Analysis of Microeconomics Concepts: PPF, Market Equilibrium, Elasticity & Utility

The articles are to be based on the following topics.

Article 1 – Lecture Topic 1 on Production Possibilities Frontier
Article 2 – Lecture Topic 3 on Market Equilibrium
Article 3 – Lecture Topic 4 on Elasticity OR Lecture Topic 5 on Utility

The following analysis must be included.

Article 1 – Lecture Topic 1: PPF and Opportunity Cost

✓ Shift in PPF (to include diagram to show the shift in PPF)
✓ Explain the shape of the PPF (whether bowed shape or straight line PPF)
✓ Analyse the opportunity cost when more of one product is produced

Article 2 – Lecture Topic 3: Market Equilibrium and Efficiency

✓ Change in demand or supply or both (this is term as event) (to include diagram to show the changes in the event and the equilibrium quantity and price)
✓ Analyse whether market is efficient before and after change in event
✓ Analyse whether consumer surplus, producer surplus and total surplus increase or decrease after change in event (to include diagram to show the changes in consumer surplus and producer surplus)
✓ Analyse whether total surplus is maximised before and after change in event

Article 3 – Lecture Topic 4: Elasticity or Lecture Topic 5: Utility

✓ Analyse the type of elasticity
✓ Explain the type of elasticity using the factors that affect the type of elasticity
✓ Analyse the changes in total revenue (to include diagram to show the changes in total revenue)

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