Reference no: EM131018549
Practice Questions 1
1. Give the slope and the x and y intercepts of the following lines:
a. y=4x-2
b. y/4+1/2=x
c. 2y+3=4x
d. y=x
2. Let the horizontal axis be the X variable and the vertical axis be the Y variable. Solve each equation system, i.e. show the value of X and Y that is the solution for each set of equations.
a. y=4x-2, 2y+3=4x
b. y=4x-2, y=x
c. x=y+5, 2x=y - 2
3. Use the figure above to answer the following questions:
a. If D1 is described by the equation y=10-2x, then what are the x-intercept and y-intercept of D1?
b. If S2 has a slope of 1/2, then what is the equation specifying S2? What is point C (give the x and y coordinates)? (D1 is still as in part (a) )
c. If S1 has a slope of 1, then what is the equation specifying S1? What is point A (give the x and y coordinates)? (D1 is still as in part (a) )
4. Daniel and Misuzu must prepare a presentation for their microeconomics class. As part of their presentation, they must do a series of calculations and prepare 50 PowerPoint slides. It would take Daniel 10 hours to do the required calculations and 10 hours to prepare the slides. It would take Misuzu 12 hours to do the calculations and 20 hours to prepare the slides.
a. How much time would it take the two to complete the project if they divide the calculations equally and the slides equally?
b. How much time would it take the two to complete the project if they use comparative advantage and specialize in calculating or preparing slides?
c. If Daniel and Misuzu have the same opportunity cost of $5 per hour, is there a better solution than for each to specialize in calculating or preparing slides?
Use the following table to answer questions 5-8.
|
Hours needed to make one unit of:
|
Amount produced in 2400 hours:
|
|
|
Car
|
Helicopter
|
Cars
|
Helicopters
|
|
Japan
|
40
|
160
|
60
|
15
|
|
U.S.
|
50
|
150
|
48
|
16
|
5. Assume the PPF for both countries is linear with constant slopes. Draw the production possibilities frontiers (PPFs) for Japan and U.S. with cars on the horizontal axis and helicopters on the vertical axis, what are the horizontal and vertical intercepts? Assume both countries have 2400 hours.
6. What is the opportunity cost of 1 car for U.S.? What is the opportunity cost of 1 helicopter for U.S.? What is the opportunity cost of 1 car for Japan? What is the opportunity cost of 1 helicopter for Japan?
7. Which country has comparative advantage in producing cars? Which country has comparative advantage in producing helicopters?
8. Which country has absolute advantage in producing cars? Which country has absolute advantage in producing helicopters?
|
Write a response about the given blog article
: Follow prompt below and write a response about 300 words. The blog article is posted as well in the prompt. Mentoring Archetypes: Who's Your Favorite?
|
|
Which is not an advantage of the periodic review system
: Which of the following is not a key assumption underlining the classic economic order quantity (EOQ) model?
|
|
What is the deadweight loss associated with this excise tax
: Consider the market for soft drinks. You know that the demand curve in this market contains the points (Q, P) = (100,000, $1.00) and (50,000, $2.00). What is the deadweight loss associated with this excise tax
|
|
Which country has comparative advantage in producing cars
: Which country has comparative advantage in producing cars? Which country has comparative advantage in producing helicopters - Which country has absolute advantage in producing cars? Which country has absolute advantage in producing helicopters?
|
|
Which country has comparative advantage in producing cars
: Which country has comparative advantage in producing cars? Which country has comparative advantage in producing helicopters - Which country has absolute advantage in producing cars? Which country has absolute advantage in producing helicopters?
|
|
Which of the following is the best definition of empathy
: Pam has been a highly valued production manager for a national grocery store chain for the last ten years, but she has been unable to move into the top management jobs, positions that are all held by men. What is Pam likely facing?
|
|
What is the market supply curve
: Suppose that there are three identical firms in an industry and that each firm's supply curve is given by the equation P = 10 + Q. Furthermore, suppose that the market demand curve is given by P = 100 - Q. What is the market supply curve given the..
|
|
What is your ethical make up
: What then is the bottom line? The bottom line is - there is no accepted bottom line. We all come to our own ethical make-up based on the positions we hold, the religions we hold ourselves out to be and the experiences we have live through. What is..
|
|
Will political systems be unable to maintain stability
: Are the material incentives in China and India likely to make those middle class workers more supportive of a global economic and cultural system? Why or why not? How do you account for the anti-globalization reactions of terrorism?
|