Question-1
Bill can produce either tables or chairs. Bill can work up to 10 hours a day. His production possibilities are given in the table below: (3 Marks)
Tables
Chairs
0
200
50
180
60
160
70
140
80
120
90
0
1) Explain production possibilities frontier (PPF) byputtingtables on the Horizontal axis and chairs on the vertical axis. What is Bill’s opportunity cost of producing one additional table?
2) Currently Bill is producing 70 tables and 120 chairs.
a) Is this allocation of resources efficient? Why?
b) Show this allocation on the graph and advise Bill how he can be more efficient.
Question-2
Explain by applying these concepts with examples. (2 Marks)
a. Rational people respond to incentives
b. Role of prices in allocating resources
world are all taking part in the surveys. Yet the results have much diversity around the world, according to Maxmen (2018), and only some moral standards are shared globally, such as saving humans in the price of pets. Most people choose to save the most, which is quite a utilitarian decision, and it is acceptable in Edmonds’ (2018) opinion. He thinks “when it comes to machines we will be more tolerant of their making utilitarian decisions.” At the same time, deontologists refuse to make immoral choices in this case that is similar to the trolley problem. Edmond(2018) further argues as humans we still have some deontological sets of mind, that in instinct we would not be willing to use human to save a human. The Kantian theorists explain that it is always the best to stop the car instead of hitting someone. In this case, utilitarianism does seem more practical because decisions have to be made, whether moral or not, but deontology reminds us these situations are extremely rare. The self-driving car problem shows the same debate philosophers had as the trolley problems, and morality seems even more complicated when it is applied to the real possible problems.
Despite the argument, there are some areas where utilitarians and deontologists reach to agreement with different perspective but the same conclusion. One of these issues is meat-consuming. Both theories state that it is immoral to eat meat out of different reasons. Bentham, the father of utilitarianism mentioned before, has a famous quote that is often used to defend animal right: “The question is not, Can they reason? Nor, Can they talk? but, Can they suffer?” (McGregor, 2018) in utilitarianism, animal can suffer. In order to reach the maximised happiness, suffering should be reduced as much as possible. Eating meat enlarges the pain for animals. Peter Singer as a modern-date utilitarian has “launched the modern animal rights movement” and questioned if humans have higher moral status