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If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Explain how the production possibilities curve reflects the law of increasing opportunity costs.
If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 fork lifts, what could you conclude about its use of its available resources?
Illustrate what would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production?
Use the two big questions of economics and the economic way of thinking to answer the following questions about the economic life of a homeless man.
Can Alpha make a credible threat to punish Beta with a retaliatory price cut
demonstrate the maximum amount of corn which can be grown using the existing production technology. For the next several troubles, ignore the vertical axis.
According to the production function, with 300 labor hours, illustrate what is this economy's capacity to produce
If Jason produces 250 kilograms of food per month, Explain how more liquor must he produce to achieve production efficiency.
How will the effect on price of an outward shift in demand for labor differ from the effect on price of an equivalent shift in the demand for land.
If the objective is to increase total revenue, should the price be increased or decreased, Explain.
Illustrate what is the total cost of finding a new plot of grass and getting y units of grass from it.
Assume that the pool of utilized textbooks grows further during the second year of the latest edition
Two firms are located on the line and sell identical products. Consumers obtain K utility from consuming a product; assume that K is large enough that all consumers purchase from at least one of the firms despite the costs of transportation.
Discuss whether or not oligopolies are always bad for society, using examples from the industries you described.
If you turn this measure of cost around, illustrate what is the prospect cost of cheese in liters of milk per gram of cheese.
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