ECON 1B03 Midterm: ECON 1B03,Term Test 2
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ECON 1B03 Full Course Notes
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Price of elasticity of demand analysis 12. Welfare total surplus and deadweight loss 21. Government policies sales tax on consumers 32. Government policies sales tax on firms 34. Perfect competition in the short run 49. Choosing the profit maximizing quantity to produce 49. Perfect competition in the long run 54. The production possibilities frontier is the boundary between. Those combinations of goods and services that can be produced and those that cannot. An output combination that society cannot attain given its current level of resources and technology. Is point a attainable or unattainable and is it efficient or inefficient. When operating on its ppf a country can produce 2 tons of butter and 200 cars or 3 tons of butter and 150 cars. The opportunity cost of 1 ton of butter is. To produce 1 more ton of butter the country gives up 50 cars. Refer to the table above, which gives 5 points on a nation"s ppf.
