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ECN 104 Study Guide - Midterm Guide: Economic Equilibrium, Demand Curve, Mira-Bhayandar Municipal Corporation

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turquoisegnu128
16 Oct 2018
School
Ryerson University
Department
Economics
Course
ECN 104
Professor
All

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Document Summary

Answer all parts of questions 37 and 38. Suppose our economy has the following production possibilities: graph the ppc curve. You do not have to have all the points labelled for full marks. Also, it did not matter if you put. At point d, you can obtain 2 more units of cookies if you give up 1 unit of drills. Therefore, to obtain 1 more unit of cookies, you must give up a unit of drills. Page 1: given the following mb and mc of cookies and drills: Point c is both productively and allocatively efficient. Mb = mc at 2 units of cookies, mb=mc at 5 units of drills. (some of you confused the mb with the quantity) Suppose we have 3 consumers and 1 supplier of strawberries in our economy. 0: graph the market demand and supply curves and indicate the equilibrium fully.

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Related Questions

1. You are told that the economy is producing efficiently and has chosen to produce and consume 6 units of X and 16 units of Y. At this point on the production possibilities frontier, you can use calculus to obtain the opportunity cost of X as: A) 2 B) 1/2 C) 1 D) 3/2 E) 2/3 F)3 G) 1/3 H) 4 1) 1/4 J) 8/3 K) 3/8 L) 5/2 M) 2/5 N) 4/3 0) 3/4 P) 6 Q) 1/6 R) 8 S) 1/8 T) none of the above

1. You are told that the economy is producing efficiently and has chosen to produce and consume 12 units of X and 128 units of Y. At this point on the production possibilities frontier, you can use calculus to obtain the opportunity cost of Y as: A)-12 B)-6 C) 0 (D) 1/6 E) 3 F) 4 1/3 G) 5 H) 6 J) none of the ahove 1) 8

2. Now you are told that the economy is producing efficiently and has chosen to produce and consume 8 units of X. At this point on the production possibilities frontier, you can use calculus to obtain the opportunity cost of Y as: A) 2 B) 1/2 C) D) 3/2 E) 2/3 F) 3 G) 1/3 H) 4 1) 1/4 J) 8/3 K) 3/8 L) 5/2 M) 2/5 N) 4/3 0) 3/4 P) 6 Q) 1/6 R) 8 S) 1/8 T) none of the above