Economics · May / June 2017 · Paper 22 · Question 2
2281
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The question as text
Indonesia’s output is influenced by its factors of production. A production possibility curve diagram can be used to show this relationship between resources and output. Indonesia does have extensive fishing waters but does not actually catch many fish. Most of its fishing firms are small and they compete against much larger foreign firms. These larger foreign firms have been attracted into Indonesia’s waters because of increasing demand for fish. The price elasticity of demand for different types of fish has changed in the last few years.
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2(a)[2]
2(b)[4]
2(c)[6]
2(d)[8]
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