** || 85%Microeconomics > Page 2 of 52. Draw and explain a production possibilities frontier for an economy that producesmilk and cookies. What happens to this frontier if disease kills half of the economy'scows?3. Consider the following events: Scientists reveal that consumption of oranges.decreases the risk of diabetes, and at the same time, farmers use a new fertilizer thatmakes orange trees more productive. Illustrate and explain what effect thesechanges have on the equilibrium price and quantity of oranges.4. Imagine that you are a nonsmoker sharing a room with a smoker. According tothe Coase theorem, what determines whether your roommate smokes in the room?Is this outcome efficient? How do you and your roommate reach this solution?5. Charlie loves watching Teletubbies on his local public TV station, but he neversends any money to support the station during its fundraising drives.(a) What name do economists have for people like Charlie?(b) How can the government solve the problem caused by people like Charlie?(C) Can you think of ways the private market can solve this problem? How does theexistence of cable TV alter the situation?(Microeconomics > Page 3 of 56. How and why does a firm's average total cost curve differ in the short run and inthe long run?É觉24试7. Does a monopolistic competitor produce too much or too little output comparedto the most efficient level? What practical considerations make it difficult for1506:37O

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2. Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy's Cows?

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Question

** || 85%
Microeconomics > Page 2 of 5
2. Draw and explain a production possibilities frontier for an economy that produces
milk and cookies. What happens to this frontier if disease kills half of the economy's
cows?
3. Consider the following events: Scientists reveal that consumption of oranges.
decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that
makes orange trees more productive. Illustrate and explain what effect these
changes have on the equilibrium price and quantity of oranges.
4. Imagine that you are a nonsmoker sharing a room with a smoker. According to
the Coase theorem, what determines whether your roommate smokes in the room?
Is this outcome efficient? How do you and your roommate reach this solution?
5. Charlie loves watching Teletubbies on his local public TV station, but he never
sends any money to support the station during its fundraising drives.
(a) What name do economists have for people like Charlie?
(b) How can the government solve the problem caused by people like Charlie?
(C) Can you think of ways the private market can solve this problem? How does the
existence of cable TV alter the situation?
(Microeconomics > Page 3 of 5
6. How and why does a firm's average total cost curve differ in the short run and in
the long run?
É
觉
24
试
7. Does a monopolistic competitor produce too much or too little output compared
to the most efficient level? What practical considerations make it difficult for
15
06:37
O

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Use the following table to answer the question below. Jake's Production Possibilities Schedule Jane's Production Possibilities Schedule Pounds of Green Pounds of Corn Pounds of Green Pounds of Corn Beans Beans 160 80 10 120 20 60 40 20 80 40 30 40 60 20 40 80 Jake should specialize in the production of which good? neither both corn O green beans
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PLEASE SHOW ME HOW TO DO THE RIGHT CALCULATIONS.
3. The following table shows the amount of good A and good B that two countries could produce if they devoted all their resources to that good. Assume both countries have the same amount of resources and the trade-off between good A and good B remains constant as resources are shifted from one good to another. (30 points) I MICROECONOMICS YORKVILLE UNIVERSITY www.YORKVILLEU.CA Canada India 300 500 Good A 400 Good B 950 a. Which country has the absolute advantage in good A? In good B? b. What is Canada's marginal opportunity cost of producing good A? good B? c. What is India's marginal opportunity cost of producing good A? good B? d. Which country has the comparative advantage in good A? In good B? e. Based on the data given, what is the terms of trade range for good A in terms of units of good B? ||
Draw the production possibilities frontier on a scale diagram, with the production of X on the horizontal axis and the production of Y on the vertical axis Annual Production of Y Annual Production of X 0 20 45 60 70 75 1300 1200 900 6:00 350 0 b. If the economy is producing 45 units of X and 900 units of Y, what is the opportunity cost of producing an extra 15 units of X. Show on graph. C. If the economy is producing 20 units of X and 800 units of Y, what is the opportunity cost of producing an extra 10 units of X. Show on graph.
Draw and explain a production possibilities frontier (PPF) for an economy produces two goods milk and cookies. What happens to the PPF if a disease kills half the economy's cows?
please answer thankyou.
Identify the point or points for which the following is true: The economy cannot reach this point without an increase in resources or improvement in technology
An economy. produces 2 goods, computers and cell phones. Show graphically and explain how an increase in the technology used to produce computers affects this economy's production possibilities frontier. Given that the technology is only applicable to computer production will the economy be able to produce more cell phones? Why or why not?
2. Below is a production possibilities frontier (PPF) for Happyland, acountry that produces only two goods- wine and cheese. wine cheese a) Explain what the production possibilities frontier is and how it illustrates scarcity. b) What happens to the marginal opportunity costof cheese production in Happyland as the country increases its cheese production? (increase, decrease, unchanged or indeterminate?) Explain how you can tell this from the PPFand why it happens. c) Briefly describe two specific policies the government of Happyland could undertake to shift out their PPF in future periods. (By specific policies, I mean something they can actually do to change productivity for either or both of these goods. "Increase resources," for example, is not a specific policy. What resources and what type of policy could increase the resources used for either of these products?)