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Suppose that a country produces wine (W) and cheese (C) using its supply of 400 hours of labor (labor hours) and 600 acres of land (acres) (T). To produce a gallon of wine requires 10 hours of labor and 5 acres of land. A pound of cheese requires 4 hours of labor and 8 acres of land.
(a) Which good is labor intensive? Which good is land intensive?
(b) Is it possible for this country to produce 10 gallons of wine and 50 pound of cheese with the resources available? Explain your answer [Hint: you need to check whether both the land constraint and the labor constraint are satisfied]
(c) Putting wine on the horizontal axis and cheese on the vertical axis, graph the production possibility frontier for this economy.
(d) How is the production possibility frontier affected by an increase in the supply of labor by 100 hours? Complete your answer by explaining the implications on the production possibilities of this economy.
Why does the Great Salt Lake, which is wholly within the state of Utah, suffer lower levels of pollution than Lake Erie, which is bordered by several states and Canada?
Determine how the following affects the slope of the output demand curve, and explain your results: The marginal propensity to consume increases. The intertemporal substitution effect of the real interest rate on current consumption increases.
Today's supply curve for gasoline could shift in response to:
A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find out that consumers won't buy it because they don't like the taste. From an economic prespective, the company should?
The world Trade organization either a. requires members to charge the same prices on goods traded internationally or b. requires members to reduce tariffs and eliminate non tariff barriers?
Developing countries are often concerned that their terms of trade might deteriorate as economic growth occurs. In terms of the analysis of part (a) of this question, other things equal, what type(s) of growth must occur and what type of country (“la..
If income changes from $200 billion to $300 billion and consumption changes from $150 billion to $200 billion, what is the marginal propensity to save (MPS)?
The radio manufacturing industry has been in decline for quite some time. Suppose the government is called on to save this industry with infusions of cash, low interest loans, or other special breaks. This might be touted as helping firms remain open..
A large food-processing corporation is considering using laser technology to speed up and eliminate waste in the potato-peeling process. To implement the system, the company anticipates needing to purchase the industrial-strength lasers.
Determine the range of prices for which the firm incurs a loss but continues to produce. Also determine the range of prices for which the firm earns a profit.
Consider an exchange economy with two people, A and B, and two commodities, food (x) and water (y). A's and B's preferences are described, respectively, by the following utility functions: . u A ( Xa , Ya ) = (Xa)^ 2 ( Ya ) , MRS ( Xa , Ya ) = (2y^a)..
In one or two paragraphs, describe how the Internet changed from a government research project into a technology for business users.
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