ECON 101 Saudi Electronics University Microeconomics Questions

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College of Administrative and Financial Sciences
Assignment 1
Release Date: 26th September 2021-Deadline: 09 October, 2021 @23:59pm
Course Name: MICROECONOMICS
Student’s Name:
Course Code: ECON101
Student’s ID Number:
Semester: 1st
CRN: 12636
Academic Year: 1442-1443 H
For Instructor’s Use only
Instructor’s Name: Dr. Umme Hani
Students’ Grade: Marks Obtained/ 05
Level of Marks: High/Middle/Low
PLEASE READ THEM CAREFULLY
? This assignment is an individual assignment.
? Due date for Assignment 1 is 09/10/2021).
? The Assignment must be submitted only in WORD format via allocated folder.
? Assignments submitted through email will not be accepted.
? Students are advised to make their work clear and well presented. This also includes filling
your information on the cover page.
? Students must mention question number clearly in their answer.
? Late submitted assignments will NOT be entertained.
? Avoid plagiarism, the work should be in your own words, copying from students or other
resources without proper referencing will result in ZERO marks. No exceptions.
? All answered must be typed using Times New Roman (size 12, double-spaced) font. No
pictures containing text will be accepted and will be considered plagiarism).
Submissions without this cover page will NOT be accepted.
Question-1
Bill can produce either tables or chairs. Bill can work up to 10 hours a day. His production
possibilities are given in the table below:
(3 Marks)
Tables
Chairs
0
200
50
180
60
160
70
140
80
120
90
0
1) Explain production possibilities frontier (PPF) by putting tables on the Horizontal axis and
chairs on the vertical axis. What is Bill’s opportunity cost of producing one additional table?
2) Currently Bill is producing 70 tables and 140 chairs.
a)
Is this allocation of resources efficient? Why?
b)
Show this allocation on the graph and advise Bill how he can be more efficient.
Question-2
Explain by applying these concepts with examples.
a. Rational people respond to incentives
b. Role of prices in allocating resources
(2 Marks)

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attachment

Tags:
demand and supply

economics

statistics

production possibilities

production possibilities frontier

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