Microeconomics

Assignment (15 Marks)

Question 1)

What is Economics? Also explain Production Possibilities Model?

Question 2)

Answer the questions based on the figure below, which is for the country of Quantz. (5 Marks)

Utopia produces only two products: cheese and wine. The production levels are shown in the table below. Cheese Wine % inputs output % inputs output 0 0 0 0 20 60 20 80 40 100 40 140 60 130 60 190 80 150 80 210 100 160 100 220