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PPF and Opportunity Cost: The table below provides information about the production possibility frontier for Economy Z. This economy’s PPF is linear between each of the points given in the tab
Problem 1. An open economy, where producers and consumers are free to trade at world prices, is always better for domestic consumers than a closed economy.
Suppose X = 1800. City A has both an absolute and a comparative advantage in the production of cars.
With fumbles on the vertical axis, what is the slope of the PPF for Ohio State?
What is the breakeven price and breakeven quantity for this firm in the short run? What is the shutdown price and shutdown quantity for this firm in the short run?
Then plot the long-run average cost curve (LRAC) as the curve that “envelopes” are holds up each of these individual short-run average cost curves. Label your graph carefully and complet
Calculate the changes in domestic consumer surplus and domestic producer surplus caused by the implementation of the quota described in part (b) relative to the levels of consumer surplus and produc
For each of the situations below analyze what happens to the supply and demand curves, and then decide the impact on the equilibrium price and quantity in the particular market.
Suppose Zichen (pronounced “zuh - chin”) and Zhewen (pronounced “jo - win”) are doing Math and Econ homework. Regardless of the difficulty of the problems, it takes 10 minute
Which of the above combinations of changes in the CPI and the nominal wage will always lead to an increase in the real wage?
Problem 1. In which of the following scenarios will it be impossible to say how the quantity traded will change?
“Bill Gates, a billionaire, is not constrained in his choices.” This statement from an economist’s perspective is
Because of a drug patent, the market for a certain new prescription drug is a monopoly. Assume the market dema
In the long run, how many units will this firm produce and what price will it sell each unit for in this market? What is the total market quantity produced in this market in the long run?
Suppose that the government always takes the consumption bundle in 2010 as the market basket for calculating the CPI. What is the CPI for 2011?
Consider the market for pineapples in a small island nation. The domestic demand curve (in Island Dollars) is P = 60 – 3QD and the domestic supply curve is P = 10 + 2QS. a. What is the mar
Consider the following markets. For each example identify how the demand curve and/or supply curve will shift? (Answer each question by “left” or “right” and make specific re
From the above table and the information you have been given, what is the maximum amount of widgets that China can produce?
Problem 1. A perfectly competitive firm is in long run equilibrium. Suppose that there is an increase in population in the market served by this firm.
What is the value of producer surplus when the monopolist practices first degree price discrimination? What are the perfect price discriminator’s profits?
Calculate the value of consumer surplus when the book market is closed and the value of consumer surplus once the tariff is implemented. Do domestic consumers prefer the closed economy or the open e
a. What is Joe’s opportunity cost of producing one turnip given the above information? b. What is Mary’s opportunity cost of producing one carrot given the above information?
Michelle had twenty books in her library but recently there was a roof leak and 5 of her books were destroyed by water. What was the percentage change in the number of books in Michelle’s libr
a. Find the equilibrium price and quantity in this market. b. What is the value of consumer surplus in this market? c. What is the value of producer surplus in this market?
Write the equation for the market demand curve given the above information. In your equation represent price as P and the quantity demanded as Qd. Write your equation in slope intercept form.