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Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing Center. Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment. Assignment No. 1
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Course: Microeconomics ( Econ-101) Student name: Academic Year
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1439-1440 H Student ID: Semester: Ist student grade:
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CRN: Level of the marks: Instructions: · This Assignment must be submitted on Blackboard (
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WORD format only ) via the allocated folder. · Email submission will not be accepted. · You are advised to make your work clear and well- presented; marks may be reduced for poor presentation. This includes filling your information on the cover page. · Assignment will be evaluated through BB safeAssign tool. · Late submission will result in ZERO marks being awarded. · The work should be your own, copying from students or other resources will result in ZERO marks. · Use Times New Roman font 12 for all your answers. Q. 1. Explain with the help of suitable examples / graph the following; (1*3 MARKS) a. Production Possibility Curve’ b. The concept of ‘Opportunity Cost’
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c. Distinguish between ‘Quantity Demanded’ and ‘Demand Schedule’ 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 microeconomic analysis. (3 MARKS) Answer:- Question 1 (a) - Production Possibility Curve : A curve that shows the possible combinations of products that an economy can produce, given that its productive resources are fully employed and efficiently used. - Example : In Japan, The economy can choose to allocate all of its availabe resources to produce shoes only or produce
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jackets only or produce both. Question 1 (b) - Opportunity Cost : The cost you give up in order to get something, or it means what you sacrifice to get something in return. Example 1 : when you choose to spend your limited time in reading books, that means less time for working or watching movies. Example 2 : In the following PPC graph, the economy can choose either to produce more shoes or produce more jackets.
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In other words, if the economy chose to produce more shoes, for example, in this case it has to shift resources from producing jackets towards producing more shoes.
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