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{"ops":[{"insert":"1. Beef supplies are sharply reduced because of drought in the beef-raising states, and consumers turn to pork as substitute beef. Explain with illustrations, the changes in the beef and pork markets"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"Question 2 Explain the concept of production possibilities frontier (ppf) b. There are seven workers in an Economy. Each worker can make either six tins of milk or"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"five shirts. Output per worker is independent of the number of workers in the same industry."},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"i) Draw Draw up a table showing the allocation and various combinations of output available"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"to this economy."},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"ii How many tins of milk can this economy produce, if it is willing to forgo shirt? Explain your answer"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"iii Explain any three ways that this economy can expand its PPF."},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"Question 3"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"a. Explain the term price ceiling."},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"b. Give three effect of price ceiling"},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"c. Given the following demand and price function of milk in the market. Qd -28-4p and Qs = 18 + P respectively."},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":""},{"insert":"\n"},{"insert":"i. Determine the equilibrium price and quantity of milk"},{"insert":"\n"}]}

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