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ECC1000 - Principles of microeconomics - S1 2025

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Of the following properties listed about the production function in the Malthusian model, select the correct two.
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The following diagram depicts the production function of the farmers, where diminishing average product of labour is assumed. You know that that for 2,800 farmers, the grain output is 894,000 kilos. Read the following statements and select the correct two.

 
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The following diagram depicts the production function of the farmers, where diminishing average product of labour is assumed. At A the average product of labour is 500,000/800 = 625 kg of grain per farmer. At B the average product of labour is 732,000/1,600 = 458 kg of grain per farmer. If you know that the grain output for 2,800 farmers is 894,000kg, then read the following statements and select the correct two.

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Now assume the Sorbent is on sale, offering 50% off. Determine Tywin's optimal quantity of K and S now.

What is the optimal K in his optimal bundle? Please enter a whole number only, with no space, no letters, and no special characters like dollar signs. 

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What is the optimal S in his optimal bundle? Please enter a whole number only, with no space, no letters, and no special characters like dollar signs. 

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Assume the price per roll is $3 for Kleenex and $2 for Sorbent. Determine Tywin's optimal quantity of K and S.

What is the optimal K in his optimal bundle? Please enter a whole number only, with no space, no letters, and no special characters like dollar signs. 

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Read the following statements about the division of labour which occurred during the industrial revolution and select the correct one.
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Read the following statements about private property and select the one that is not true.

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Of the following select the one that is NOT considered to be a market.
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Read the following statements and select the correct one.
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