Part II.

State three reasons for the PPF to shift to the right or left.

Describe the circular flow of income and expenditures

Why do you think the PPF of the Philippines will possibly shift to the left?

Compare the points inside the PPF and outside the PPF

Give four examples of normative and positive statements

How can you apply the principle of opportunity cost in your study? Please give an example

Do you think the 24-hour store follow the marginal benefit principles? Why or why not

If the fixed input is the two hectare of land and the variable input is fertilizer explain how the principle of diminishing return work in the outputs.

Give an example of positive externality.

Explain one factor that determines demand

Differentiate between the consumer and producer surplus

What information does the demand function convey?

What is the information does the point of intersection between demand and supply curve convey?

Give at least three conditions for the demand to shift to the right or left.

Give an example for the supply curve to shift to the right or left

Please state the law of supply and give an example

How can the elasticity of demand help in pricing strategy?

If you are selling a product with inelastic demand will you increase the price? Why or why not

Presently the real income of households are decreasing what do you think will happen to the demand for normal and inferior goods.

If you are selling sports car how can the information on the income elasticity help you sell your product.

There was a new store that opened besides your store if the cross elasticity for both of you is positive. Is it advisable to reduce your price? Why or why not

If the government decide to increase taxes on sugar, who do you think will carry the burden of taxation? Please justify your answer

Consumers are attracted with products that offer discounts on price, buy-one-take-one scheme and goods with freebies. Why?

What is the difference between total utility and marginal utility?

What does a negative marginal utility means? Why does it happen?

Describe the consumption pattern of the consumer based on the table below

unit

MU/P (sundae)

MU/P fries

1st

8

7

2nd

3

5

3rd

1

0

Describe the concept of the marginal rate of technical substitution

Differentiate the isocost from the isoquant

Why is the point of isoquant tangent to the isocost called the optimal combination?

Why is the TFC a horizontal line?

Describe the behaviour of the ATC in relation to MC

What is the definite rule to maximize profit?

If your price is greater than MC (P>MC) will you continue increasing your production? Explain

When the TC = TR can you say that you are breakeven or not? Why or why not

You are operating in a perfect market are you are price taker? Why?

Question

Part II.

State three reasons for the PPF to shift to the right or left.
Describe the circular flow of income and expenditures
Why do you think the PPF of the Philippines will possibly shift to the left?
Compare the points inside the PPF and outside the PPF
Give four examples of normative and positive statements
How can you apply the principle of opportunity cost in your study? Please give an example
Do you think the 24-hour store follow the marginal benefit principles? Why or why not
If the fixed input is the two hectare of land and the variable input is fertilizer explain how the principle of diminishing return work in the outputs.
Give an example of positive externality.
Explain one factor that determines demand
Differentiate between the consumer and producer surplus
What information does the demand function convey?
What is the information does the point of intersection between demand and supply curve convey?
Give at least three conditions for the demand to shift to the right or left.
Give an example for the supply curve to shift to the right or left
Please state the law of supply and give an example
How can the elasticity of demand help in pricing strategy?
If you are selling a product with inelastic demand will you increase the price? Why or why not
Presently the real income of households are decreasing what do you think will happen to the demand for normal and inferior goods.
If you are selling sports car how can the information on the income elasticity help you sell your product.
There was a new store that opened besides your store if the cross elasticity for both of you is positive. Is it advisable to reduce your price? Why or why not
If the government decide to increase taxes on sugar, who do you think will carry the burden of taxation? Please justify your answer
Consumers are attracted with products that offer discounts on price, buy-one-take-one scheme and goods with freebies. Why?
What is the difference between total utility and marginal utility?
What does a negative marginal utility means? Why does it happen?
Describe the consumption pattern of the consumer based on the table below

unit	MU/P (sundae)	MU/P fries
1st	8	7
2nd	3	5
3rd	1	0

Describe the concept of the marginal rate of technical substitution
Differentiate the isocost from the isoquant
Why is the point of isoquant tangent to the isocost called the optimal combination?
Why is the TFC a horizontal line?
Describe the behaviour of the ATC in relation to MC
What is the definite rule to maximize profit?
If your price is greater than MC (P>MC) will you continue increasing your production? Explain
When the TC = TR can you say that you are breakeven or not? Why or why not
You are operating in a perfect market are you are price taker? Why?

Accepted Answer

Production possibility frontier illustrates the combinations of quantity of two goods that can be…