the production of the two goods (all units are measured in millions of tons)OpportunityCost ofGood XGood XGood YProductionPossibility0.10029046020a) Calculate the opportunity cost of the production of good X at each point. What lawdoes the trend in those values exhibit?b) What changes are required for this economy to shift the PPF outward?7. The market for iemon has 10 potential consumers, each having an individual demandcurve P = 101 - 100, where P is price in dollars per cup and O, is the number of cupsdemanded per week by the i consumer. Find the market demand curve using algebra.Draw an individua! demand curve and the market demand curve. What is the quantitydemanded by each consumer and in the market as a whole when lermon is priced at P =$1/cup?8 The demand fer tickets to an Ethiopian Camparada film is given by D (p) = 200,000-10,000p, where p is the price of tickets. If the price of tickets is 12 birr, calculate priceelasticity of demand for tickets and draw the demand curve9. Given inarket demand Qa= 50 - P, and market supply P= Qs+ 5a) Find the market equilibrium price and quantity?b) What would be the state of the market if market price was fixed at Birr 25 per unit?c) Calculate and interpret price elasticity of demand at the equilibrium point.10. Based on the following table which indicates expenditure of the household on acommodity, answer the questions that follow (The price of the good is Br.10 )Quantity Demanded (units/month)50Income ( Br. / month)10,00020,00030,00040,00050,00060708090

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the production o1 Production Opportunity Cost of Good X Good Y Possibility Good X 100 B. 2. 90 4. 60 20 a) Calculate the opportunity cost of the production of good X at each point. What law does the trend in those values exhibit? b) What changes are required for this economy to shift the PPF outward? individuel dentond

the production o1 Production Opportunity Cost of Good X Good Y Possibility Good X 100 B. 2. 90 4. 60 20 a) Calculate the opportunity cost of the production of good X at each point. What law does the trend in those values exhibit? b) What changes are required for this economy to shift the PPF outward? individuel dentond

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 7SQ

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