User Account

All Pages

Who has the absolute advantage in hunting deer

Assignment Help Microeconomics
Reference no: EM131018415

Homework 1-

1. The population of Gotham was 100,000 in 2012.

a. In 2013, the population is 110,000. What is the percentage change in the population from 2012 to 2013?

b. Suppose the population increased by 30% from 2012 to 2013. What is the population of Gotham in 2013?

c. Suppose the population of Gotham has grown by 25% from 2011 to 2012. What was the population in 2011?

2. Answer the following questions:

a. (4, 3) and (3, 4) are two points on the same line. What is the equation of this line?

b. Suppose the equation of a line is given by y = 10 + 2x. Also suppose a point on this same line has coordinates (6, z). What is z?

c. The point (5, 15) is on a line whose equation is given by y = k + 3x. What is k? If you know that a point on this line has coordinates (p, 30), what is p?

d. What are the coordinates of a point, which is the intersection point of the lines given by y = 20 - 6x and y = 4x - 20?

e. Consider the two different temperature scales, Fahrenheit (F) and Celsius (C). They are related by the following equation F = 32 + 1.8C. Suppose the temperature increases from 212 F to 221 F. What is the percentage change in the temperature in Celsius?

3. Consider the line given by the equation y = 10 + 2x.

a. Suppose you want to shift each point on this line down by 10 units. What is the equation of the new line? Does it intersect the original line? Draw the original and the new line on one graph.

b. Suppose you want to shift each point on this line to the right by 10 units. What is the equation of the new line? Does it intersect the original line? Draw the original and the new line on one graph.

 4. Suppose two friends-Jon and Sam-live in a deserted fortress in the bitter cold North. They need to produce swords and axes in order to defend themselves from wild animals. Jon has to work for 2 hours to produce a sword and for 5 hours to produce an axe. Sam needs 10 hours to produce a sword, but only 1 hour to produce an axe. Every day, each friend devotes 20 hours to the production of the two weapons. Use this information to answer the following questions.

a. How many hours does Jon need to produce 5 swords? How many hours does Sam need to produce 5 swords?

b. How many axes can Jon produce in 1 hour? How many axes can Jon produce in 10 hours?

c. Assuming Jon only works on swords, how many swords can he produce in 20 hours? Assuming Jon only works on axes, how many axes can he produce in 20 hours?

d. Assuming Sam only works on swords, how many swords can he produce in 20 hours? Assuming Sam only works on axes, how many axes can he produce in 20 hours?

e. Fill out the following table:

 

Opportunity cost of 1 sword (in terms of axes)

Opportunity cost of 1 axe (in terms of swords)

Jon

 

 

Sam

 

 

f. Who has the absolute advantage in producing swords? Who has the absolute advantage in producing axes?

g. Who has the comparative advantage in producing swords? Who has the comparative advantage in producing axes?

5. Another pair of friends-Kat and Peet-live in an isolated forest. They can only feed themselves by hunting deer and gathering berries. The following table shows how many hours each friend needs to catch one deer or gather a pound of berries. Assume Kat and Peet each have 12 hours every day to hunt and gather.

 

Hours of labor needed to catch one deer

Hours of labor needed to gather one pound of berries

Kat

1 hour of labor

2 hours of labor

Peet

3 hours of labor

4 hours of labor

a. Using the above information, draw the production possibilities frontier (PPF) of each friend on two separate graphs. Make sure to label your axes, putting deer on the x- axis and berries on the y-axis.

b. Who has the absolute advantage in hunting deer? Who has the absolute advantage in gathering berries?

c. Who has the comparative advantage in hunting deer? Who has the comparative advantage in gathering berries?

d. What is the acceptable range of trading prices for 1 deer in terms of pounds of berries? Would both sides agree to trade if the price is 1 pound of berries for 1 deer?

e. What is the acceptable range of trading prices for 1 pound of berries in terms of deer? Would both sides agree to trade if the price is 1/2 deer for 1 pound of berries?

f. On a third graph, draw the joint PPF of Kat and Peet-that is, their PPF if they decide to specialize and combine their production.

Reference no: EM131018415

Questions Cloud

The following data is available for box corporation : Brevard Corporation purchased a taxicab on January 1, 2013 for $25,500 to use for its shuttle business. The cab is expected to have a five-year useful life and no salvage value.
Identify the nature of the regime : how it shaped the exercise of power and defined the political arena in the Middle Eastern countries created and dominated by the European powers.
Examine a problem thats occurring in todays business world : For your Business Capstone Project you will examine and present solutions to a problem that's occurring in today's business world. The project will focus on a key business problem/issue.
Perform a risk assessment for the university : Your organisation has been hired to perform a risk assessment for the University. In your own words what is a risk assessment and why is it important? Perform a vulnerability assessment for the database which was attacked.
Who has the absolute advantage in hunting deer : Another pair of friends-Kat and Peet-live in an isolated forest. They can only feed themselves by hunting deer and gathering berries. Who has the absolute advantage in hunting deer? Who has the absolute advantage in gathering berries
What repercussions might be of applying western world theory : Write a paper that examines what the repercussions might be of applying a Western World theory in a non-Western area. Why would it be a risk to apply a Western theory without first checking for the cultural impact?
Describe your products fit with the firms mission and swot : Describe your product's fit with the firm's mission and SWOT. Market (total) potential - Quantify and explain; include your calculation in an appendix.
What would you add or change if you could : Describe the factors that you believe played the most important role in shaping security in the U.S. What would you add or change if you could?
Demand schedule for movies in a small community : What is the equilibrium price and equilibrium quantity before the imposition of the tax - What is the consumer's surplus and producer's surplus at the initial equilibrium price?

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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