Reference no: EM13146233
1. 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. Is there a tradeoff between these two? Why? How is the tradeoff shown in your graph?
b. What happens to the production possibilities frontier if you get a faster computer with economics-problem-set software? What happens if your favorite band comes to town and you know that it would be fun to see them with your friends?
c. Your parents will make you leave school and stop seeing your friends if you don't do well in Economics. Show the new PPF. Your Professor allows you to work together on the problem sets. Show the new PPF.
2. Capitalism
a. Compare the circuit of production under capitalism with the circuit for your family in producing dinner.
b. How do capitalists make profits? Use the circuit of production to identify problems they might face.
c. Why is capitalism an expansive system? Use the circuit of production to identify why capitalists seek new markets for their produce, new technologies of production, and new sources of labor.
3. The Social and Detail Division of Labor: My neighbors Ted and Janet consume prom dresses, and accounting services. Each can produce both at the following rate (output per day):
| |
Ted
|
Jane
|
|
Prom dresses
|
1
|
8
|
| |
|
|
|
Accounting
|
8
|
1
|
a. Draw production possibility frontiers for Ted and Jane producing the two goods (prom dresses and accounting) without trade. What is the relative price of accounting services and for prom dresses for each?
b. If Ted and Jane can trade services, in which will each specialize? Show how trade shifts the PPFs for each.
c. Who gains from trade?
4. Methodological individualism and social science. Explain the following phenomenon from a perspective of methodological individualism and social science.
a. Americans drink coffee; the British drink tea.
b. American women wear skirts and dresses to work; men wear ties and jackets..
c. Young Americans watch basketball; young people elsewhere watch football (a.k.a. "soccer").
d. People in London ride subways more than do people in Los Angeles.
5. Why do we have economic growth? Consider the argument made by Thad Williamson, article 3.4 in Real World Micro. Does "more" make us happier? If not, then why do we produce more? In your answer, consider the difference between the circuit of production under capitalism and that under a system of production for use.
|
What is the corresponding price
: What is the corresponding price (as a percent of face value)? d. What is the corresponding investment yield? e. What price is paid by the non-competitive bidders?
|
|
What holds solids or liquids and carries out reactions
: What holds solids or liquids and carries out reactions? what is used to mix or combine two or more substances? what it used to support an iron ring or clamp?
|
|
Build a simple supply and demand diagram
: Listen carefully to the following video and summarize the main points that he is making and to what extent is it related to Adam Smith's invisible hand
|
|
Company total manufacturing costs
: Winter Company incurred direct materials costs of $500,000 during the year. Manufacturing overhead applied was $150,000 and is applied at the rate of 75% of direct labor costs. Winter Company's total manufacturing costs for the year was:
|
|
Production possibility frontiers: studying or socializing
: Question on Production Possibility Frontiers: Studying or Socializing? , The Social and Detail Division of Labor, Methodological individualism and social science
|
|
Determining intercompany transaction
: The amount by which the 2009 consolidated net income that accrues to the controlling interest will be lower as a result of this being an intercompany transaction is:
|
|
Calculate the value of the test statistic
: Tthe population standard deviation is not equal to 8 at the 0.05 level of significance. Calculate the value of the test statistic.
|
|
Higher altitudes the vapor trails
: At altitudes below 100km, vapor trails (plumes of condensated water vapor from aircraft or rockets) become distorted and break up. This does not happen at altiutudes above 100km. At these higher altitudes the vaopr trails slowly disappear. Explain th..
|
|
What are the elements of that offense
: What is conspiracy called, what are the elements of that offense, is any other act required by anyone, and what is the degree of offense relative to the crime that is being planned
|