The table below represents the goods that are produced in Surrrey. Bread and water are used by the citizens of the city. Half of all plows are used by the city council, while the rest are used by citizens. Metal is used to produce plows and nothing more. When necessary, use 2013 as the base year. The typical consumer buys 10 bread, 100 water, and 2 plows. Use this table for questions 2 - 9. Bread Water Plows Metal Price Quantity Price Quantity Price Quantity Price Quantity 2011 $2 100 $1 1000 $150 60 $43 800 2012 $3 110 $1 1100 $200 70 $44 875 2013 $3 120 $1 1100 $200 70 $46 900 2014 $5 120 $2 1100 $210 40 $49 934

The table below represents the goods that are produced in Surrrey. Bread and water are used by the citizens of the city. Half of all plows are used by the city council, while the rest are used by citizens. Metal is used to produce plows and nothing more. When necessary, use 2013 as the base year. The typical consumer buys 10 bread, 100 water, and 2 plows. Use this table for questions 2 - 9. Bread Water Plows Metal Price Quantity Price Quantity Price Quantity Price Quantity 2011 $2 100 $1 1000 $150 60 $43 800 2012 $3 110 $1 1100 $200 70 $44 875 2013 $3 120 $1 1100 $200 70 $46 900 2014 $5 120 $2 1100 $210 40 $49 934

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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