Reference no: EM131024747
Homework 1-
Question 1 - (Simultaneous equations). Find the slopes of the following two linear functions:
y = 6 + 7x, (1)
y = -2 + 7x. (2)
(a) If these two equations were graphed in the same graph, would they intersect? Explain your answer.
(b) Can you give a condition for two linear functions to have an intersection point?
Question 2 - (PPF, comparative and absolute advantage). Country A and country B have the same amount of resources, and they produce only food and books. The following two graphs depict Country A and Country B's production possibility frontiers.
(a) For each country, what is the opportunity cost of producing one unit of food? For each country, what is the opportunity cost of producing one book?
(b) Which country has the comparative advantage in the production of food? Explain your answer.
(c) Which country has the absolute advantage in the production of food? Explain your answer.
Question 3 - (Absolute advantage). Suppose Country C and Country D both produce good X and good Y. Capital is the only input Country C and Country D use in the production of these two goods. Country C has 100 units of capital. Country D has 200 units of capital. Given these amounts of capital input, we have the following PPFs for Country C and Country D:
Which country has the absolute advantage in producing X? Which country has the absolute advantage in producing Y? Explain your answer.
Question 4 - (Simultaneous equations, demand, and supply). Use the following system of simultaneous equations to answer this set of questions:
P = 5 - 2Q
P = 10 + 2Q
(a) What values of P and Q did you find for the solution of this system of equations?
(b) Suppose the two equations in this problem are the demand and supply equations for a market respectively, and that P is the price per unit and Q is the quantity. What will be the quantity traded in the market? Explain your answer.
Question 5 - (Summation of individual demand curves). Suppose there are only two consumers in the market for printers, and their demand curves are represented by the following two equations:
Consumer One's Demand: Q1 = 15 - (1/2)P1,
Consumer's Two Demand: Q2 = 10 - P2.
What is the equation for the market demand curve?
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