Principles Of Economics, Ap Edition, 9781337292603, 1337292605, 2018
8th Edition
ISBN: 9781337292603
Author: Mankiw
Publisher: Cengage Learning (2018)
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Question
Chapter 2, Problem 4PA
Sub part (a):
To determine
Total services produced in different situation.
Sub part (b):
To determine
Graph
Sub part (c):
To determine
Shape of production possibility frontier.
Sub part (d):
To determine
Inefficient point in production possibility frontier.
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(Figure: Good Y and Good X) Suppose the budget constraint shifted from constraint 2 to constraint 1. What could have caused this change?
Quantity of
good Y
18
16
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Budget constraint 2
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8
Budget constraint 1
6
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2
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2 4 6 8 10 12 14 16 18 20 Quantity of good X
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a decrease in income
an decrease in the price of good X and no change in the price of Y
a decrease in income and an increase in the price of good X relative to that of good Y
an increase in income
a decrease in the price of good X relative to that of good Y
Chapter 2 Solutions
Principles Of Economics, Ap Edition, 9781337292603, 1337292605, 2018
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