Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need answer for the following question QUESTION 2: 25 marks Table 1: Production Capacity of COVID-FREE LAND. Toilet Rolls Sanitizers 30,000 0 28,000 1,000 24,000

Need answer for the following question

image text in transcribed
QUESTION 2: 25 marks Table 1: Production Capacity of COVID-FREE LAND. Toilet Rolls Sanitizers 30,000 0 28,000 1,000 24,000 2,000 18,000 3,000 10,000 4,000 0 5,000 Use information in Table 1 above to answer the following questions: a. Using the above figures, graph the production possibilities Frontier (PPF) of COVI_LAND (Hint! Use Microsoft Excel, for accuracy) (4 marks) b. In your own words, while making use of the graph that you have created in part a, explain what the PPF is. Cleary state all assumptions and properties of the PPF. (6 marks) c. Normally, the people of COVID-FREE LAND demand of 3,000 sanitizers and 18,000 toilet rolls. Suddenly, there is outbreak of COVID-19 and the demand for sanitizers and toilet rolls increased to 4,000 and 20,000, respectively. How would COVID-FREE LAND meet its new demand. Identify and comprehensively discuss at least three possibilities or ways. (Hint: State any appropriate assumptions made). (15 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essays In Economic Sociology

Authors: Max Weber, Richard Swedberg

1st Edition

0691218161, 9780691218168

More Books

Students also viewed these Economics questions

Question

7. How can the models we use have a detrimental effect on others?

Answered: 1 week ago