2. Suppose we consider a simple economy as being based on three industries: industry 1, industry 2 and industry 3. Suppose the table below summarizes the units of inputs required to produce one unit of each product. Furthermore, it is assumed that the economy wishes to have a surplus of 50 units of industry 1 products, 80 units of industry 2 goods, and 25 units of industry 3. Outputs Industry 2 Inputs Industry 1 Industry 3 Industry 1 Industry 2 Industry 3 Find the total output of each industry 0.3 0.2 0.4 0.5 0.1 0.2 0.6 0.4 0.5 히이이

2. Suppose we consider a simple economy as being based on three industries: industry 1, industry 2 and industry 3. Suppose the table below summarizes the units of inputs required to produce one unit of each product. Furthermore, it is assumed that the economy wishes to have a surplus of 50 units of industry 1 products, 80 units of industry 2 goods, and 25 units of industry 3. Outputs Industry 2 Inputs Industry 1 Industry 3 Industry 1 Industry 2 Industry 3 Find the total output of each industry 0.3 0.2 0.4 0.5 0.1 0.2 0.6 0.4 0.5 히이이

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Alice, Amber, and Andi make and sell pottery. Alice is willing to sell a 5 inch pot for $20, Amber is willing to sell a 5 inch pot for $22, and Andi is willing to sell a 5 inch pot for $46. If each of the ladies is able to sell one 5 inch pot for $50, what is their combined producer surplus? combined producer surplus: $ If the price of a 5 inch pot is $30, which of the ladies will sell their pots? Andi only Alice only Alice, Amber, and Andi Alice and Amber
● . Assume in a simple example that two changes occur simultaneously in an economy which produces "Good X". The economic changes that occurs in the market are: 1) An increase in the cost to produce "Good X", and 2) An increase in income for consumers who purchase "Good X". Assume that this is a competitive market, what will happen to the market selling price and the market quantity that is bought and sold in the market for "Good X"? Finally real life
Provide a definition of each of the following, and the required example, explanation, or graph. A Production Possibility Curve, a definition and a graph showingan increasing opportunity cost of producing Product A as a company produces more of Product B. Changes in quantity demanded vs. changes in market demand (the definition of each and a single graph showing each change). A shift in the market supply curve (definition and graph).
show on the graph where is the opportunity cost is measured
Suppose that price of steel, a major input for making cars, increased. Using two separate competitive supply/demand diagrams for cars market, and gas market, illustrate and briefly explain the probable effects of the increase in the price of steel on: equilibrium price, and equilibrium quantities, in the cars and gas markets. What happen to the revenues of car, and gas producers/sellers? [Hint: Car and gas are complements. First show how an increase in price of steel will affect the car market. Then based on what happens to car prices, determine what will happen to the gas market] U X2 x2 E E A- I X 山T國 étv MacBook Pro
Illustrate the following with supply and demand curves: In March 2015, hogs in the United States were selling for 81 cents per pound, up from 58 cents per pound a year before. This was due primarily to the fact that supply had decreased during the period. Show this change in the figure on the right. 1.) Using the point drawing tool, locate the equilibrium point for 2015 in the U.S. hog market. Label your point 'E'. 2.) Using the line drawing tool, illustrate the change in the U.S. hog market between 2014 and 2015. Properly label your line 'S2015' (Hint: Perform the steps in the order given.) Carefully follow the instructions above and only draw the required objects. Price (cents per pound) 100- 95- 90- 85- 80- 75- 70- 65- 60-58 E Market for Hogs $2014 55- 50- 45- 40- 35- D 30+ 0.0 0.3 0.5 0.8 1.0 1.3 1.5 1.8 2.0 2.3 2.5 2.8 3.0 Hogs per week (millions)
Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Teapots 100 I Price (Dollars per teapot) 90 20 Supply 80 Quantity Supplied (Teapots) Quantity Demanded 190 310 70 (Teapots) 60 50 40 Demand 30 20 10 50 100 150 200 250 300 350 400 450 500 QUANTITY (Teapots) The equilibrium price in this market is $ per teapot, and the equilibrium quantity is teapots bought and sold per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Price Shortage or Surplus Amount (Dollars per teapot) Shortage or Surplus (Teapots) Pressure 40 60 PRICE (Dollars per teapot)