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Principals of Microeconomics Essay

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Added on  2021-05-31

Principals of Microeconomics Essay

   Added on 2021-05-31

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Running head: INTRODUCTION TO MICROECONOMICSIntroduction to microeconomicsName of the universityName of the studentAuthor Note
Principals of Microeconomics Essay_1
1INTRODUCTION TO MICROECONOMICSTable of ContentsAnswer 1:...................................................................................................................................2Answer 2:...................................................................................................................................4Part I.......................................................................................................................................4Part II......................................................................................................................................6Answer 3:...................................................................................................................................9References:...............................................................................................................................12
Principals of Microeconomics Essay_2
2INTRODUCTION TO MICROECONOMICSAnswer 1:a)050001000015000200002500030000350000100020003000400050006000Production Possibility FrontierCarsBicyclesFigure 1: Production Possibility FrontierSource: (created by author)b) The production possibility frontier (PPF) represents maximum combinations of twogoods that can be achieved by using given inputs (BreaSolís, CasadesusMasanell andGrifellTatjé 2015). Assumptions:i) Inputs are utilized for producing only one good or combinations of two goods,ii) Quantities of resources of resources or inputs are given,iii) Production process is technically efficient for using resources,iv) Technology and techniques of production are constant,Properties:i) The PPF is a downward slopping curve indicating that to produce extra unit of one good,some amount of other good needs to scarifies,ii) This curve is concave to the origin,
Principals of Microeconomics Essay_3
3INTRODUCTION TO MICROECONOMICSc)To increase the production of cars and bicycles together, the country can improve itsproduction technology or by increasing trade and exchange with other countries and this inturn can increase the supply of relative inputs of production.
Principals of Microeconomics Essay_4

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