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1 a) Maria can read 20 pages of economics…

Question 1a) Maria can read 20 pages of economics or 50 pages of sociology in an hour. What is Maria’s opportunity cost of reading ten pages of sociology? Explain briefly.b) Imagine an economy that produces only guns and butter.bi) Draw a production possibilities frontier for guns and butter, with butter on the horizontal axis and guns on the vertical axis. Using the concept of opportunity cost, explain why the PPF is most likely to have a bowed-out shape.bii) Show a point that is impossible for the economy to achieve and another point that is feasible but inefficient.Question 2a) To reduce the construction of big luxury apartments, the Chinese government requests that at least 70% of the new apartments must not exceed 90 square metres. Use a diagram to show and explain how this policy affects the equilibrium price and quantity of small- and medium-sized apartments (i.e. apartments of no more than 90 square metres) in China.b) Suppose the Chinese government imposes a binding (i.e. effective) price ceiling on small- and medium-sized apartments. Explain with a diagram what will happen to the consumer surplus, the producer surplus and the total surplus.

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