23. Choose TWO of th provided. (10 points) e following short answer questions an

Question

23. Choose TWO of th provided. (10 points) e following short answer questions and answer them using the space 1. On e of the scarce resources that constrain our behavior is time. Each of us has only 24 hours in a day. How do you go about weighing the alternatives? Once you choose a most important use of time, why do you not spend all your time on it? Use the notion of opportunity cost in your answer. Think about how demand and supply may change over time given certain events. Consider your own purchasing habits and how they have changed over time. What are the non-price items that effect shifts in demand or supply? What are the effects in the short-run and the long-run? Given that the government interferes with the invisible hand and creates overproduction and underproduction in the supply. Describe what causes the dead weight loss in over and under production 2. 3.

Explanation / Answer

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Answer 1. The scarcest of resource is Time. We need to evaluate the cost-benefit of the activities that we do to effectively use time. The effective ways to evaluate alternatives are-

However most of the time we are not able to devote our 100% and achieve the alternative that has been choses because-

Answer 2. The change in demand and supply over time may happen due to-

The change in demand in the personal habits came in when the age went up and 4 wheelers replaced the two-wheelers and the brand preferences changed resulting into creation of demand for luxury goods and an stable demand for the necessity goods.

The non-price elements that affect the demand and supply and their affect in long and short run are-

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