ECON1B - Principles of Microeconomics - Economics Assignment Help

Assignment Task 

1. Explain how opportunity cost’s rate of change changes within the context of the Production Possibility Frontier (Explain thoroughly with words and graphs). 

2. Explain the differences between TOTAL UTILITY and TOTAL COSTS vs MARGINAL UTILITY and MARGINAL COSTS? (Explain thoroughly with words and graphs). 

3. Explain the relationship between firms and consumers and how resources are allocated in the economy? (Explain thoroughly with words and graphs). 

4. Explain how government intervention is “good” and when it is “bad” (Explain thoroughly with words and graphs). 

5. Models, theories and concepts organize our thinking. List and explain possible flaws in our economic framework. (Explain thoroughly with words and graphs). 

EXTRA CREDIT (ten points) 

In the Current Event lectures, there are impacts to trade in the economy and therefore impacts “gains

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