Reference no: EM131397251
Economic Assignment
Problem Set
1. Why does scarcity imply a choice among alternatives?
2. Suppose the country of Mexico produces only two goods: pizzas and chicken wings, which is shown by the production possibilities table below.
Production Possibilities for Pizzas and Chicken wings in Mexico
Production Alternatives
|
Pizzas (P)
|
Chicken Wings (W)
|
A
|
100
|
0
|
B
|
90
|
120
|
C
|
70
|
200
|
D
|
50'
|
250
|
E
|
30
|
280
|
F
|
0
|
300
|
a. Sketch the production possibilities frontier curve (PPF-C). Place pizzas on the Y-axis, and chicken wings on the X-axis. Label the curve. Mark any point inside the curve as U, and any point outside the curve as F.
b. Consider the points labeled on the diagram.Describe each point in terms of its attainability (is it possible?), its desirability (is it efficient?), and its undesirability (inefficient).
c. Using either the table or the curve, illustrate the concept of choice and tradeoff/or opportunity cost.
d. Using the table or curve illustrate the principle of "increasing opportunity cost."
e. On the graph above, show how economic growth will affect production possibilities.
3. Identify types of economic resources and types of income associated with each of the resources
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a. Sketch a graph illustrating the relationship between two variables: absences from class (AB) band grades (G). Place grades on the Y-axis and grades on the X-axis.
b. What does the Circular flow Model illustrates?
c. Indicate whether the relationship is positive (direct) or negative (indirect). Explain why?
d. Which variable is the dependent variable, and which is the independent variable?
e. Who are the two groups of decision makers in the private economy (when government is not involved)?
f. What are the two markets in the model and what happens in each of the market?
g. What are the limitations of the model?
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