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1. Betty can make either "20 bottles of wine and 0 boxes of chocolates" or "0 bottles of wine and 160 boxes of chocolates" or a combination of wine and chocolates. For parts (a) through (c) of this question assume that Betty's Production Possibility Frontier (PPF) reflects the property of constant opportunity costs.
a. Draw Betty's PPF.
b. Find Betty's opportunity cost of a bottle of wine in terms of box(es) of chocolates.
2. c. Suppose Betty takes a course called WINE 103. After the semester is over she realizes that she can now make either "40 bottles of wine and 0 boxes of chocolates" or "0 bottles of wine and 160 boxes of chocolates" or a combination of wine and chocolates. Find Betty's new opportunity cost of a box of chocolate in terms of bottle(s) of wine.
3. Find the equilibrium price, quantity and revenue in a market characterized by the following information: ?Qd = 500 - 3P [demand curve] Qs = 2P [supply curve]
After viewing the video multimedia resources, reflect on the challenges facing the U.S. labor force due to outsourcing of jobs overseas.
Below is the entire assignment. I have most of the answers but I do not know how to respond to the final question in the first part "What does your anticipated adjustment process imply about the CR for the industry
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