Question 4) Suppose that Australia can only produce two products: cars and wheat. The following table shows the different amounts of outputs Australia can produce. (All numbers below are simplified to make calculations easier). Cars Wheat
(in tonnes)
1,000 0
500 200
400 240
0 400

a. Draw the Production Possibility Frontier (PPF) for the economy of Australia
b. Based on data from the above table, what is the opportunity cost of producing one car in Australia? What is the opportunity cost of producing one tonne of wheat?
c. Suppose that there has been a technological breakthrough in the car industry in Australia. A maximum of 1,500 cars can be now produced. Meanwhile, things remain the same for wheat production. Draw the new PPF (after the advancement in technology). Compare between the new PPF and the original PPF.
d. In the real world, a typical PPF is usually not a straight line but a concave (bowed out) curve. Use the concept of increasing marginal opportunity cost to explain why PPFs are usually concave curves

Alpha company uses the periodic inventory system for purchase & sales of merchandise. discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. unless otherwise noted, fob destination will apply to all purchases & sales. the value of inventory is based on periodic system. on january 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. alpha prepares monthly income statements. the following events occurred during the month of jan.: dateactivitya.jan. 3purchased on account 350 widgets for $11 each.b.jan. 5sold on account 400 widgets for $30 each. paid freight out with petty cash of $150.c.jan. 10purchased on account 625 widgets for $12 each.d.jan. 11shipping cost for the january 10 purchased merchandise was $400 was paid with a cheque by alpha directly to the freight company.e.jan. 12returned 50 widgets received from jan. 10 purchase as they were not the correct item ordered.f.jan. 13paid for the purchases made on jan. 3.g.jan. 21sold on account 550 widgets for $30 each. paid freight out with petty cash of $250.h.jan. 22authorize credit without return of goods for 50 widgets sold on jan. 21 when customer advised that they were received in defective condition.i.jan. 25received payment for the sale made on jan. 5.j.jan. 26paid for the purchases made on jan. 10.k.jan. 31received payment for the sale made on jan. 21.use this information to prepare the general journal entries (without explanation) for the january events. if no entry is required then enter the date and write "no entry required."