MACRO ECON 6
MACRO ECON 6
6th Edition
ISBN: 9780357689820
Author: MCEACHERN
Publisher: CENGAGE L
Question
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Chapter 2, Problem 5P

A

To determine

Plot the PPF graph with no curved lines

Concept Introduction:

Production productivity frontier: It is a curve which shows the maximum possible output of two goods with the given set of efficiently used inputs.

B

To determine

The cost of producing an additional car when 50 cars are being produced

Concept Introduction:

Production productivity frontier: It is a curve which shows the maximum possible output of two goods with the given set of efficiently used inputs.

C

To determine

The cost of producing an additional car when 150 cars are being produced

Concept Introduction:

Production productivity frontier: It is a curve which shows the maximum possible output of two goods with the given set of efficiently used inputs.

D

To determine

The cost of producing an additional washing machine when 50 cars are being produced and in case 150 are cars being produced

Concept Introduction:

Production productivity frontier: It is a curve which shows the maximum possible output of two goods with the given set of efficiently used inputs.

D

To determine

What is derived about the concept of opportunity cost from the above answers.

Concept Introduction:

Production productivity frontier: It is a curve which shows the maximum possible output of two goods with the given set of efficiently used inputs.

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Tasks Exercise 1 Assess the following functions: 1. f(x)= x2+6x+2 2.f '(x)=10x-2x2+5 a. Find the stationary points. (5 marks) b. Determine whether the stationary point is a maximum or minimum. (5 marks) c. Draw the corresponding curves (5 marks)
Problem 2: The sales data over the last 10 years for the Acme Hardware Store are as follows: 2003 $230,000 2008 $526,000 2004 276,000 2009 605,000 2005 328,000 2010 690,000 2006 388,000 2011 779,000 2007 453,000 2012 873,000 1. Calculate the compound growth rate for the period of 2003 to 2012. 2. Based on your answer to part a, forecast sales for both 2013 and 2014. 3. Now calculate the compound growth rate for the period of 2007 to 2012. 1. Based on your answer to part e, forecast sales for both 2013 and 2014. 5. What is the major reason for the differences in your answers to parts b and d? If you were to make your own projections, what would you forecast? (Drawing a graph is very helpful.)
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