Draw the country''s production possibility frontier

Assignment Help Microeconomics
Reference no: EM13958036

Homework I                                                               Name:        

Econ 260.3                                  

Spring 2016

Manjuri Talukdar    

1. A country has the following production possibility schedule:

Tank Production                            Wheat Production

(Number per year)                           (Bushels per year)

  0                                                      1,000,000

1,000                                                   950,000

2,000                                                   850,000

3,000                                                   700,000

4,000                                                   400,000

5,000                                                   0

 

a. Draw the country's production possibility frontier

b. What's happening to the opportunity cost of wheat as the country produces more and more wheat

c. What is the opportunity cost of increasing tank output from 3,000 units to 4,000 units

d. Say the country's resources become equally specialized at producing both wheat and tanks.  What will happen to its production possibility curve

2.         Monthly Rent              Quantity Demanded                 Quantity Supplied

                                                    (Thousands)                               (Thousands)

               $800                                   30                                                10

               $1,000                                25                                                14

               $1,200                                22                                                17

               $1,400                                19                                                19

               $1,600                                17                                                21

               $1,800                                15                                                22 

 

  1. Graph the demand and supply curves
  2. Find the equilibrium price and quantity
  1. Suppose a tornado destroys a significant number of apartment buildings, but doesn't affect people's desire to live there.  Illustrate on your graph the effects on equilibrium price and quantity and write your explanation here

3.  You're given 2 equations:  (1) Q = 100 - 5P;   (2) Q = 50 + 5P;

a)      Identify which equation represents the demand curve and which represents the supply curve

b)      Solve for equilibrium price and equilibrium quantity

Reference no: EM13958036

Questions Cloud

How does a weak currency effect exports versus imports : How does a weak currency effect exports versus imports?  NOTE:Use as many ideas, graphs and references as needed to defend your answer.
Is anything still unclear that could be clarified : What were the most compelling topics learned in this course? Medicare and HMOs from previous assignmentHow did participating in discussions help your understanding of the subject matter? Is anything still unclear that could be clarified
The marketplace for state-funded not for profit : When the employees of Apple Inc. make decisions that use resources more wisely, thus reducing costs, the shares of Apple stock increase. Ideally, managers and employees would then be rewarded with higher paychecks and higher dividend payments. this c..
Hillary''s preference for consumption c and leisure : Hillary's preference for consumption C and leisure ' is given by U(C,'). There are 100 hours available in the week to split between work and leisure. She earns w dollars per hour. The ?rm's technology is given by Y = AEα, where Y is output, A and α a..
Draw the country''s production possibility frontier : a. Draw the country's production possibility frontier b. What's happening to the opportunity cost of wheat as the country produces more and more wheat c. What is the opportunity cost of increasing tank output from 3,000 units to 4,000 units
Investigate a case of electronic fraud : Rob Ellis is a forensic accountant who has been engaged to investigate a case of electronic fraud at Weezer, a company that operates a chain of wholesale restaurant supplystores in the Houston area.
Find expressions for the events so that of e, f, and g : Let E, F, and G be three events. Find expressions for the events so that of E, F, and G
Differences in the structure of dna and rna : Directions: Write a 1 to 2 page, double-spaced paper in 12 pt. font in response to the following question. Find one article using AAU's LIRN (library) to use as support. Please use APA format. Please visit the Academic Resource Center for an ef..
Describe your products target market in detail : Choose the target market for your product, and describe your target market in detail. Create a new product which would appeal to your market.

Reviews

Write a Review

 

Microeconomics Questions & Answers

  Equation to derive price level differ from its initial value

Consider an economy with a constant nominal money supply, a constant level of real output Y = 100, and a constant real interest rate, r = 0.10.

  Determining cost minimization problem

Set up the Lagrangian for a cost minimization problem, then use it to derive the Hicksian demands for goods X and Y when the utility function has the Cobb-Douglas form

  Discuss how price plays a role in short-run

Pick a good or service. Distinguish between the short-run and the long-run production and cost function for that good or service. Discuss how price plays a role in short-run and long-run decisions and how managers are likely to respond in each cas..

  Compute the mean and standard deviation of damage

Compute the mean and standard deviation of the damage in any year and determine the expected value of X, E(X), and expected value of Y, E(Y).

  Industry structure-atc curve

Describe and discuss; Use the concepts of economies and diseconomies of scale to describe a firm's long run Average Total Cost Curve.

  Landscape of the health care system

Write a 750- to 1050-word reflection detailing the changing landscape of the health care system. Some things to consider.

  Determine the performance of the competitive market

Determine the performance of the competitive market.

  .the importance of the usage of rfid tags

Write your personal opinion with the essay below.The importance of the usage of RFID tags is not a question. How the industry can implement and use RFID tags more efficiently and provide a more accurate real time update to the consumer is in developm..

  Everyone should be able to afford a white chocolate mocha

Mr. Jones becomes president. He declares everyone should be able to afford a white chocolate mocha. A law is enacted that the first white chocolate mocha anyone buys each week shall be priced at no more than $3. Graph what this law would look ..

  Diminishing marginal product of labor

Describe the difference between a diminishing marginal product of labor and a negative marginal product of labor. Why would a profit-maximizing firm always choose to operate where the marginal product of labor is decreasing (but not negative)?

  Concept of expansionary fiscal policy and policy tools

First define the concept of an expansionary fiscal policy and present the two (2) policy tools which fiscal policy authorities could use (and specifically how) in order to pursue an expansionary fiscal policy.

  Assignment describes price elasticity of demand income

assignment describes price elasticity of demand income elasticity of demand and cross elasticity of demand of toyota

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd