Reference no: EM1317012
Question: 1: Suppose that an economy produces only 2 goods, beer and pizza. Show a typical production possibilities frontier for this country and use it to define and explain the opportunity cost concept and the concept of increasing opportunity costs. If a technology was invented that made the production of beer much more efficient but had no effect on the production of pizza how would the production possibilities frontier change (show it).
Question 2: With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product.
Question 3: What condition must be met in order to conclude that an economy is maximizing social well-being? Do the equilibriums given by individual markets necessarily lead to the maximization of social well-being (that is, if demand is equal to supply, can you conclude that well-being is maximized)? Explain why/why not making sure to discuss marginal social benefits and costs, marginal private benefits and costs, and demand and supply.
Question 4: Consider the markets for pizza and beer. Show graphically (using a diagram for each market) and explain the impact(s) you would expect if technological change leads to the development of a pizza oven that is both much cheaper and uses less energy than current ovens.
Question 5: List and briefly explain the characteristics of a purely competitive market.
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Discuss the issues
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Utilizing automatic end-of-file logic to signal end of input
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Describing trade-offs to meet budget
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Calculate the doubling time of a population
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List characteristics of a purely competitive market
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Developing the flowchart as per the algorithm
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Step to performed in testing hypothesis of population mean
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Choice of incumbent firm-behaviour of firms
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Hypothesis test for one way analysis of variance
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