Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need answer for this please. Thank you. Question 1 (a) Zhang is a farmer who produces two crops, namely apple and orange. Answer the following

Need answer for this please. Thank you.

image text in transcribed
Question 1 (a) Zhang is a farmer who produces two crops, namely apple and orange. Answer the following questions. Use a diagram in your answer for part (ii), (iii) and (iv). i. Define the production possibilities frontier (PPF) and what does it reveal? (4 marks) ii. Explain the effect of insect diseases would have on Zhang's production possibilities frontier. (2 marks) iii. Assume genetic modification which makes apples more resistant to insects helps Zhang's apple output to double. Show this effect in the initial production possibilities frontier. (2 marks) iv. Suppose genetic modification which makes all crops more resistant to disease helps Zhangt's output to double. Show this effect in the initial production possibilities frontier. (2 marks) ( b ) Explain which of the following events will cause the supply or the demand curve of Old Town Nasi Lemak to shift or move along its supply or demand curve. i. The price of Mcdonald Nasi Lemak declines. (3 marks) ii. The price of chicken increases in the global market in Malaysia. (3 marks) ifi. Old Town replaces the old chicken fryer with a faster and more efficient fryer machines. (3 marks) iv. The Malaysian's income increases due to rapid economic growth. (3 marks) V. New government reports revealed that there is a strong connection between fry food and cancer. (3 marks) [Total: 25 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_2

Step: 3

blur-text-image_3

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

Theory And Practice Of Public Sector Reform

Authors: Steven Van De Walle, Sandra Groeneveld

1st Edition

1317500113, 9781317500117

More Books

Students also viewed these Economics questions

Question

5. Give some examples of hidden knowledge.

Answered: 1 week ago