ECO 101: Introduction to Microeconomics
Full marks: 10
Time of Submission: Just A week After Assigning, at the end of the class time.
Person to be submitted to :ME
Answer all the questions. The parenthesis carries the credit for each question.
1) You have ECO 101 quiz tomorrow. This semester you have taken other three courses including a mathematics course whose midterm is coming up next week. Under these circumstances, how would you decide on how many hours to study? (Use your imagination and intellectual capability to decide on the number of hours). How did the decision come about? Can we use this concept in deciding other practical variables in business and economics? State some examples. (5)
2) Why is the PPF concave? What implication does the curvature have in terms of opportunity cost? State an example. (5)