Question

acquelyn |
Jacquelyn |
Jose |
Jose |

Apples |
Cherries |
Apples |
Cherries |

(Baskets) |
(Baskets) |
(Baskets) |
(Baskets) |

40 |
0 |
60 |
0 |

20 |
10 |
30 |
25 |

0 |
20 |
0 |
50 |

Which of the following best describes the opportunity cost (OC) for Jacquelyn and Jose? (ANSWER BELOW THE TABLES)

A.

A

B.

B

C.

C

D.

D

Answer #1

For every 20 basket decrease in apples, cherries increase by 10 baskets for Jacquelyn.

Her opportunity cost of producing apples = 10/20 =0.5 baskets of cherries.

Her opportunity cost of producing cherries =20/10 2 baskets of apples.

For every 25 basket increase in cherry production, apple production falls by 30 basket for Jose.

Jose's opportunity cost of producing apples = 25/30 =5/6 baskets of cherries.

Jose's opportunity cost of producing cherries = 30/25 =6/5 baskets of apples.

A production possibilities table for bananas and apples is shown
below:
Type of Production
A
B
C
D
E
Bananas (in pounds)
0
20
40
60
80
Apples (in pounds)
100
75
50
25
0
A) Based on this information, what is the opportunity cost of a
pound of apples?
B) What is the opportunity cost of a pound of bananas?

Table 1-1
Possible Output Combinations
Apples
(thousands of kilos)
Pears
(thousands of kilos)
A
70
0
B
60
20
C
50
36
D
40
48
E
30
56
F
20
60
G
10
63
H
0
65
2. Refer to Table
1-1. The Fruit Farm produces only
apples and pears. The table above shows the maximum possible output
combinations of the two fruits using all resources and currently
available technology.
a. Graph the Fruit
Farm's production possibilities frontier. Put apples on the...

Refer to Table 1. The Fruit Farm produces only apples
and pears. The table above shows the maximum possible output
combinations of the two fruits using all resources and currently
available technology.
Table 1.
Possible Output Combinations
Apples
(thousands of pounds)
Pears
(thousands of pounds)
A
70
0
B
60
20
C
50
36
D
40
48
E
30
56
F
20
60
G
10
63
H
0
65
Graph The Fruit Farm's production possibilities frontier. Put
apples on the...

Sara and Fran produce boards and sails for windsurfing.
The tables show their production possibilities.
Sara's Production Possibilities
Boards
(per week)
Sails
(per week)
60
and
0
48
and
6
36
and
12
24
and
18
12
and
24
0
and
30
Fran's
Production Possibilities
Boards
(per week)
Sails
(per week)
25
and
0
20
and
10
15
and
20
10
and
30
5
and
40
0
and
* O boards and 50 sails go in the last one
Each...

Table A
Price Quantity
$100 0
$80 10
$60 20
$40 30
$20 40
$0 50
Question 12:
Refer to Table A. Using the midpoint method, if the price
falls from $40 to $20, calculate the value of the price elasticity
of demand? What is the type of demand?
Question 14
If the price elasticity of demand for a good is 8, then if the
price decreased by 6 percent, what would happen to the quantity
demand?

Table 1
Output
Total Cost
MC
FC
VC
AFC
AVC
ATC
0
$40
10
$60
20
$90
30
$130
40
$180
50
$240
Complete the above table by filling in the empty information.
Write each formula you used to answer part (A). (2
Marks)

Table 1
Output
Total Cost
MC
FC
VC
AFC
AVC
ATC
0
$40
10
$60
20
$90
30
$130
40
$180
50
$240
Complete the above table by filling in the empty information.
Write each formula you used to answer part (A). (2
Marks)

Table 1
Output
Total Cost
MC
FC
VC
AFC
AVC
ATC
0
$40
10
$60
20
$90
30
$130
40
$180
50
$240
Complete the above table by filling in the empty information.
Write each formula you used to answer part (A). (2
Marks)

1. Find the Nash Equilibria of the following games. (Some may
have more than one!)
Player 2
D
E
F
Player 1
A
30 , 30
20 , 0
0 , 10
B
- 60 , 60
50 , 50
10 , 10
C
10 , 80
25 , 30
60 , 90
Player 2
E
F
G
H
Player 1
A
20 , 20
-5 , -5
15 , 90
15 , 15
B
5 , 70
30 ,...

- please use keyboard (don't use handwriting)
- please use your own words don’t copy and paste (no
plagiarism)
- no pictures containing text
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
Construct the production possibilities frontier (PPF) for Bill.
Put tables on the Horizontal axis and...

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