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In the table below are listed a series of points that define an economy's production possibility frontier for goods Y and X.
(a) Plot these points to scale, on graph paper, or with the help of a spreadsheet.
(b) Given the shape of this PPF is the economy made up of individuals who are similar or different in their production capabilities?
(c) What is the opportunity cost of producing 100 more Y at the combination (X = 5500,Y = 300). (d) Suppose next there is technological change so that at every output level of good Y the economy can produce 20 percent more X. Compute the co-ordinates for the new economy and plot the new PPF.
Assume that a national restaurant firm called BBQ builds 20 new restaurants at a cost of $1 million per restaurant. It outfits each restaurant with an additional $300,000 of equipment and furnishings
Arrow now sells 100,000 silk shirts at $100 each. The material per shirt costs $40 and labor costs are $50 per shirt. The firm has $1.2m. in fixed costs. Price elasticity of demand for such shirts is -4. The firm is considering lowering the price ..
How many of the 12 students do we expect to attend the festivities? Find the probability that at most four students will attend. Find the probability that more than two students will attend.
Automotive Rebuilders, Inc., is considering a new automated assembly line to automate assembly of rebuilt alternators. The new line can be installed for $525,000 today and will have a life of 9 years until technological obsolescence.
Maha claims that she could collect 10 oranges or can catch one fish per hour from pond besides their hometown in village while khadija claims that she could collect 2 oranges or 2 fish per 2 hours.what is the opportunity cost of catching fish for ..
Government output is sometimes considered fixed, with a goal of minimizing the cost of providing that output. Thus, it is thought that when faced with an increase in the cost of labor, government costs go up in the short run, but adjust downward i..
a young engineer wishes to become a millionaire by the time he is 60 years old. he believes that by careful investment he can obtain a 15 percent rate of return. he plans to add a uniform sum of money to his investment program each year
A firm has Total Costs (TC) of $12,000 over the next three months (TOTAL for the 3 months - not per month), of which $8,000 are fixed costs (TFC) for rent on its lease that cannot be broken. If it stays in business over those months, then the firm..
Assume that Country A has a population of 500,000 and only produces one good-cars. Country A produces 100,000 cars per year. The people in Country A purchase 90,000 cars, but there are not enough cars to fulfill all the demand.
When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Calculate the price elasticity of demand. Is the demand for oranges price elastic, inelastic, or unit elastic.
Calculate the price of each vegetable in each year.
How could you use this software to fit a varying-coefficient model in some of the variables?
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