Assume before the June 2022 floods, Pakistan could produce only two commodities: electric cars and wheat....
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Assume before the June 2022 floods, Pakistan could produce only two commodities: electric cars and wheat. Also assume that Pakistan can produce at any of the positions represented by the production possibility schedule below. R S T U V W X Y Electric cars 0 35 50 60 75 90 105 110 Wheat (in tons) 550 475 400 350 275 250 200 0 a. Assume in 2023 the Pakistan economy is producing at point T. Also assume you are the adviser to the Minister of Finance in Pakistan. Following the Pakistan 2022 Floods and Food Crisis, answer the questions below. (i) Would you advise the Minister of Finance to increase electric car production or wheat production immediately after the floods? 1 mark (ii) What is the opportunity cost of producing 25 more electric cars in 2024? Assume before the June 2022 floods, Pakistan could produce only two commodities: electric cars and wheat. Also assume that Pakistan can produce at any of the positions represented by the production possibility schedule below. R S T U V W X Y Electric cars 0 35 50 60 75 90 105 110 Wheat (in tons) 550 475 400 350 275 250 200 0 a. Assume in 2023 the Pakistan economy is producing at point T. Also assume you are the adviser to the Minister of Finance in Pakistan. Following the Pakistan 2022 Floods and Food Crisis, answer the questions below. (i) Would you advise the Minister of Finance to increase electric car production or wheat production immediately after the floods? 1 mark (ii) What is the opportunity cost of producing 25 more electric cars in 2024?
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Answer i As the adviser to the Minister of Finance in Pakistan I would advise increasing wheat produ... View the full answer
Related Book For
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
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