Illustration of the production possibility curve .

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Answer 1

Question

Chapter 9, Problem 5QE

(a)

To determine

Illustration of the production possibility curve.

(b)

To determine

Identify the countries with comparative advantage in the production of cars and gourmet meals.

(c)

To determine

Explain the situation when both countries are specialized in the production of same good.

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Exercise 5Consider the demand and supply functions for the notebooks market.QD=10,000−100pQS=900pa. Make a table with the corresponding supply and demand schedule.b. Draw the corresponding graph.c. Is it possible to find the price and quantity of equilibrium with the graph method? d. Find the price and quantity of equilibrium by solving the system of equations.

1. Consider the market supply curve which passes through the intercept and from which the marketequilibrium data is known, this is, the price and quantity of equilibrium PE=50 and QE=2000.a. Considering those two points, find the equation of the supply. b. Draw a graph for this equation. 2. Considering the previous supply line, determine if the following demand function corresponds to themarket demand equilibrium stated above. QD=.3000-2p.

Supply and demand functions show different relationship between the price and quantities suppliedand demanded. Explain the reason for that relation and provide one reference with your answer.

Answer 2

Question

Chapter 9, Problem 5QE

(a)

To determine

Illustration of the production possibility curve.

(b)

To determine

Identify the countries with comparative advantage in the production of cars and gourmet meals.

(c)

To determine

Explain the situation when both countries are specialized in the production of same good.

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Answer 3

Question

Chapter 9, Problem 5QE

(a)

To determine

Illustration of the production possibility curve.

(b)

To determine

Identify the countries with comparative advantage in the production of cars and gourmet meals.

(c)

To determine

Explain the situation when both countries are specialized in the production of same good.

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Answer 4

Question

Chapter 9, Problem 5QE

(a)

To determine

Illustration of the production possibility curve.

(b)

To determine

Identify the countries with comparative advantage in the production of cars and gourmet meals.

(c)

To determine

Explain the situation when both countries are specialized in the production of same good.

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Answer 5

Chapter 9, Problem 5QE

(a)

To determine

Illustration of the production possibility curve.

(b)

To determine

Identify the countries with comparative advantage in the production of cars and gourmet meals.

(c)

To determine

Explain the situation when both countries are specialized in the production of same good.

Answer 6

Chapter 9, Problem 5QE

(a)

To determine

Illustration of the production possibility curve.

Answer 7

Chapter 9, Problem 5QE

(a)

To determine

Illustration of the production possibility curve.

Answer 8

(b)

To determine

Identify the countries with comparative advantage in the production of cars and gourmet meals.

Answer 9

(b)

To determine

Identify the countries with comparative advantage in the production of cars and gourmet meals.

Answer 10

(c)

To determine

Explain the situation when both countries are specialized in the production of same good.

Answer 11

(c)

To determine

Explain the situation when both countries are specialized in the production of same good.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 9.1 - Prob. 1Q Ch. 9.1 - Prob. 2Q Ch. 9.1 - Prob. 3Q Ch. 9.1 - Prob. 4Q Ch. 9.1 - Prob. 5Q Ch. 9.1 - Prob. 6Q Ch. 9.1 - Prob. 7Q Ch. 9.1 - Prob. 8Q Ch. 9.1 - Prob. 9Q Ch. 9.1 - Prob. 10Q

Illustration of the production possibility curve .

Solution Summary: The author illustrates the production possibility curve of the busy town and the lazyasiwannabe.

Illustration of the production possibility curve.

Identify the countries with comparative advantage in the production of cars and gourmet meals.

Explain the situation when both countries are specialized in the production of same good.

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Chapter 9 Solutions