Zaid can produce either tables or chairs. Zaid can work up to 10 hours a day. His production possibilities are given in the table below: Tables Chairs 0 100 10 80 20 60 30 40 40 20 50 0 Construct the production possibilities frontier (PPF) for Zaid. Put tables on the Horizontal axis and chairs on the vertical axis.What is Zaid’s opportunity cost of producing one additional table?Currently Zaid is producing 20 tables and 40 chairs. Is this allocation of resources efficient? Why?Show this allocation on the graph and advise Zaid how he can be more efficient. Question- 2 Marks-2 Suppose the market for Computer is given by the following equations for supply and demand: Qd= 3300−2P Qs= 500+8P Calculate the equilibrium price and quantity. Sketch the supply and demand curves on a graph indicating the equilibrium quantity and price.College of Administrative and Financial Sciences
Assignment-1
Deadline: 25 February 2021 @23:59
Course Name: MICROECONOMICS Student’s Name:
Course Code: ECON101
Student’s ID Number:
Semester: 2
CRN:
Academic Year: 1442 H
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Students’ Grade: Marks Obtained/ 5
Level of Marks: High/Middle/Low
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Question- 1
Marks-3
Zaid can produce either tables or chairs. Zaid can work up to 10 hours a day. His production
possibilities are given in the table below:
Tables
Chairs
0
100
10
80
20
60
30
40
40
20
50
0
1) Construct the production possibilities frontier (PPF) for Zaid. Put tables on the Horizontal
axis and chairs on the vertical axis.
2) What is Zaid’s opportunity cost of producing one additional table?
3) Currently Zaid is producing 20 tables and 40 chairs.
a)
Is this allocation of resources efficient? Why?
b)
Show this allocation on the graph and advise Zaid how he can be more efficient.
Question- 2
Marks-2
Suppose the market for Computer is given by the following equations for supply and demand:
Qd= 3300−2P
Qs= 500+8P
1) Calculate the equilibrium price and quantity.
2) Sketch the supply and demand curves on a graph indicating the equilibrium quantity and
price.
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