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Q1. Fully discuss how the production possibility frontier demonstrates the basic economic problem of scarcity. (25 marks) Q2. Using demand and supply analysis, explain the

Q1.

Fully discuss how the production possibility frontier demonstrates the basic economic problem of scarcity. (25 marks)

Q2.

Using demand and supply analysis, explain the effect on the equilibrium price and quantity of a good or service if the number of buyers in the market for this good or service increase. (25 marks)

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