Economics 1021A/B Study Guide - Demand Curve, Photocopier, Import Quota

• School: Western University
• Department: Economics
• Course: Economics 1021A/B
• Professor: Jeannie Gillmore

Document Summary

London canada: parkin economics 1021a-002/004 december 5, 2011. Choose the one alternative that best completes the statement or answers the question: sally has to decide whether to study for her economics test or her accounting test. In 5 hours, bob can cook 5 meals or clean 6 rooms. Mary can cook 30 meals or clean 10 rooms. Production for one week by sheila and bruce. 1: suppose john and joe each have different production possibility frontiers; john specializes in cloth and joe specializes in corn. John"s island unexpectedly has exceptionally good weather, and suddenly he is twice as productive in the production of both corn and cloth. Suppose a problem develops with car-seat heaters - they malfunction and occasionally cause serious burns. As a result, demand decreases by 100 heaters at each price. The new equilibrium price is and the new equilibrium quantity is ________ heaters per month: 60; 400, 50; 450, 70; 450, 70; 350, 50; 350.