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Course name: microeconomics
Learning Goal: I'm working on a micro economics project and need support to help me learn. College of Administrative and Financial Sciences Assignment 1 Microeconomics (ECON101) Deadline for students: (3/10/2022@ 23:59) Course Name: Microeconomics Student’s Name: NORAH Salim ZAEBI Course Code: ECON101 Student’s ID Number: S210016731 Semester: 1st CRN:12595 Academic Year: 2022-23 SEM-1 For Instructor’s Use only Instructor’s Name: Shahad Alsodmi Students’ Grade: /10 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY v This assignment is an individual assignment. V The Assignment must be submitted only in WORD format via the allocated folder. V Assignments submitted through email will not be accepted. V Students are advised to make their work clear and well presented. This also includes filling in your information on the cover page. V Students must mention question numbers clearly in their answers. V Late submitted assignments will NOT be entertained. v Avoid plagiarism; the work should be in your own words; copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. v All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). Submissions without this cover page will NOT be accepted. (Don’t change the cover page format.) Assignment Questions: (Total Marks: 10) Q1. In Riyadh City Road traffic congestion is increasing day by day. As an economist how you see this problem? Suggest and explain an economist’s solution to this problem. (3 Marks) Q2. What is opportunity cost? Draw a Production Possibility curve for a country producing two goods and show with help of an example, how principle of opportunity is applied in explaining the changes in production possibilities for the country. (3 marks) Q3. What is market equilibrium? Take an example of pizza (assume its price and quantity demanded) and analyse graphically, what happens to the equilibrium price and quantity when, (a) there is increase in demand and (b) there is increase in supply. (4 Marks)

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