(Solved): Briefly demonstrate how raw tomatoes can become a consumer good or producer good? [2 marks Draw a pr ...

Briefly demonstrate how raw tomatoes can become a consumer good or producer good? [2 marks Draw a production possibility frontier (PPF) curve and indicate the attainable but inefficient region, attainable and efficient region, and unattainable region. [2 marks] Differentiate between inductive and deductive analysis of economics. [2 marks] Explain the following basic economic concepts: scarcity, choice, scale of preference and opportunity cost. [2 marks] Briefly explain the basic features of the three main economic systems and provide examples of these economic systems in modern world. Explain the difference between a change in quantity supplied and a change in supply. [2 marks] [2 marks] Explain the following concepts: competitive demand and joint demand. [2 marks] Differentiate between giffen goods and inferior goods. [2 marks] State the law of dminishing marginal utility. [2 marks] State any four factors that influence price elasticity of demand for a commodity. [2 marks]to