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The Production Possibilities Model is one of the first Economic Models students learn about. a. Please explain what the mode teaches us. b. Please explain each of the 4 assumptions of the model. c. Please explain Productive Efficiency and how it relates to the ppc. i. Define it and explain how it relates to the ppc. d. Please explain Allocative Efficiency and how the point of AE is found. i. Define it, ii. Discuss the significance of allocative efficiency relative to the model iii. Explain the 2 step process for finding the point of allocative efficiency on the PPC. e. On the topic of Economic growth: i. What does it mean? ii. How can it be graphically represented? iii. What are the prerequisites to Economic growth? iv. Why is Economic growth important? v. What factors tend to limit growth? f. The Presentville – Futureville case: 1. Explain what motivates each group to make decisions. 2. Explain the impact of those decisions on the future of each group. 3. Explain the relevance of this case for the U.S. Economy. 4. What does this case teach you? g. Law of increasing opportunity cost: 1. What does it tell us? 2. How could it be explained graphically? h. Explain how you could use the Production Possibility Model to represent the US Economy during 2008 – 2010.
If the correlation between x and y is 1, then the points in the scatter plot of y on x all lie on a single line with slope sy/sx.
A firm uses third-degree price discrimination to sell the same cologne under two different labels. The price elasticity of demand for `High Class' is -1.25. The price elasticity of demand for `Splash-This-Stuff-On' is -2. Which one of the following s..
Is the natural rate of unemployment fixed? Why or why not? How are full employment and the natural rate of unemployment related?
Some recently visited popular priced comparison sites. Why might these retailers offer different prices to those who have and have not recently visited price comparison sites? If different prices are offered, which group will be offered the lower pri..
An electronics manufacturing company is planning to introduce a new product in the market. The best competitor sells a similar product at $420/unit. It has been found that 85% learning curve applies ot the labor required. The time to complete the fir..
Given a daily traffic rate of 6000 cars, a toll of $26.00 per car, and a price elasticity of -1.4. What would be the effect of a 50% decrease in price on the traffic rate and daily revenue?
Suppose medical care is consumed only in units of a homogeneous quantity, for instance, office visits which are priced at $40 per visit. The available insurance plan carries a $200 deductible and has a coinsurance rate of 20%. Graph the out-of-pocket..
Describe the four types of regional trading agreements discussed in class and show how each type creates a greater and greater level of economic integration. Using the European Union as your example, describe the challenges associated with the variou..
If an asset costs $15,000 and after 3 years the salvage value is $2,000, what is the book value at the end of year 2 using SOYD? What does MACRS stand for? A new motorcycle costs $4,000 and has a lifespan of 10 years. The salvage value is $500. Using..
Smoking is banned from most public buildings in most states across the U.S. today. What type of market failure is the smoking ban intended to address. Illustrate what other options might be considered.
Assuming that the economy begins from a static equilibrium, consider how the economy responds to the following shocks. Please plot the responses within the phase diagram, and use separate graphs to show the trajectories of k and c over time. What if ..
Survey collects data from subjects who respond to a series of questions about behaviors and opinions. Should survey format allow individuals a level of anonymity? Why or why not?
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