QUESTION 1a) List three distinctive features of capitalist market. Suppose you are a factory manager, provide two (2)reasons to explain why you would be more motivated to work in capitalist rather than a socialist market.b) Define magasid al syariah, Based on your answer, discuss four (4) shortcomings of capitalist market fromthe Islamic perspectives.c) Production possibilities table for two products, corn and paper, is found below. Usual assumptions regardingproduction possibilities are implied. Corn is measured in tons, and paper is measured per unit.CombinationCornРаperA6B185334D453E542F601G63Using the following graph construct a production possibilities curve from this informationplacing corn on the vertical axis and paper on the horizontal axis.ii.i.What is the marginal opportunity cost of producing the first unit of paper? The marginalopportunity cost of producing the fourth unit of paper?What are the total opportunity costs of three units of paper?i.d) Illustrate diagrammatically and explain briefly adjustments in the production possibilities curves in each ofthe following situations for the Happy Nation economy.i.the economy moves from full employment into a deep recessionii.the economy makes great effort in eliminating gender and racial discrimination.

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QUESTION 1 a) List three distinctive features of capitalist market. Suppose you are a factory manager, provide two (2) reasons to explain why you would be more motivated to work in capitalist rather than a socialist market. b) Define maqasid al syariah, Based on your answer, discuss four (4) shortcomings of capitalist market from the Islamic perspectives. c) Production possibilities table for two products, corn and paper, is found below. Usual assumptions regarding production possibilities are implied. Corn is measured in tons, and paper is measured per unit.

QUESTION 1 a) List three distinctive features of capitalist market. Suppose you are a factory manager, provide two (2) reasons to explain why you would be more motivated to work in capitalist rather than a socialist market. b) Define maqasid al syariah, Based on your answer, discuss four (4) shortcomings of capitalist market from the Islamic perspectives. c) Production possibilities table for two products, corn and paper, is found below. Usual assumptions regarding production possibilities are implied. Corn is measured in tons, and paper is measured per unit.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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ECN 210 Dr. M. Di Liberto Principles of Economics I: Microeconomics Worksheet - Chapter 2 Problem 1 Suppose there are three techniques for producing 1 wool blanket (Techniques 1, 2, and 3), as shown in the table above. а. Given the resource prices shown, which production technique would the firm use? Why? b. Suppose the firm can sell blankets for $26 each. Would the firm be profitable? c. Assume a new technique is developed that economizes on the relatively expensive labor. It requires 2 units of land, one unit of labor, 3 units of capital, and 1 unit of entrepreneurial ability. Would the firm adopt this new technique? d. Suppose the firm's cost of capital rises to $5, all other values being the same. Which technique would the firm now choose? Price per Unit of Resource Resources Required Resource Technique 1 Technique 2 Technique 3 Technique 4 Units Costs Units Costs Units Costs Units Costs Land $2 2 3 Labor $4 2 1 Capital Entrepreneurship $3 $5 1 2 3 1 1 1 1 Total Price per Unit of…
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