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Production Possibility Frontiers: Studying or Socializing?
a) Draw a production possibilities curve for the pleasure you get between hanging with friends and from doing your Economics problem set. Are these activities complementary or are they substitutes? Does it matter which friend you are studying with? How do you show a tradeoff between them in your graph?
b) What happens to your production possibilities frontier if you the professor rewrites the textbook so that it is clearer? What happens if a new season of “Game of Thrones” comes on the air and you know that it would be fun to watch with your friends?
c) The professor redoes that problem set making it much harder and much less interesting? Show the new PPF. Your friend is very worried about passing the Economics course and insists that you work on the problem set together before socializing. Show the new PPF.
Let R2unrestricted and R2restricted be 0.4366 and 0.4149 respectively. The difference between the unrestricted and the restricted model is that you have imposed two restrictions. There are 420 observations. The F-statistic in this case is:
On a production possibilities? frontier, 500 pounds of apples and? 1,200 pounds of bananas can be produced while at another point on the same? frontier, 300 pounds of apples and? 1,300 pounds of bananas can be produced. Between these? points, what is..
Do you think that the tit-for-tat strategy will be successful in maintaining cooperation in cases where the repeated prisoners dilemma is being played with a finite time horizon (i.e. players know when the game will end)? Explain. Imagine that you ar..
Rolf's supermarkets now sell 12,000 lbs of grapefruit per week at a price of $0.45 per pound. An economist has reported to management that the arc elasticity of demand for the grapefruit over the price range $0.45 to $0.35 per pound is -2.0. If Rolf'..
The manager of Big Oil Company in Mandeville tells investors that at the end of 2006 they had gasoline in inventory worth $378. In 2007, Big Oil produced gasoline worth $294 and sold gasoline worth $384. What was Big Oil's inventory in 2007?
In March 2010, Greece announced that it might have trouble in the future paying off the bonds it had sold to finance its huge government deficits. Use a demand and supply graph for the Greek bond market to illustrate why the interest rate on Greek go..
Do you think in legal matters and health matters and so forth people should be economically valued differently? or should there be one standard amount each person is worth/
What is the impact on the market for abdominal surgery usin this new technology?
Consider the policy assignment problem for a country with flexible exchange rates. In this case, the policy instruments become government spending (G) and interest rates (i). Using your solution show how an economy escapes from an initial situation o..
Create a table that lists at least four sources of growth in the economy along with two examples of each source. A brief caption should accompany your table, explaining what it contains and why these sources are important. Use the Insert Table functi..
1. Based on research, summarize the economic booms that India and China enjoyed within the past few decades. What economic policies do they have in common?
The crop of hops in the Yakima Valley has been greatly affected by the recent forest fires in the state of Washington, and craft breweries in the Northwest turn to hops from Germany as a substitute for Washington hops. How would you illustrate this c..
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