4.If PPF1in the preceding figure is the relevant production possibilities frontier, then whichpoint(s) represent efficiency? Explain your answer.
5.Tina can produce any of the following combinations of goods X and Y: (a) 100X and 0Y, (b) 50X and 25Y, and (c) 0X and 50Y. David can produce any of the following combinations of goods X and Y: (a) 50X and 0Y, (b) 25X and 40Y, and (c) 0X and 80Y. Who has a comparative advantage is in the production of good X? of good Y? Explain your answer.Chapter 31.What is wrong with this statement: Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific time period?
2.What is the difference between demandand quantity demanded?
3.True or false? As the price of oranges rises, the demand for oranges falls, ceteris paribusExplain your answer..
4.“The price of a bushel of wheat was $3.00 last month, is $3.70 today. The demand curve for wheat must have shifted rightward between last month and today.” Discuss.