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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
Course Name: MICROECONOMICS Student’s Name:
Course Code: ECON101
Student’s ID Number:
Semester: 2
CRN:
For Instructor’s Use only
Instructor’s Name:
Level of Marks: High/Middle/Low
• The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented, marks may be
reduced for poor presentation. This includes filling your information on the cover page.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students or
other resources without proper referencing will result in ZERO marks.
• 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
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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