Answered: b) You plan to study on weekend and…

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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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

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Question 1
Maximum Marks: 05
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b) You plan to study on weekend and your friends ask you to go to a farm house with them. Wha
lo you think is the true cost of spending your weekend on a farmhouse with friends? (2 Marks
Vord count: 200 words max.)
c) You plan to spend your weekend working at your father's superstore for a wag, but you
friends ask you go play cricket at the weekend. What do you think is the true cost of spendin
your weekend playing cricket with friends? (2 Marks) (Word count: 200 words max.)
Maximum Marks: 06
Question 2
a) Can you identify and explain your family's interaction in the market for factors of productio
and your family's interaction in the market for goods and services. (2 Marks) (Word count
200 words max.)
b) Economy can be represented by economic models. One of the models we use to understan
economy is a “Circular Flow Diagram". Sketch a Circular flow model and explain the flow o
money and flow of goods and services and factors of production caused by the followin
activities.
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 3
a) Elaborate on the concepts of Demand Schedule and Demand Curve, is there any relationshi
between them? What is reason behind the downward slope of demand curve? (2 Marks
(Word count: 250 words max.)
Maximum Marks: 06

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