The graph below shows production possibilities frontiers for Cornelius and David, two prieststhat aid the Mondoshawan race. David is Cornelius' apprentice, and they each spend their timeeither deciphering old prophecies or developing plans to save the world (which comes in handylater). Use this information to answer the following 3 questions.Plans108765432100CorneliusDavid1234 5 6 7108 9Translations2. (Cornelius and David) If David and Cornelius engage in trade, which of the followingpoints is both feasible and efficient in production?a.18 translations and 14 plans.b. 10 translations and 4 plans.c. 5 translations and 11 plans.d. 9 translations and 9 plans.

The PPF is also referred to as the production possibility curve (PPC). It is a key economic concept…

2. (Cornelius and David) If David and Cornelius engage in trade, which of the following points is both feasible and efficient in production? a. 18 translations and 14 plans. b. 10 translations and 4 plans. c. 5 translations and 11 plans. d. 9 translations and 9 plans.

2. (Cornelius and David) If David and Cornelius engage in trade, which of the following points is both feasible and efficient in production? a. 18 translations and 14 plans. b. 10 translations and 4 plans. c. 5 translations and 11 plans. d. 9 translations and 9 plans.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 6SCQ: Suppose we extend the circular flow model to add imports and exports. Copy the circular flow diagram...

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France and Poland each have one worker whosemonthly linear Production PossibilityFrontier indicatesthe following production possibilities: PolandFranceComputers (C) 246Grain (G) 43 a)Franceâ€™sopportunity cost of G in terms of units of C equals ______ ? b) Polandâ€™sopportunity cost of G in terms of units of C equals ______ ?For the followingparts, please complete the questions by filling in the blank, and responding toremainderof the question: c) Polandâ€™scomparative advantage is in ______ because: d) If France and Poland decide to trade, _________ will be theexporter of G while ______ will bethe importer because: e) If the economies choose to trade, the world relative priceof goods must be ________ in orderfor trade to be mutually beneficial, because:
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Hacmillan Leaming Christine and Paul are deciding how to split their time between writing music and lyrics for their new album. Their PPF's for 72 h of work are shown. Christine and Paul have to write music for 8 songs and lyrics for 12 songs (4 songs already have music). When they are done, they can go to a private island and relax from all their hard work. It is possible that they will use more than 72 h. Once they start writing lyrics and music, assuming their hired help packs for them and their plane is waiting outside their door, in how many hours can they board the plane to their relaxing island getaway? Christine will write music for Paul will write music for Christine will write lyrics for Paul will write lyrics for h songs. songs. songs. songs. Music written (in # of songs) 1 0 Paul's PPF 1 Christine's PPF 2 Lyrics written (in # of songs))
4:12 PMG b + .…. 0.62K/s 0a .ll 32% K 4_5915643745964919843.docx X : 1. Define the Following A. Economics B. Factors of Production C. Scarcity D.Opportunity Cost E. Law of Demand. E. Production Possibilities Curve G. Law of Supply H. Three basic questions all economic systems must answer 2. Let the following table represents the total utility of a given consumer, in the car dinal utility approach. 1 2 3 4 5 6 7 TUX TU 8 14 18 20 20 18 16 6. 10 13 15 16 16 14 MUX MUY MUX/Px MUy/Py A) Calculate the MUx and MUy and fill the table in the 4th and 5th rows. B) If the two products (X&Y) are free goods how many of X and Y should the con sumer take to maximize utility? C) What is the maximum utility of X and Y if they are free? D) Let now price of X is 4 bir per unit and price of Y is 2 bir per unit. Calculate M Ux/Px and MUy/Py and fill the 6th and 7th row. E) Assuming the consumer has any amount of money (enough budget) how man y of X and Y should the consumer buy, to maximize utility? F)…
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Minerals 25 (millions of tons) 20 15 10 5 5 10 15 20 25 Grapes (millions of tons) Figure 1 Production possibility frontier for Highland Towards the right of Figure 1 are two circular red markers with a line between them that you can use to draw a production possibility frontier on Figure 1. You can move the markers with the mouse by clicking on them and dragging. Alternatively, you can tab to each marker and then use the keyboard arrow keys. Decide where to position the red markers based on the information below. There are two countries, called Highland and Lowland, with very different geography. They both produce grapes and dig for minerals, using only labour, with constant returns to scale. Figure 1 shows the production possibility frontier for Highland and the table shows the working population and productivity for Lowland. Working population and production possibilities Working population Production of tons of grapes per person per year Production of tons of minerals per person per…