Question 1 Suppose a British Columbia has a total of 12 units of labour, which can be used to produce either computer or wheat. One computer takes 6 units of labour to produce and 100 kg wheat takes 2 units of labour to produce. (a) Explain why scarcity exists in this economy. Use the data as evidence of your reasoning. (b) What is the maximum quantity of computers that can be produced? (c) What is the maximum quantity of wheat than can be produced? (

Question 1 Suppose a British Columbia has a total of 12 units of labour, which can be used to produce either computer or wheat. One computer takes 6 units of labour to produce and 100 kg wheat takes 2 units of labour to produce. (a) Explain why scarcity exists in this economy. Use the data as evidence of your reasoning. (b) What is the maximum quantity of computers that can be produced? (c) What is the maximum quantity of wheat than can be produced? (

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. You own the video game Grand Theft Auto V. The opportunity cost of playing this game for the second time is zero a. b. is one-half the cost of the game, as this is the second time you have played it. c. is the value of the alternative use of the time you spend playing the game. d. cannot be calculated.
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Question 2 (2mark)_ explains why a production possibilities curve is often represented as concave (bowed out) from the origin?
Game theory - Please help. Thanks!
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