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The Economic ProblemChapter #2: Demand and Supply: An Introduction1. Why is economics relevant?2. Identify and explain the three fundamental questions in economics.3. What is the difference between factor of production and factor price? Give an exle of each.4. Choice implies opportunity cost. Explain5. Scarcity implies choice. Explain6. Tigris produces only two products: tennis balls and tennis racquets. Each worker comes with a fixedquantity of materials and capital. The economy’s total labour force is fixed at 100 workers. Thefollowing table indicates the amount of balls and racquets that can be produced daily with variousquantities of labour:Number of Workers Daily Production ofTennis Balls Number of Workers Daily Production ofRacquets0 0 100 8020 80 80 7540 150 60 6560 200 40 5080 230 20 30100 250 0 0a. Use the information in the Table to draw the production possibilities curve for Tigris.b. Can Tigris produce 200 balls and 60 racquets?c. What is the total cost of producing 150 balls?d. What is the total cost of producing 75 racquets?e. If Tigris is currently producing 230 balls, what is the cost of an additional 20 balls?f. If Tigris is currently producing 30 racquets, what is the cost of an additional 20 racquets?
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