QUESTION 7 In the first chapter of The Wealth of Nations, Smith introduces the idea of the which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers. division of labor interconnected economy task economy O modern economy
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- What would be another example of a system in the real world serve could serve as a metaphor for micro and macroeconomics?What is the difference between microeconomics and macroeconomics?Firms Markets for Goods and Services Markets for Factors of Production Households Which of the following is true regarding this economic model? O While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. O Because, in reality, the economy is very large, the simplicity of the circular-flow diagram makes it useless for the purposes of modeling how dollars and resources move throughout an economy. Because it does not take into account international trade, the circular-flow diagram is useless for the purposes of modeling how dollars and resources move throughout an economy. Because it does not take into account the role of government, the circular-flow diagram is useless for the purposes of modeling how dollars and resources move throughout an economy.
- ] Suppose that a football team is holding tryouts for various positions. A certain playertries out for both offensive line and defensive line. He ends up making the team as an offensivelineman. However, he is actually better at the defensive position. He is puzzled by this so he asksthe coach to explain. What do you think the coach told the player? Relate this to an economicconcept or concepts we have discussed.BRIEFLY EXPLAIN IT CONSISELY 1. Reffering to the picture below, understanding economics, explain how a microeconomic system works by describing the inter-relationships of the variables indicated in the said model or diagram 2. In relation to the diagram, which is the microeconomic system identify atleast 3 principles of economics that are applicable in the said system.Macmillan Learn Suppose that Ned can produce either potato chips or computer chips. If he only produces potato chips he can produce 50 in a day. If he only produces computer chips, he can produce 25 in a day. Drag the endpoints of the line to plot his production possibilities frontier (PPF) on the graph. Potato Chips 50 45 40 35 30 25 20 15 10 Incorrect 5 O 0 5 10 15 20 25 30 Computer Chips 35 40 Ned's PPP 45 50 What is the opportunity cost of potato chip production in terms of computer chips? 4/3 0 0 0 1/2 50 25 2 3/4
- Area of original paper 3.1.1 Complete the table above. lal paper change as htandia fokcs oto dsfterent laalves? wa the or th glain your anawer Describe he kind of relationahip between the ares of the original paper and the aumber of folds. 3.1.3 4. Mr Majola owns a shop where he repairs household appliances. He woulid like to buy a cell phone so that he can contact his customers after their work is done. Two different cell phone providers forwarded quotes to him upon request. Cell phone provider SAVE MORE quoted R80 per month and R2,50 per minute. Cell phone provider CASH IN quoted R100,00 per month and R2,00 per minute. Look at the incomplete table below: Airtime in minutes: t 10 20 30 40 50 60 SAVE MORE'S cost in rands: CM 80 105 130 155 Ass 380530 CASH IN'S cost in rands: Ca 120 140 160 240 340 460 100 4.1 What does the table above show? 4.2 Write down the symbol which represents the independent variable. 4.3 Where does the value 80 in row 2 come from? 4.4 Explain the situation if…Sketch a graph to illustarte your idea of each of the following relationships. Be sure to label both axes appropriatley. In each case explain uder what circumstances, if any, the curve should shift. 1. The amount of fertilizer added to an acre of land and the amount of corn grown on that land in one growing season 2. An automobile's horspower and it's gasoline mileage (in miles per gallon)In a mixed-market economy a restaurant decides to stop selling burgers. This is an example of O Normative Analysis O Active but Limited Government O Freedom of Enterprise O Private Property
- openvellu mathxl.com/Student/PlayerHomework.aspx?homeworkld=611294898&questionld 1Gmail ITMG 1B Econ 2100 三 Homework: Basics ... Question 10, 1.1 Questio... く onomic If Arif can make 20 pizzas or 10 cakes in one day, the opportunity cost of O A. 1 pizza is half a cake. O B. 2 pizzas is 2 cakes. O C. 2 pizzas is 4 cakes. O D. 1 pizza is 2 cakes. O E. one half a pizza is 2 cakes. stSMARTPHONES (Millions) 40 20 0 PPF 0 40 60 CORN (Millions of bushels) Which of the following is true regarding this economic model? O In order to construct such a model, an economist would need real life data regarding countries that produce only two goods. O The fact that there are only two goods produced in this theoretical economy, when, in reality, economies produce many more types of goods, means this model is generally useless. O This PPF is not an economic model. O The fact that there are only two goods produced in this theoretical economy is a simplifying assumption that still allows economists to demonstrate key economic concepts. 20 80 100In a microeconomic model, how would you differentiate between an 'exogenous' variable and an 'endogenous' variable? O Endogenous variables are those determined within the model, while exogenous variables are given from outside the model. O Exogenous variables are those which economists do not study, while endogenous variables are heavily studied. O Exogenous variables are variables that economists cannot measure, while endogenous variables are measurable. Exogenous variables cannot influence endogenous variables in any economic model. O More than one of the above.