Consider the production possibility frontier (PPF) illustrated in the figure to the right. If Px = 50.00 and Py = 25.00, how many units of good X and good Y will be produced? The firm should produce units of good X and numeric responses using integers.) units of good Y. (Enter

Consider the production possibility frontier (PPF) illustrated in the figure to the right. If Px = 50.00 and Py = 25.00, how many units of good X and good Y will be produced? The firm should produce units of good X and numeric responses using integers.) units of good Y. (Enter

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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An economy depends on two commodities, bees and honey. It takes 3/4 units of bees to produce 1 unit of honey and 1/2 unit of honey to produce 1 unit of bees. Find the production required to satisfy a demand of 100 units of bees and 300 units of honey. Hint: x = (I - A) ^ - 1 * D Please step by step answer.
Toys Insane Inc. produces two goods: Glibber Gems (G) and Blubber Bricks (B). In order to produce Glibber Gems and Blubber Bricks, three input factors are necessary: Slime (S), Tran (T), and Gorilla Mucus (M). The following table summarizes how many input factors are necessary to produce one unit of each good and how many input factors are available in total: Glibber Gems Blubber Bricks Total Units Available Slime Units 1 2 14 Tran Units 3 4 36 Gorilla Mucus Units 9 6 90 Below graph shows four lines: One for each constraint and an isoprofit line. 1: The slime constraint has which color? a Red b Blue c Green d Black 2: The tran constraint has which color? a Red b Blue c Green d Black 3: The gorilla mucus constraint has which color? a Blue b Red c Black d Green 4: The isoprofit line has which color? a Red b Blue c Green d Black 5: The slime constraint is…
Suppose initially that the United States is consuming 2 boots and 18 shirts and Canada is consuming 12 boots and 2 shirts, as indicated in the figure. Then, suppose the United States and Canada specialize by each only producing the good for which they have a comparative advantage and then trade. In particular, suppose the United States trades Canada half of its production for half of what Canada produces. The United States will have ? additional shirt(s) after the trade (enter a numeric response using an integer)
Rats run on treadmills according to the function: E 5 + 62R –R %3D where E = volts of electricity R = number of rats Rats cost $10 each. Electricity can be sold on the grid for $5 per volt. It costs $500 to build a large cage for the rats. Show your work/thought process: a. What is the optimal amount of rats (R) to purchase? b. Given your answer in part a, what is the total amount of electricity (E) that will then be produced?
Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. All else equal, an increase in the price of corn creates an incentive for farmers to: Multiple Choice switch away from growing corn and into growing soy beans. switch away from growing soy beans and into growing corn grow less corn, but not change their production of soy beans. grow more corn, but not change their production of soy beans.
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1. Rats run on treadmills according to the function: E = 5 +62R-R² where E = volts of electricity R = number of rats Rats cost $10 each. Electricity can be sold on the grid for $5 per volt. It costs $500 to build a large cage for the rats. Show your work/thought process: a. What is the optimal amount of rats (R) to purchase? b. Given your answer in part a, what is the total amount of electricity (E) that will then be produced?
You manage two chocolate factories. Using only these two factories, you must produce exactly 420 kgs of chocolate daily at lowest possible cost. Mathematically, you have: Q1 = Quantity produced at Chocolate Factory #1 Q2 = Quantity produced at Chocolate Factory #2 Daily total overall production: Q1 – Q2 = 420 At present, each factory produces half the overall requirement. This means that Q1 = 210, Q2 = 210 a) Following your logic , you realize that as long as the marginal cost is different between the two factories, you can lower overall cost while maintaining production at 420 kgs. So, to reduce the overall cost to the lowest possible, you decide to move more than 1 kilogram from one factory to another. As a result, each factory will produce a different quantity of chocolate while the overall daily production remains at 420 kgs. To minimize overall cost, how many kilograms will you order/instruct Factory #1 to produce? Q1 = ____________kgs And how many kilograms would you…
The demand and supply of pizza is defined by the following equations: Qd = D(P, Y ) = 1 + Y − 2P Qs = D(P, PM) = 2 P/PM where, Qd is quantity demand, P is the price of each pizza sold, Y is the average income of consumers, Qs is the quantity supplied, and Pm is the price of inputs used in the production of pizza. (a) List the endogenous and exogenous variables of this model (b) Find the equilibrium price Pe and quantity Qe of pizza as a function of the exogenous variables. (c) Use a simple demand and supply diagram to show what happens to the equilibrium price and quantity when there is an increase in one of the exogenous variables.
Refer to the attached image to determine the price and quantity for the following questions below. allocative efficiency dynamic efficiency Pareto efficiency
Consider the Heckscher-Ohlin Model. Suppose there are two countries, Home and Foreign, two goods, Good A and Good B, and two factor inputs capital and labor. Suppose Home is more labor abundant than the Foreign and Good A is more capital intensive than Good B. (c) Draw a figure showing the relationship between relative demand and relative supply of Good A versus Good B in the Home country and the Foreign. Denote the relative supply curve as RS at Home and RS* in the Foreign, and the relative demand curve as RD.