Elucidtae the resulting change in production possibilities

Assignment Help Business Economics

Reference no: EM1365355

1. Assume that it takes four hours of labor time to paint a room and three hours to sand a floor. If all 24 hours were spent painting, how many rooms could be painted by on worker? If a decision were made to sand two floors, how many painted rooms would have to be giving up? Illustrate with a production possibilities curve.

2. Suppose in problem 3 that a second worker became available. Illustrate the resulting change in production possibilities. Now what would be the opportunity cost of sanding two floors?

3. Suppose the following data describe output in two different years

a. compute nominal GDP in each year.

b. by what percentage did nominal GDP increase between year1 and year 2?

c. now compute real GDP in year 2 by using the prices of year 1.

d. how has real GDP changed from year 1to year 2?

Item year 1 year2

Apples 20,000@25?each 30,000@30?each
Bicycles 700@$800each 650@ $900each
Video rentals 6,000@$1.50each 7,000@$2.00each

Reference no: EM1365355

Questions Cloud

Example on forecasting models : Describe the differences between qualitative and judgmental, statistical time-series, and explanatory / causal forecasting models.

Compute the real gdp per person for this nation : Compute the real GDP per person for this nation in 2001, in 2000 euros per person. Round your answer to the nearest euro.

Explain and according to the cost allocation procedures : Explain and According to the cost allocation procedures discussed on the Help screens for the Private Label Sales Report and the Marketing

Calculate necessary funds : Suppose your younger sister will start college in next 5-years. She has just informed your parents that she wants to go to Harvard University, which will cost $18,000 each year for four years.

Elucidtae the resulting change in production possibilities : Suppose that a second worker became available. Elucidtae the resulting change in production possibilities. Now what would be the opportunity cost of sanding two floors.

Find the lowest frequency that make constructive interferenc : find the lowest frequency that make constructive interference.

Employee relationship management. : This is their first large software implementation. At this time, software and computers are used by less than 10% of the employees so the IS department has simply billed each department for those services.

Identify databases of public records : Research and locate the business information of an energy company. The investigation team has assigned to you the task of identifying databases that are repository of public records, and that may be used for investigating the following:

Why do companies implement intranets : Need assistance with a paper that explain the main reasons that companies implement intranets and one major obstacle to obtaining these benefits.

User Account

All Pages