Question

UWDHURY GROUP A: Essay Part :(Answer any four) Each is worth 10 points 1. What is the fundamental economic problem of every society. If you were address this fundamental problem? Explain your answer with reference to cap every society?. If you were an economist how woul mi Explain your answer with reference to capitalist economy. 2. What is perfect competition? What are its characteristics? 3. What is total utility Des at is total utility? Describe the relationship between total utility and marginal utility with a numerical table. 4. Explain why demand curve slone downward? Show the donward slopping demand curve gray 5. Firms are price taker. Explain this statement GROUP B [MULTIPLE CHOICES): EACH IS WORTH 2 POINTS Apples (millions of bushels per year) 2 3 4 5 Oranges (millions of bushels per year) Figure: 1 - Refer to the figure 1 above _What combination of goods is represented by point A? a: 3 apples and 2 oranges b; 3 apples and 3 oranges c 4 apples and 2 oranges d. Not in the graph e. Ans is not there

Answer 1

From figure 1 we can see that X-coordinate represents the number of Oranges and Y-coordinate represents the number of Apples. From figure 1 we can see that the point A has coordinates of (3,3). So the goods represented by point A (X=3 & Y=3) are 3 Apples and 3 Oranges.

So the correct answer is option "b": 3 Apples and 3 Oranges.