problem 1:

Illustrate out the concept of opportunity cost, by using the production possibility curve.

problem 2:

What are the elemental problems of economy? describe and discuss how the command economy distinct from the free market economy in dealing with resource allocation problems.

problem 3:

prepare down the strengths and weaknesses of mixed economy.

problem 4:

Make a distinction between short-run and long-run costs.

problem 5:

Compare and contrast the short-run and long-run output decisions of perfectly competitive firm and the monopoly.

problem 6:

Discuss and illustrate long run efficiency under both kinds of market structures?

problem 7:

With the aid of diagrams, illustrate how the price and quantity of potatoes will change under the different circumstances:

(i) A severe drought affecting its production

(ii) Consumers expect a prospect rise in prices of potatoes; and

(iii) A new production method is adopted to raise efficiency.