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- Supermarché Jean Claude has decided to manufacture its own brand of non-alcoholic beverages, called NAB, and chocolate bars, called S-JC. A certain amount of money has been allocated to the production of these two products. Jean Claude believes in the old saying that a picture is worth a thousand words, and once again, he has called on you. This time, he wants to see diagrams that illustrate the effects of each of the following events on the production possibilities for NABS and S-JCs so he can visualize the situation. (a) A new and more efficient method of producing non-alcoholic beverages is discovered. (b) The demand for both non-alcoholic beverages and chocolate bars increases. (c) More workers are hired to produce S-JCs. (d) Resources are transferred from S-JC production to NAB production. (e) All workers are trained so that the quality of their labour services improves. Instructions Produce the series of graphs with accompanying texts (150-175 words) so that Uncle Jean Claude…Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules. Production Possibilities Schedules Geppetto Puzzles 188 88 68 48 28 8 Puppets 8 4 8 12 16 20 Puzzles: (Click to select) Lewis: Puzzler 58 Geppetto: 48 30 20 18 8 Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Lewds Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet How many puzzles and puppets will each one have after they complete their trade? puzzles and Puppets 8 S 18 15 20 25 puzzles and puppets puppetsQ.4. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view.
- Explain the economic concept of scarcity.What should I assume when I am asked to make a Production Possibilities Curve?** || 85% Microeconomics > Page 2 of 5 2. Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy's cows? 3. Consider the following events: Scientists reveal that consumption of oranges. decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes orange trees more productive. Illustrate and explain what effect these changes have on the equilibrium price and quantity of oranges. 4. Imagine that you are a nonsmoker sharing a room with a smoker. According to the Coase theorem, what determines whether your roommate smokes in the room? Is this outcome efficient? How do you and your roommate reach this solution? 5. Charlie loves watching Teletubbies on his local public TV station, but he never sends any money to support the station during its fundraising drives. (a) What name do economists have for people like Charlie? (b) How can the government…
- Discuss the basic economic problem of scarcity. Be sure to include a definition of the term, how it affects pricing of items and how it can influence the laws of supply and demand. Talk about the difference between scarcity and shortages and how scarcity leads to tradeoffs, opportunity costs, and specialization of the four factors of production.Provide an explanation an economist might give showing why each statement is true: - scarcity always existsCan you confirm that I am correct with these positive and normative statements: Positive statement: When oil production slows in Texas, employment and tax revenues decline, and budget cuts at the state and local levels often follow. (Craymer has estimated that the state loses $85 million per year for every $1 decrease in oil prices.) Normative statement:If Russia agrees to production cuts and COVID-19 goes dormant in the hot summer months, as some experts expect, Texas’ coffers will have time to recover before lawmakers convene in 2021 to write a new budget. Or would this be a normative statement:Experts said Texas is better positioned to handle an oil price collapse today thanks to a diversified economy. The last collapse in oil prices, in 2014, also forced the industry to cut costs and otherwise become more efficient. But University of Texas at Austin energy resources professor Michael Webber said COVID-19 throws an unprecedented economic variable into the mix.
- Need help with review economic question ASAP! 1. Consider the following conversation.CHAD: “None of the COVID-19 vaccines in Canada has full Health Canadaapproval, and if you get injured from the vaccines, then the pharmaceutical companies are not liable. Furthermore, the vaccines do not prevent against the spread ofcoronavirus, though they may reduce symptoms. However, their efficacy wanes aftera few months.”VIRGO: “Vaccines have helped humanity to conquer diseases like typhus andsmallpox. Why are you saying that vaccines don’t help at all?” Which logical fallacy does Virgo commit?(A) Argument from authority.(B) Ad Hominem.(C) Post Hoc Ergo Procter Hoc.(D) Straw Man. 2. Which of the following statements is the best articulation of Malthusian dynamics?(A) “Technology will endeavour to make us increasingly less reliant upon fixed re-sources, since said resources can be stretched out in an exponential manner.”(B) “It is not possible that we can sustain ourselves indefinitely with fixed…Elijah and Aneesha are farmers. Each one owns a 14-acre plot of land. The following table shows the amount of maize and squash each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of the land and squash on the rest. Elijah Aneesha SQUASH (Pounds) 140 On the following graph, use the blue line (circle symbol) to plot Elijah's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Aneesha's PPF. 126 112 98 84 70 42 28 14 0 Maize (Pounds per acre) 10 18 0 Squash (Pounds per acre) 6 70 140 210 280 350 420 490 560 630 MAIZE (Pounds) 700 Elijah's opportunity cost of producing 1 pound of squash is squash is pounds of maize. Because Elijah has a comparative advantage in the production of squash, and Elijah's PPF Aneesha's PPF (?) Aneesha has an absolute advantage in the production of maize, and Aneesha has an absolute advantage in the production of squash. 2…. Categorize each of the following statements as being the result of either positive economic analysis or normative economic analysis: The government should provide free childcare to increase gender equality in the labor market. An increase in the capital gains tax rate reduces the total amount of business investment in the economy. An increase in unemployment insurance will increase the length of time that laid-off workers remain unemployed. Large businesses should focus more on corporate social responsibility and pay more attention to their environmental impact.