Microeconomics Questions

DescriptionThis assignment is 2 questions which fall under Microeconomics. The word count limit should be around 600 words FOR EACH QUESTION (600 for Q1 and 600 for Q2) however it can go over if need be- Max is 700 for each question. Please answer the questions accordingly and it is really important to add graphs where needed as well as certain calculations that will need to be carried out please show the working out. Please relate the graphs to the question as well. Most/majority of the information should be taken from the additional materials provided; however, the internet can be used when necessary. The time limit and deadline are very crucial please.**PLEASE INCLUDE GRAPHS + CALCULATIONS AND WORKING OUT**Question 3:*Use the information from perfect competition & monopoly Lecture presentation*a)7 marks- this question is just a theory-based answer, write no more than 150-200 words. From a monopolists marginal cost principle, how can this question be answered. (if a monopolists marginal cost shifts up by 1 pound then the monopolists price will also increase)b)10 marks- answer the question, and also include the profit maximization graph/marginal cost curve, and relate it to the question by explaining the graph. Analyze the graph and relate it, also draw them out, answer each part of the question. Write no more than 250-300 words)c)8 marks- theory based question explaining question b, give examples and explain fully. Write no more than 150-200 words.Question 4:*Use the information from Lecture 1- end part presentation*a)5 marks- draw production possibility frontiers for john and Sotiris for quantity of apples and bowls, answer question, relate and explain. Define which one of them have an absolute or comparative advantage in producing these materials. Write no more than 150-200 wordsb)10 marks- if john and sotiris can freely trade at a price of 1 bowl per apple, how much do john and sotiris produce and consume- do the relevant calculations and explanations, write no more than 200-250 words. (include any necessary graphs or calculations)C)10 marks- in terms of concept basis of free trade and foreign direct investment, answer the following question providing examples where access to world markets has made people both better and worse off and explain why the logic of following comparative advantage did or did not work. Write no more than 250-300 words.** Please answer the questions very carefully using the necessary examples including graphs, calculations, and working out. Please support the answers with these examples and explain/relate them appropriately, please show all working, and please the inclusion of graphs and calculations is very important**I have attached a sample exam containing relevant information for the questions as well as past examples which can be looked at as an example and indication as to how the questions should be structured and what it should entail. Please pay close attention to the information provided in the attached presentations as well as the structure and info in the past questions will really help. Thanks.The questions are provided in the additional materials