Economics 1021A/B Lecture Notes - Lecture 2: Marginal Utility, European Route E6, Marginal Cost

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ECON 1021A/B Full Course Notes

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After completing chapter 2, i would expect you to be able to complete problems such as the following. These are questions related to this chapter that i have actually appeared on my past midterms. This is only a sample, and you should not limit your studies to just these questions or topics. Each worker can produce a maximum of either 2 units of medical services or 5 units of secretarial services a day. One day, the firm decides it would like to produce 10 units of medical services and 30 units of secretarial services. Figure 2: refer to the production possibilities frontier in figure 2. Use the figure below to answer the following question. In the north, they grow wild rice, which requires a lot of rainfall. In the south, they grow wheat, which requires just a moderate amount of rainfall (too much rainfall is bad for wheat production). Use the information below to answer the following questions.

Related Questions

A medical clinic has 10 workers. Each worker can produce a maximum of either 2 units of medical services or 5 units of secretarial services a day. One day, the firm decides it would like to produce 16 units of medical services and 5 units of secretarial services. This output level is

a. costless.

b. attainable and efficient.

c. inefficient.

d. unattainable.

e. efficient.

byzantiumhippopotamus807

Use the figure below to answer the following question. Cat food (cons per hour) 6 6 12 Dog biscuits (boxes per hour) Figure 1 3) Figure 1 shows the production possibilities frontier for a firm that produces pet food. Point A is and point B is . This PPF illustrate scarcity because VA) attainable: unattainable, does, the firm cannot produce points outside the frontier and as the firm moves along the PPF, it cannot produce more dog biscuits without producing less cat food B) unattainable; attainable; does not the firm can produce any quantity it wants if it is willing to pay a high enough price C) unattainable; attainable; does, because the firm cannot attain the points outside the frontier D) attainable; unattainable; does not: it is downward sloping VE) attainable; unattainable; does not, the firm can produce any quantity it wants if it is willing to pay a high enough price

Good Y 0 2 4 6 8 10 Good X Figure 2.1 21) 21) Refer to the production possibilities frontier in Figure 2.1. Which one of the following is true about point a? A) Resources are not fully employed. B) It is preferred to point b. C) While no more of good Y can be produced, more of good X can be produced. D) It is unattainable. E) It is attainable only if the amount of capital goods is increased.

Economics 1021A/B Lecture Notes - Lecture 2: Marginal Utility, European Route E6, Marginal Cost

ECON 1021A/B Full Course Notes

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