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

Since you have asked multiple question, we will solve the first question for you. If you want any…

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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

the production of the two goods (all units are measured in millions of tons)
Opportunity
Cost of
Good X
Good X
Good Y
Production
Possibility
0.
100
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?
7. The market for iemon has 10 potential consumers, each having an individual demand
curve P = 101 - 100, where P is price in dollars per cup and O, is the number of cups
demanded 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 quantity
demanded 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 price
elasticity of demand for tickets and draw the demand curve
9. Given inarket demand Qa= 50 - P, and market supply P= Qs+ 5
a) 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 a
commodity, answer the questions that follow (The price of the good is Br.10 )
Quantity Demanded (units/month)
50
Income ( Br. / month)
10,000
20,000
30,000
40,000
50,000
60
70
80
90

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Assume an economy that produces two goods experiences technological improvements in the production of one of its categories of goods. Using the ONE correct diagram aattached, discuss in terms of the production possibility frontier the economic impact of the technological improvement for this economy. Include in your answer the meaning of the production possibility frontier.
Figure 1 shows the PPF for an economy that produces Food and Clothes. What is the maximum amount of clothes that the economy can produce if it produces 500 food? A) 360 Clothes B) 144 Clothes C) 48 Clothes D) 0 Clothes
Bread On the PPF above, which of the points is inefficient? А Oc Wine
Because of conflict and instability in Country X, millions of its citizens emigrate to Country Y. Which of the following best explains what will happen to Country Y's production possibilities curve (PPC)? A C E It will move to a point on its PPC at which it produces only consumer goods B It's PPC will not change, but consumption of goods will decrease Its PPC will shift outward over time-- D It will move to a point inside its PPC, indicating slower growth Its PPC will shift inward over time
Paul's PPF Sue's PPF Cheese Cheese 100 80 60 Ham 30 Ham Based on the graph above, which of the following statements is true? The Principle of Absolute Advantage does not help us determine how trade would benefit Paul and Sue. O Sue would lose out by trading with Paul, because she is less competitive than Paul in the production of both goods. O Paul has nothing to gain from trading with Sue, since he is better in making both goods. Sue has an absolute advantage in the production of cheese.
The budget constraint model and the production possibilities frontier (PPF) model both illustrate (select ALL that apply): O allocative efficiency O productive effieciency O a curved line to represent both the budget constraint and the PPF the tradeoffs in choosing more of one good at the cost of less of the other O comparative advantage O constraints on what we can have due to scarce resources
Suppose an economyuses two resorces (labor and capital) to produce two goods (wheat and cloth). Captial is relativley more useful in prducing cloth, and labor ir relativley more useful in prducing wheat. If the supply of cpatial falls by 10% and the suppy of labor increases by 10%, how will the PPF for wheat and cloth change?
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