Question

Micro Economics
Answer the following question-
1. Why do central problem arise? Explain.
2. What is meant by marginal opportunity cost? Why is marginal opportunity cost
Increasing in case of PPF?
3. State any three assumption on which a production possibilities curve is based.
4. Define utility and marginal utility
5. Why is study of consumer's equilibrium a subject matter of micro economics?
Distinguish between_
a) Substitute Goods and complementary Goods
b) Normal Goods and Inferior Goods
6. What is law of demand
7. What is the relation between price of a good and demand of its complementary
Goods?
Statistics
1. Distinguish between Quantitative and Qualitative data with example
2. Explain the importance of statistics in economics.
3. Why do you want to study economics? Give reason.
4. State the meaning of
a) Scarcity
b) Consumer
c) Producer
5. Why does Economic problem arise.​

Answer 1

Answer:

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Answer 2

Answer:

1. because the resources in the economy are scare and human wants are unlimited