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Q. 1. Explain with the help of suitable examples / graph the following:

a. ‘Production Possibility Curve'

b. The concept of ‘Opportunity Cost'

c. Distinguish between ‘Quantity Demanded' and ‘Demand Schedule'.

Answer 1

a) The production possibility curve shows the combination of goods a nation can produce given the limited resources as well as given technology. A point on the production possibility curve shows efficient utilization of resources whereas a point under the production possibility curve represents under utilization of resources by a nation. 

 

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b) The opportunity cost is the cost associated with the next best alternative or the opportunity that is foregone in pursuing some other activity. The concept has arisen because of the scarcity. For example: a person decides whether to work or not to work. If the person decides not to work, then the opportunity cost associated with not working is the salary foregone.

c) Quantity demanded is the amount demanded at a particular price. It is always associated with a singly price. The demand schedule is the tabular representation showing the various demands at different price level. if the price is $1, then the quantity demanded is 10, if the price is $2, the quantity demanded is 8 units, etc. The following is the demand schedule:

 

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Q. 2. In present scenario, the importance of microeconomics is increasing day by day, in your Opinion, what are the three ways that we can use macroeconomic analysis.

Answer 2:

These are the three ways:

a) Macroeconomic analysis helps the government sector to make and modify the policies based on consumer spending and money available in the economy.

b) Secondly,macroeconomic analysis help the firms to alter their investment decisions based on the savings available at the national level.

c) Lastly, macroeconomic analysis help the consumers to alter their spending decisions based on the inflation and consumer price index figures available in the economy.

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