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Hello there this is Microeconomics Subject - if you not familiar please dont answer it Question 3 16 a. b. d. e. Identify and explain
Hello there this is Microeconomics Subject - if you not familiar please dont answer it
Question 3 16 a. b. d. e. Identify and explain the shape of the above PPF. How the scarcity and tradeoff concepts can be explained by the above PPF. Which point represents attainable and unattainable, efficient and inefficient? Explain. If the economy is currently producing at point Y, what is the opportunity cost of moving to point W? Would you like to be at point Y? Explain your reason. Ifthe economy is currently producing at point W, what is the opportunity cost of moving to point X? Describe the factors that would shift the PPF outwards and inwards. Question 4 Explain briefly the circular flow diagram (with households and firms as the economic actors).
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