Discuss how economists could apply fundamental economic questions in the production of smart… 1 answer below »
Assignment Description
Students are required to provide short answers and calculations to the following 4 questions.
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This assignment is to be completed individually and is to be submitted in Week 6.
TOTAL MARKS : 60 marks
Question 1 (15 marks)
(a) Discuss how economists could apply fundamental economic questions in the production of smart
phones. (6 marks)
(b) Explain the following questions regarding the Production Possibility Frontier (PPF)
? The two (2) main assumptions of PPF
? Downward sloping shape of PPF
? Concavity of PPF to the origin (6 marks)
(c) Illustrate and describe any ONE (1) situation that would shift the production possibilities frontier
outwards. (3 marks)
Question 2 (15 marks)
With a number of new orchards coming into production, Australia is expecting a bumper crop, with volumes up
9% from last year’s, says Avocados Australia CEO John Tyas. Based on the industry’s latest quarterly
forecasting, the nation is set to produce 95,000 metric tons (MT) for the April 2019 – March 2020 period.
Australia’s avocado supply for January, February and March of 2019 increased by 20%, compared to the same
three-month period last year.
Attachments:
BB106-Assignm….pdf
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