Question: 21. What is the difference between change in demand and change in quantity demanded? 22. Explain the following statement: The only thing that can't cause

21. What is the difference between change in demand and change in quantity demanded?

22. Explain the following statement: The only thing that can't cause a change in the demand for gasoline is a change in the price of gasoline.

23. Consider the following table:

Products

Production

Rates

Production

Rates

Production

Rates

Production Rates Production Rates
A B C D E
X 5 10 15 20 25
Y 150 140 120 90 50

What are the Marginal Rate of Transformations (MRTs) from

A. A to B

B . B to C

C. C to D and

D. D to E?

24. Under what condition does a production possibility frontier take the shape of a straight line?

25. Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it. 3

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