Please answer the following four true or false and discuss

Please answer the following four true or false and discuss

IndividualAssignment Unit: Date: ECO101 – Microeconomics Week 5 Total Weight: The assignment is worth 40% of the total unit weight. Instructions: 1. Students are required to cover all stated requirements. 2. Your answer must be both uploaded to Moodle in word file and handed over a printed copy. 3. You need to support your answers with appropriate Harvard style references where necessary. 4. Include a title/cover page containing the subject title and code and the name, student id numbers. 5. Please save the document as ECO101AT1_first name_Surename_Student Number Eg: ECO101AT1_John_Smith_20150000 1 Please Answer The Following Four Ture/False Discuss 1. Consider the following scenario: Australia Company ABC can produce 4 tons of steel per labour hour or 6 tons of sugar. US Company XYZ can produce 2 and 1 respectively. Assume both countries have 10 hours of labour available. ABC has an absolute advantage in steel, so should specialise in the production of steel. As David Ricardo stated both countries will benefit from trade. 2. If we observe an increase in both price and quantity, the demand curve must be upward sloping. 3. If the marginal product is falling average product must be falling. 2 4. If a firm is making zero profits it should leave the industry.

Is this the question you were looking for? If so, place your order here to get started!