That means the economy has given up producing jackets

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That means the economy has given up producing jackets to get more shoes instead. When moving from one point to another along the curve in each time, an opportunity cost in incured. Demand Schedule for Shirts
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Price Quantity 150 10 125 20
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100 30 75 40 50 50
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25 60 Question 1 (c) - Quantity Demanded : The amount of a product that consumers are willing and able to buy at a fixed price. It can represented by putting any point on the demand curve at a specific price. - Demand Schedule : A table that shows the relationship between the price of a product and the quantity demanded
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The relationship between the price and quantity demanded is negative. Question 2 Since mircroeconomics studies small economic units and focuses on the consequences of direct human rational choices, I believe that we can make use of mircroeconomics analysis in three different ways as following :- 1- We can use Microeconomics to make personal and managerial decisions. This way helps both individuals and managers of big companies make better decisions. On personal level, we use
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this analysis to decide which career to pursue and how to spend and save our money. Also managers make use of this analysis to decide how to produce goods or provide servies, how much to produce and how to set prices for the products. 2- We can use Mircoeconomics to evaluate public policies. Public polices are being designed by governments, so microeconomics can be used to evaluate the government performance and its efforts exerted to regulate the market. 3- We can use Mircroeconomics to understand the market and predict changes. The purpose is to understand how the market works and predict how various events affect the prices and quantities of products in markets. Production Possibility Curve Japan 100 80 60 40 20 0 0 10 20 30 40 50 Units of Shoes per month
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Units of Jackets per month Production Possibility Curve Japan 100 80 60 40 20 0 0 10 20 30 40 50 Units of Shoes per month Units of Jackets per month Demand For Shirts 150 125 100 75 50 25 10 20 30 40 50 60
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Quantity Price What change agent skills are necessary for helping a dysfunctional group become more effective? What if problems exist between managers? What happens if they refuse the help of the change agent?
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