Q1. Assume Anna can either wash 12 cars or wax 4 cars every day also bob can either wash 6 cars or wax 3 cars every day
Illustrate what is the opportunity cost for doing each task for Anna also bob?
Q2. A student makes the following argument:
A price floor reduces the amount of a product that consumers buy because it keeps the price above the competitive equilibrium of market. Price ceiling on another hand increases the amount of a product that consumers buy because it keeps the price below the competitive market equilibrium. Do you agree with the student's reasoning? Use demand also supply graph to illustrate your answer