b) You plan to study on weekend and your friends ask you to go to a farm house with them. What do you think is the true cost of spending your weekend on a farmhouse with friends?bhhhhhh 4:38 M3 all all 71%2.Write your name and registration ID on the first page of your Word file.3.Answer scripts can be uploaded on BlackBoard any time before its deadlineTherefore, do not wait for the last hour to avoid any unforeseen problems.4.Submission of answer copyies) wiii be considered accepiabie ihrough BiackBoaronly. Therefore, do not submit your document through email or any other medium.5.Use 12 pt. font size and Times New Roman font style along with 1-inch page margins.6.Follow the requirements of the word limit and the marking criteria while writing youanswers.Provide relevant, original and conceptual answers, as this exam aims to test your ability texamine, explain, modify or develop concepts discussed in class.7.Do not copy answers from the internet or other sources. The plagiarism of your answers nbe checked through Turnitin.8.Recheck your answers before the submission on BlackBoard to correct any contentlanguage related errors.9.Double check your word file before uploading it on BlackBoard to ensure that you huploaded the correct file with your answers.10.Question 1Maximum Marks: 05anEditSelect AllSmart Lookup New Comment rdb) You plan to study on weekend and your friends ask you to go to a farm house with them. Whalo you think is the true cost of spending your weekend on a farmhouse with friends? (2 MarksVord count: 200 words max.)c) You plan to spend your weekend working at your father's superstore for a wag, but youfriends ask you go play cricket at the weekend. What do you think is the true cost of spendinyour weekend playing cricket with friends? (2 Marks) (Word count: 200 words max.)Maximum Marks: 06Question 2a) Can you identify and explain your family's interaction in the market for factors of productioand your family's interaction in the market for goods and services. (2 Marks) (Word count200 words max.)b) Economy can be represented by economic models. One of the models we use to understaneconomy is a “Circular Flow Diagram". Sketch a Circular flow model and explain the flow omoney and flow of goods and services and factors of production caused by the followinactivities.i. Kaleem pays a shopkeeper Rs.150 for a liter of milk. (1 Mark)ii. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour. (1 Mark)iii. Sana spends Rs.500 on a haircut. (1 Mark)iv. Mustafa receives Rs.200,000 from his 10 percent ownership of Salman Chemicals Ltd. (Mark)Question 3a) Elaborate on the concepts of Demand Schedule and Demand Curve, is there any relationshibetween them? What is reason behind the downward slope of demand curve? (2 Marks(Word count: 250 words max.)Maximum Marks: 06

Question

b) You plan to study on weekend and your friends ask you to go to a farm house with them. What do you think is the true cost of spending your weekend on a farmhouse with friends?bhhhhhh 4:38 M3 all all 71%2.Write your name and registration ID on the first page of your Word file.3.Answer scripts can be uploaded on BlackBoard any time before its deadlineTherefore, do not wait for the last hour to avoid any unforeseen problems.4.Submission of answer copyies) wiii be considered accepiabie ihrough BiackBoaronly. Therefore, do not submit your document through email or any other medium.5.Use 12 pt. font size and Times New Roman font style along with 1-inch page margins.6.Follow the requirements of the word limit and the marking criteria while writing youanswers.Provide relevant, original and conceptual answers, as this exam aims to test your ability texamine, explain, modify or develop concepts discussed in class.7.Do not copy answers from the internet or other sources. The plagiarism of your answers nbe checked through Turnitin.8.Recheck your answers before the submission on BlackBoard to correct any contentlanguage related errors.9.Double check your word file before uploading it on BlackBoard to ensure that you huploaded the correct file with your answers.10.Question 1Maximum Marks: 05anEditSelect AllSmart Lookup New Comment rdb) You plan to study on weekend and your friends ask you to go to a farm house with them. Whalo you think is the true cost of spending your weekend on a farmhouse with friends? (2 MarksVord count: 200 words max.)c) You plan to spend your weekend working at your father's superstore for a wag, but youfriends ask you go play cricket at the weekend. What do you think is the true cost of spendinyour weekend playing cricket with friends? (2 Marks) (Word count: 200 words max.)Maximum Marks: 06Question 2a) Can you identify and explain your family's interaction in the market for factors of productioand your family's interaction in the market for goods and services. (2 Marks) (Word count200 words max.)b) Economy can be represented by economic models. One of the models we use to understaneconomy is a “Circular Flow Diagram&#34;. Sketch a Circular flow model and explain the flow omoney and flow of goods and services and factors of production caused by the followinactivities.i. Kaleem pays a shopkeeper Rs.150 for a liter of milk. (1 Mark)ii. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour. (1 Mark)iii. Sana spends Rs.500 on a haircut. (1 Mark)iv. Mustafa receives Rs.200,000 from his 10 percent ownership of Salman Chemicals Ltd. (Mark)Question 3a) Elaborate on the concepts of Demand Schedule and Demand Curve, is there any relationshibetween them? What is reason behind the downward slope of demand curve? (2 Marks(Word count: 250 words max.)Maximum Marks: 06

Accepted Answer

Opportunity cost refers to the best alternative cost that forgo or give up when a decision or choice…