# Need help with economics unit 1 past paper?

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#1
Hi, i'm doing the Edexcel jan 2010 economics unit 1 past paper, can somebody explain question 2 to me? thanks

http://www.edexcel.com/migrationdocu...e_20100113.pdf
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7 years ago
#2
(Original post by Bustamove)
Hi, i'm doing the Edexcel jan 2010 economics unit 1 past paper, can somebody explain question 2 to me? thanks

http://www.edexcel.com/migrationdocu...e_20100113.pdf
From the table,

a) Is the opportunity cost constant? For example, does Manufactured Goods' output go down by a constant amount each time Agricultural Goods' output goes up by 10 million?
d) Is it possible to produce 60 million of both simultaneously using all resources available?

I think that is 2 eliminated
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#3
(Original post by L'Etudiant)
From the table,

a) Is the opportunity cost constant? For example, does Manufactured Goods' output go down by a constant amount each time Agricultural Goods' output goes up by 10 million?
d) Is it possible to produce 60 million of both simultaneously using all resources available?

I think that is 2 eliminated
It's C isn't it?
I know this probably sounds stupid, (my brain is probably not working), but when it says "opportunity cost of producing agricultural goods increases, does it mean it's making more agricultural goods instead of manifactured? or does it mean less?

I'm doing a econ unit 1 retake, but i don't have a teacher, and i have forgotten how to answer these questions!!! and i think i'm stressing out....
help?
0
7 years ago
#4
(Original post by Bustamove)
It's C isn't it?
I know this probably sounds stupid, (my brain is probably not working), but when it says "opportunity cost of producing agricultural goods increases, does it mean it's making more agricultural goods instead of manifactured? or does it mean less?

I'm doing a econ unit 1 retake, but i don't have a teacher, and i have forgotten how to answer these questions!!! and i think i'm stressing out....
help?
Check out my topic here. It is for a different exam board to yours but covers the same topics. EconDal covers the whole of Unit 1 in about 3 hours. Isn't there a mark scheme for this? In terms of the answer I am not completely sure, sorry.
1
#5
thank you
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7 years ago
#6
In case you still need this.

**then you define**

Opportunity cost is the cost if any choice in terms of the next best alternative foregone.

**next you explain/apply***

The answer is C because the higher quantity of agricultural goods you produce the bigger the gap between the manufactured goods suggesting there is a bigger opportunity cost. For example the opportunity cost of producing 10 million agricultural goods is 88 million manufactured goods whereas the opportunity cost for producing 80 million agricultural goods in 18 million manufactured goods.

**this would probably get you the 4 marks but just to be sure eliminate a wrong answer***

D isn't the answer because if you produce 60 million units of agricultural goods you can only produce 48 million units if manufactured goods.

Hope this helped. If I made any mistakes I'm sorry but it's getting a bit sleep deprived!!
1
#7
(Original post by joecoulburn)
In case you still need this.

**then you define**

Opportunity cost is the cost if any choice in terms of the next best alternative foregone.

**next you explain/apply***

The answer is C because the higher quantity of agricultural goods you produce the bigger the gap between the manufactured goods suggesting there is a bigger opportunity cost. For example the opportunity cost of producing 10 million agricultural goods is 88 million manufactured goods whereas the opportunity cost for producing 80 million agricultural goods in 18 million manufactured goods.

**this would probably get you the 4 marks but just to be sure eliminate a wrong answer***

D isn't the answer because if you produce 60 million units of agricultural goods you can only produce 48 million units if manufactured goods.

Hope this helped. If I made any mistakes I'm sorry but it's getting a bit sleep deprived!!
That was a perfect answer, thank you
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