Recent hazardous climatic conditions have resulted in loss of resources and livelihoods. Using a Production Possibility Curve, analyse the effect of the destruction of resources for an economy.

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Recent hazardous climatic conditions have resulted in loss of resources and livelihoods.
Using a Production Possibility Curve, analyse the effect of the destruction of resources for an
economy.

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MRS of X for Y refers to the amount of Y the consumer is willing to give up in order to gain one additional unit of X (and still remain in the same indifference curve!) Exercise 1 Draw the indifference curve using the data in the table at the left. Calculate and check that MRS mentioned in the table are correct. Is the MRSxy a decreasing function in X?
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You are given the following schedule for the production of pens by a firm Labor Total Product 0 0 1 20 2 50 3 70 4 80 5 85 6 82 If pen sells for Rs 3 per unit and workers can be hired in a competitive labor market for Rs30 per day, how many workers should be hired? Explain your answers clearly.
Let’s say there are two goods X and Y (respectively draw in x-axis and y-axis). Assume, X is a normal good and Y in an inferior good. If price of X is increased, show the income and substitution effect in the graph and explain.
n a certain market for sobolo,when the price of the drink was Ghc 3 the quantity demanded was 12bottles.On another day,when the price per bottle was 5 cedis,the quantity demanded was 6 bottles.Use the information to write the equation for demand.Now,what will be quantity demanded if price per bottle was 6cedis.If we restrict price to the same demand curve,what will happen if price is less than Ghc 2.
What are the advantages of a perfect competition?