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QUESTION ONE 1.'1 Discuss how the production possibility frontier model can be used to illustrate the basic economic problem of scarcity. 1.2 Explain the consumer

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QUESTION ONE 1.'1 Discuss how the production possibility frontier model can be used to illustrate the basic economic problem of scarcity. 1.2 Explain the consumer equilibrium condition according to utility theory. Include in your answer the provision of its formula

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