Question 1 (7 Marks) Assume that during the years 2022 to 2025 Woodland Republic could produce only two commodities: tractors and rice. Also, assume that Woodland Republic can procuce at any of the positions represented by the production possibility schedule below. A D E F G H Tractors 2 13 14 Rice (in tons) 100 95 85 70 50 30 0 a. Suppose in 2022 the economy is producing at point D. What is the opportunity cost of producing 6 more tractors in 2023 (3 Marks) ANSWER a): ** Answer box will enlarge as you type b. Use the figure below to answer the questions that follow. Tractors -PPFa 14 -PPF. PPF, PPF 2 100 Rice (tons)i. Suppose, in 2024 the Minister of Finance in Woodland Republic advises the World Bank that in order to increase rice production and tractor manufacturing, each sector requires AUD50 billion, or a total of AUD100 billion. This AUD100 billion is madeavailable by the IWorld Bank. Explain the impact of these AUDllJ billion budgetary:r allocations to the economy of Woodland Republic. [1 Marks] ANSWER i}: ii. Suppose in 2015 Woodland Republic beginS to manufacture fertilizer; Explain the impact of the diSCDVEW of fertilizers on the Woodland Republic economy. [2 Marks] ANSWER ii}