Assignment Questions On Economic Principles - 1049 Words

Koo Weng Liang Written Assignment 1 (Microeconomics) for DB106 Economic Principles Assignment Questions Question 1 A) An opportunity cost will arise when economists using between alternative ways of allocating scarce resources. The opportunity cost is for economists to make decision of the alternative use of scarce resources. By using production possibility frontiers (PPF) can be illustrated the opportunity cost to result a clear simple way to effects of making economic choice. A PPF is show the consumers goods and consumers services at the same time. B) Suppose that the two goods that the country AMP produces Apples and Mobile phones. If the production possibility frontiers (PPF) were a straight line, the additional of the unit of mobile phones required to forgone the unit of apples. For example, to move to point A to point B (in order to produce 200 mobiles phones) 50 apples must be forgone. To move point b to point c (to gain another 200 mobile phones), 125 apples must be forgone. As the country AMP sifts from Apples to Mobile Phones can resulted the PPF becomes steeper and opportunity cost of the mobile phones increases. At point B most are producing Apples, although that mobile phones are more suitable to build. At point D most are producing mobile phones. Producing more mobile phones would cause a big drop in Apples output. The PPF would be Bowed-Shaped if resources with varying opportunity costs. 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