Question: (i) Draw a Production Possibility Frontier (PPF). (ii) How does the PPF illustrate scarcity? (iii) How does the PPF illustrate production efficiency? (iv) How does

(i) Draw a Production Possibility Frontier (PPF). (ii) How does the PPF illustrate scarcity? (iii) How does the PPF illustrate production efficiency? (iv) How does the PPF show that every choice involves a tradeoff? (v) How does the PPF illustrate opportunity cost? 2. Answer the following questions. 2 (i) How do you define the term scarcity of resources? Give two examples of scarce resources in your daily life. Explain why they are scarce. (ii) Discuss the three fundamental problems (what, how and for whom) of economics

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