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ECO - Chapter 1 Assignment




Question;According to Figure 1.4 (you will need to look in your textbook for this figure),(a) At which point(s) is this society producing some of each type of output but still producing inefficiently?Answer:______________________________________________________________________________(b) At which point(s) is this society producing the most output possible with the available resources and technology?Answer:______________________________________________________________________________(c) At which point(s) is the output combination currently unattainable with current available resources and technology?Answer:______________________________________________________________________________8. Suppose either computers or televisions can be assembled with the following labor inputs:Units produced 1 2 3 4 5 6 7 8 9 10Total labor used 3 7 12 18 25 33 42 54 70 90(a) Draw the production possibilities curve for an economy with 54 units of labor. Label it P54(c) Suppose immigration brings in 36 more workers. Redraw the production possibilities curve to reflect this added labor. Label the new curve P90d) Suppose advancing technology (e.g., the miniaturization of electronic circuits) increases the productivity of the 90-laborer workforce by 20 percent. Draw a third production possibilities curve (PT) to illustrate this change11. Suppose there?s a relationship of the following sort between study time and grades:(a) (b) (c) (d) (e)____________________________________________________________________Study time (hours per week) 0 2 6 12 20Grade point average 0 1.0 2.0 3.0 4.0If you have only 20 hours per week to use for either study time or fun time:(a) Draw the (linear) production possibilities curve on the graph below that represents the alternative uses of your time.Answer:(b) Indicate on the graph the point C that would get you a 2.0 grade average.Fun Time = ________ HoursStudy Time = _______ Hours(c) What is the cost, in lost fun time, of raising your grade point average from 2.0 to 3.0? Illustrate this effort on the graph (point C to point D).Answer:Insert Graph HereandInclude Answer Here:Fun Time = ________ Hours(d) What is the opportunity cost of increasing your grade point average from 3.0 to 4.0? Illustrate as point D to E.Answer:Insert Graph HereandInclude Answer Here:Fun Time = ________ Hours


Paper#56952 | Written in 18-Jul-2015

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