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7. Explain the difference between the fallacy of composition and the post hoc fallacy. Then, provide...

7. Explain the difference between the fallacy of composition and the post hoc fallacy. Then, provide a real world example of each fallacy from your own personal or professional experience. (10)

8. What are the assumptions that are made in the production possibilities curve (PPC) model? Why do we have to make these assumptions?

9. What do we mean by efficiency and inefficiency as they are related to the PPC?

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Question 8). Answer:- Assumptions of production possibilities curve (PPC) and Reasons for assumptions :-

i). Production possibilities curve (PPC) slopes downward from left to right due to technological progress or increase in the supply of resources available to an economy or both.

ii). Production possibilities curve (PPC) is concave to origin due to increasing marginal opportunity cost.

Question 9). Answer :- If an economy is producing a combination of goods that lies on its Production possibilities curve (PPC), it represents an efficient use of available resources (referred to as efficiency in the production).

If the actual production is on a point which lies below the Production possibilities curve (PPC), it would mean that a part of available resources is not being utilised efficiently (referred to as inefficiency in the production).

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