questions: (Total Marks: 10) Q1. In Riyadh City Road traffic congestion is increasing day by day. As an economist how you see this problem? Suggest and explain an economist's solution to this problem. (3 Marks) Q2. What is opportunity cost? Draw a Production Possibility curve for a country producing two goods and show with help of an example, how principle of opportunity is applied in explaining the changes in production possibilities for the country. (3 marks) Q3. What is market equilibrium? Take an example of pizza (assume its price and quantity demanded) and analyse graphically, what happens to the equilibrium price and quantity when, (a) there is increase in demand and (b) there is increase in supply. (4 Marks) MacBook Air G DID DD F4 F5 F6 F7 F8 F9 % & K 5 O 8 A aECON101-Assignment-1 (1). > ST 1 ulaiell sole College of Administrative and Financial Sciences Assignment 1 Microeconomics (ECON101) Deadline for students: (3/10/2022@ 23:59) Course Name: Microeconomics Student's Name: Course Code: ECON101 Student's ID Number: Semester: 1 CRN: 13553 Academic Year: 2022-23 SEM-1 For Instructor's Use only Instructor's Name: Dr. Moin Uddin Students' Grade: /10 Level of Marks: High/Middle/Low Instructions - PLEASE READ THEM CAREFULLY This assignment is an individual assignment. The Assignment must be submitted only in WORD format via the allocated folder. Assignments submitted through email will not be accepted. Students are advised to make their work clear and well presented. This also includes filling in your information on the cover page. Students must mention question numbers clearly in their answers. Late submitted assignments will NOT be entertained. Avoid plagiarism; the work should be in your own words; copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. MacBook Air Q 0::!! LTE - Econ101-ass1 - reenoo707 prices are avora- e. nt e instance 0 plzza, it is cons1 ere to be an expensive meal and some of the people cannot manage to buy enough so as to satisfy everyone due to the cost factor. However, there are those days in a week that the company always offers an extra pizza to their clients. In these days, the demand is always high because most of the people are getting to buy one pizza and get one free in which is economical Due to the increase of the demand of the Pizza, the demand curse always tends to shift on the right. It is always a clear indication that there is an increase of the products that are being offered and the price tends not to change. On the other hand, when it comes to the increase of the supply, it means that the goods are sufcient, the prices are favorable and the demand always go high. In this scenario, many people will be in the position to afford the pizza because they are in abundance and the prices are favorable. XV When it comes to the increased supply, the curve always tends to shift on the right. However, this always brings an imbalance in the market. This forces the prices and the demands of the goods to change. This is also evident in the pizza company. the opportunity. In addition to that, the production of the tea is always high when compared to that of the Avocado. Quantity of tea exported and produced Quantity of Avocado exported and produced There are various factors that are considered in Kenya when deciding on the opportunity cost of the goods that they are producing. The main reason that is always behind it is the money that the country earns from the commodity that they produce. He comparing the two commodities, tea has managed to earn the country $1.2 B and the Avocados are earning the country $1,227 per ton in which all the times is at the lower edge. Question 3 Market equilibrium is considered to be the state in which the supply and the demand have balanced each other. In this cases, the prices are always at their level best and there are minimal complains from both the sellers and the buyers Market eq ' ' rium Nonetheless, when there is an increase of demand, it always means that there is high supply of goods and hence the prices are favorable. In the instance of pizza, it is considered to be an expensive meal and some of the people cannot manage to buy enough so as to satisfy everyone due to the cost factor. However, there are those days in a week that the company always offers an extra pizza to their clients. In these days, the demand is always high because most of the people are getting to buy one pizza and get one free in which is economical