Question

Question 01
04 Marks
Assume a country produces haircuts and shirts with inputs of labour. The country has 1000
hours of labour available A haircut reqmres "hour of labour, while a skirt requires heurs
of labour.
a Construct country's production- possibility frontier (marks)
b. The country is faced with massive unemployment. How will be PPF be impacted?
Explam and indicate on graph. (1 mark)
The country discovers new technology and moves towards automation Justif-how
Ois will impact the PPF for the economy. Also, indicate the same through the graph


Question O2
03 Marks
In past 50 years the frozen food industry in US has grond from $1billion to $27 billion
Discuss the role of opportunity cost in our lives with regards to this huge growth in the frozen
food market in the U.S (3 marks)


question 03
06 Marks
The number of cinenia tickets in Karachi and the ticket fares are regulated. The fare currently
charged is Rs 500 a ticket. The Cinema Asociation want to obtain government's permission to
raise the fare to increase their revenues and ask you to be their economic adviser. After studying
the market, you come up with the following demand schedule for cinema tickets:
Price (Kupees per ticket) Quantity demanded (tickets per month)
160
400
120
SO
0
a) Calculate the price elastresty of demand for mema tickets as the fare rises from
Rs.500 to Rs 600 is the demand price elastie ar melastie for this fare risc
) What happens to the cinemas total revenue of the forenses from R500 to R500
Should the ticket sellers try to obtain permiso to raise the fore(Mark)
c) Calculate the pee elasticity of demand for cien tickets as the fare falls from
Rs 500 to Rs 400. Is the demand price alte or inelaste for us fare decrease?
Should the Omena Association wallagh accept the new priceMarks)​

Answer 1

Answer:

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Answer 2

Answer:

big question I don't have much time to read it bye