Recent Question/Assignment

please advise help with two questions attached
Question 2
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2. Record your response to the question in the text box below.
Assessment task:
Assume an economy can produce 10 000 cars but no food. On the other hand if all the factors of production are used, the economy can produce 12 000 kg of food but no cars. Draw a production possibility frontier diagram and determine and depict three (3) points showing the feasible and non-feasible alternatives, including an efficient outcome.
Question 3
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2. Record your response to the question in the text box below.
The market for a new refrigerator is in equilibrium with an equilibrium price of $1,250 and an equilibrium quantity sold of 20,000. There has been a consumer incomes rise and the equilibrium price increased to $1,425 and the equilibrium quantity sold increased to 22,000.
Assessment task:
Sketch the supply and demand diagram for this market before and after income rise. Mark all curves and axes and showing any shifts or movements along the curves. Analyse and explain your diagram.

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