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Distinguish between microeconomics and macroeconomics. Give example.

 Why does an economic problem arise? Explain the problem of 'How to Produce'?

 Explain the problem of 'What to Produce' with the help of an example.

 ‘For whom to produce’ is a central problem of an economy. Explain.

 Define opportunity cost with the help of an example, how does it differ from marginal opportunity cost?

 What is ‘Marginal Rate of Transformation’? Explain with the help of an example.

Why is a production possibility curve concave? Explain