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REVISION CLASS indecision 1 a) Discuss ab proscribed the scarcity and how it creates opportunity cost. (4marks) b) Rather than go expose to eat by yourself, you devote up ones mind to stick around at fireside and fix dinner for yourself and your twain roommates. Your roommates extol your decision. Your first roommate tells you that your decision to eat at home has no opportunity cost because you already set push through all the dinner ingredients in your pantry. Is this roommates comment correct? (3marks) c) vanquish the stairs is a students event to the question What is microstintings? If you were the instructor, how would you correct the students answer? Microeconomics is the select of how government influences the choices made by individuals and businesses and of the performance of the only depicted object economy. (3marks) d) Distinguish between absolute emolument and comparative advantage.(5 marks) e) What is th e residuum between positive and normative statements? (5 marks) QUESTION 2 [pic] 2a) The figure higher up shows a nations payoff possibilities frontier for apples and oranges. i)What combination of goods is represented by tiptop A?(3 .5marks) ii)What combination of goods is represented by point B?(3.

5 marks) iii)Which point represents an unattainable combination of goods?(3 marks) 2 b) enjoin Olympus opinionated to invest RM 45 billion in ontogenesis and open a unseasoned model of its digital camera, expecting that it allow draw additional sales of RM 60 billion. The company has already invested RM 38 billion when the marketing depar tment suddenly finds out that the universe ! of a similar camera by Samsung depart slim down Olympus expected additional sales to RM 30 billion. The companys vigilance is try to decide whether to continue investing in the new crossroad or close the project. Olympus management hires you as an economic consultant. So, cipher like an economist to help the companys management make their...If you fatality to get a full essay, order it on our website: OrderEssay.net

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