Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Chapter 1, Problem 5SPA
To determine
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Lesson 2 Assignment
Product
Combo A
Combo B
Combo C
Combo D
Combo E
Motorcycles
0
2
4
6
8
Surfboards
30
27
21
12
0
Graph the above production data, putting motorcycles on the horizontal axis.
What are the opportunity costs of moving from point B to point D and from point D to point A?
Point F represents 3 motorcycles and 21 surfboards. Plot this point on your graph and explain what it represents.
Point G represents 5 motorcycles and 24 surfboards. Plot this point on your graph and explain what it represents.
"The Opportunity Cost of a Mission to Mars. The United States has plans to spend billions of dollars on a mission to Mars. List some of the possible opportunity costs of the mission. What resources will be used to execute the mission, and what do we sacrifice by using these resources in a mission to Mars?"
I choose IKEA COMPANY
Production possibility curve (PPC)
Scenario1:
a. If your company can make two goods, use a numerical table and list different combinations of two goods your
company can make
b. Draw a PPC and show the different combinations on the graph. Show the attainable and unattainable output levels on
the graph.
c. Show the opportunity cost of one good in terms of another.
d. What happens to the opportunity cost? (Increases, decreases or remain constant)
LAW OF DEMAND
Scenario 2
a. If the company decides to eam more profits and hence decide to increase the price of their product, Use a numerical
table of price and demand to explain.
b. What effect this increase in prices will have on consumers demand? Is it called a change in quantity demand or
change in demand? Why?
c. Draw and show this effect with the help of a demand curve.
ELASTICITY OF DEMAND
Scenario 3:
a. If your company's product has many substitutes in the market, what happens to the elasticity of your product? If…
Chapter 1 Solutions
Macroeconomics
Ch. 1.1 - Prob. 1RQCh. 1.1 - Prob. 2RQCh. 1.1 - Prob. 3RQCh. 1.2 - Prob. 1RQCh. 1.2 - Prob. 2RQCh. 1.3 - Prob. 1RQCh. 1.3 - Prob. 2RQCh. 1.3 - Prob. 3RQCh. 1.3 - Prob. 4RQCh. 1.3 - Prob. 5RQ
Ch. 1.4 - Prob. 1RQCh. 1.4 - Prob. 2RQCh. 1.4 - Prob. 3RQCh. 1.4 - Prob. 4RQCh. 1.5 - Prob. 1RQCh. 1.5 - Prob. 2RQCh. 1.5 - Prob. 3RQCh. 1.A - Prob. 1RQCh. 1.A - Prob. 2RQCh. 1.A - Prob. 3RQCh. 1.A - Prob. 4RQCh. 1.A - Prob. 5RQCh. 1.A - Prob. 6RQCh. 1.A - Prob. 7RQCh. 1.A - Prob. 8RQCh. 1.A - Prob. 9RQCh. 1.A - Prob. 10RQCh. 1.A - Prob. 11RQCh. 1.A - Prob. 1SPACh. 1.A - Prob. 2SPACh. 1.A - Prob. 3SPACh. 1.A - Prob. 4SPACh. 1.A - Prob. 5SPACh. 1.A - Prob. 6SPACh. 1.A - Prob. 7SPACh. 1.A - Prob. 8SPACh. 1.A - Prob. 9SPACh. 1.A - Prob. 10SPACh. 1.A - Prob. 11SPACh. 1.A - Prob. 12APACh. 1.A - Prob. 13APACh. 1.A - Prob. 14APACh. 1.A - Prob. 15APACh. 1.A - Prob. 16APACh. 1.A - Prob. 17APACh. 1.A - Prob. 18APACh. 1.A - Prob. 19APACh. 1.A - Prob. 20APACh. 1.A - Prob. 21APACh. 1.A - Prob. 22APACh. 1.A - Prob. 23APACh. 1 - Prob. 1SPACh. 1 - Prob. 2SPACh. 1 - Explain how the following news headlines concern...Ch. 1 - Prob. 4SPACh. 1 - Prob. 5SPACh. 1 - Prob. 6SPACh. 1 - Prob. 7APACh. 1 - Prob. 8APACh. 1 - Prob. 9APACh. 1 - Prob. 10APACh. 1 - Prob. 11APACh. 1 - Prob. 12APACh. 1 - Prob. 13APA
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