Problem 1
Bill can produce either tables or chairs. Bill can work up to 10 hours a day. His production possibilities are given in the table below:
Tables |
Chairs |
0 |
100 |
10 |
80 |
20 |
60 |
30 |
40 |
40 |
20 |
50 |
0 |
Problem 2
Suppose the market for corn is given by the following equations for supply and demand:
QS = 2p − 2
QD = 13 − p
where Q is the quantity in millions of bushels per year and p is the price.
Sketch the supply and demand curves on a graph indicating
12
Page numbers are mentioned.
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