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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