Scenario: Spring is bere at last. While Daniel is scrambling to attend state competitions and negotiate deals in Korea, applications from prospective interns are pouring in at DemiDec every day. Returning writers from the previous Demi Dec summer have already filled over half the positions at Demi Dec. Daniel is working at selecting the other balf to write theresources and flashcards. As be searches through a large pool of talent, he must take care to hire nithin his budget. An astute economist, Daniel is quick to analyse the relationships ofthe varions positions at Demi Dec. On the back of a banquet program, in between webeasting the results, be drafts this "Personnel Possibilities Frontier":Personnel PossibilitiesA17• E14BO D1012Resource WritersFlashcard Writers A. Match the letter of each point on the PPF above to the description that best identifies it.1.Daniel will not be utilizing his entire Flashcard and Resource Writer budget. He couldeasily hire more of each.2.Daniel will hire a combination of BOTH Resource Writers and Flashcard Writers, butthere will be more Flashcard Writers in the mix.Daniel hires CONLY Resource Writers,4.Assuming there will be no sudden increase in subscriptions, this point is not withinDemi Dec's budget.3.

Production possibility frontier shows the combination of two goods that can be produced with the…

A. Match the letter of each point on the PPF above to the description that best identifies it. 1. Daniel will not be utilizing his entire Flashcard and Resource Writer budget. He could easily hire more of each. 2. Daniel will hire a combination of BOTH Resource Writers and Flashcard Writers, but there will be more Flashcard Writers in the mix. 3. Daniel hires ONLY Resource Writers, 4. Assuming there will be no sudden increase in subscriptions, this point is not within Demi Dec's budget.

A. Match the letter of each point on the PPF above to the description that best identifies it. 1. Daniel will not be utilizing his entire Flashcard and Resource Writer budget. He could easily hire more of each. 2. Daniel will hire a combination of BOTH Resource Writers and Flashcard Writers, but there will be more Flashcard Writers in the mix. 3. Daniel hires ONLY Resource Writers, 4. Assuming there will be no sudden increase in subscriptions, this point is not within Demi Dec's budget.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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8. Substitutes, complements, or unrelated? You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: penguin patties, raskels, and kipples. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of penguin patties decreases by 1%, the quantity of raskels sold decreases by 18% and the quantity of kipples sold increases by 3%. Your job is to use the cross-price elasticity between penguin patties and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following…
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