Angela is a farmer whose feasible frontier and biological survival constraint is shown in the figure below. Angela is forced to do what Bruno says because he is armed. The diagram below shows the combined feasible frontier and Angela's biological survival constraint. 12- E A 10. Feasible frontier: Angela and Bruno combined B D Angela's biological survival constraint 0 13 16 24 Angela's hours of free time Assume that both Bruno and Angela are solely self-interested. Which of the following statements appropriately interprets the diagram above? O a. The final allocation of grain is point F. Bushels of grain 0
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- Imagine a scenic canyon, visited by many local people as well as tourists from beyondthe local area. Consider a scenario in which a mining company has proposed to the localauthority that it be closed to the public and put into the production of coal. Thinking interms of economics as a way of adjudicating the relative value of one use of the canyon overthe other, what would you need to know in order to make a comparison or assessment?What kinds of quantitative data would inform your decision, and where might they comefrom? What kinds of things might you need to know that are hard to measure? Once youhave listed the kinds of information and data that might be available to inform this decision, do you think it would be sufficient to making this decision, why or why not?Dreamliners per period 18 16 12 8 4 8 dreamliners A 0 4 8 B QUESTION 15 Production levels to the right of the PPF are: O attainable efficient O inefficient. Ounattainable 12 Production possibility frontier E : F H ● The graph shows the PPF for Aeroland. Given the graph above, what is the opportunity cost of increasing Dreamliner production from 8 dream liners (point E) to 16 Dreamliners (point B)? O12 small jets O18 small jets O 6 small jets 16 18 20 Small jets per periodAnn and Bob are working on the kitchen. They can either bake cakes x or cook soups y or do some combination of both. They have the same indifidual PPFS: Yann =1-x ann Ybob =1-x-bob They decide to join their forces and work together. What is the maximum amount of soups y they can bake then if they bake 0.4 cakes x?
- An economy produces two goods ,X and Y .lt uses two means of production, labour and capital. A unit of labour can produce either 1unit of X or 4units of Y (or linear combination of the two).A unit of capital can produce either 4units of X or 1unit of Y (or linear combination of the two)there are 100units of each means of production. (i) Draw the production possibility frontier of the economy when the two goods can only be produced by a mixture of both factors. (ii)What will be the opportunity cost of X if the economy produces 50units of X ? (iii) Given that the production technology is linear ,will the opportunity cost of X remain unchanged when we produce 90units of X ? (iv)Briefly explain the difference between the PPC with a constant opportunity cost and the PPC with an increasing opportunity cost as more output of one good is produced. Use a well labeled diagram to explain your answer?Meghan and Jackson are both gardeners producing carrots and tomatoes. The table below compares their production possibilities schedules. Production Possibilities Schedules Meghan Carrots 10 5 0 Multiple Choice O Tomotoes 0 10 20 O If both producers decided to specialize and trade with each other, the terms of trade that would benefit both Meghan and Jackson (1 carrot = x tomatoes) would be between Carrots 24 12 0 1.25 and 2.5 tomatoes per carrot. 2 and 5 tomatoes per carrot. O2 2 and 2.5 tomatoes per carrot. Jackson 0.4 and 0.5 tomatoes per carrot. Tomatoes 0 30 60Bruno is a landowner and Angela is a farmer who pays a share of her grain output to Bruno as rent for the use of the land. Consider the following figure, which shows Angela's and Bruno's combined feasible set. Based on the figure, which of the following statements are correct? 12 Bushels of grain Total grain produced Bruno gets What Angela gets What 10 •F Angela's free time H Angela's work Angela's hours of free time 24 Feasible frontier: Angela and Bruno combined OG and/or E can be Angela's choice, depending on the shape of her indifference curves. Angela can be indifferent between G and H. Angela prefers G to working 12 hours and consuming 10 bushels. If Bruno is totally selfish, then H is his most preferred allocation of the four.
- The following diagram is the feasible set of a student, showing the combinations of her final grade and the hours of free time per day. 100 90 A 80 70 60 40 30 Feasible set 20 10 13 14 19 20 24 Hours of free time per day A E F Free time 13 14 19 20 Grade 84 81 57 50 Opportunity cost 7 Based on this information, we can say that: Points A and C are on the feasible frontier, while at B she can get a higher а. grade for the same hours of free time compared to C. Therefore the student will choose B. b. At D, the student is able to attain a higher grade but has less free time compared to C. Whether she would choose C or D then depends on her preferences. c. The marginal rate of transformation at F is 7, meaning that the student can "transform" one hour of free time into 7 extra points on her grade. d. At E, the student can attain the grade of 84 for 14 hours of free time. Therefore for one extra hour of studying, she can increase her grade by 2.5 points. Final exam markReview the numbers for Canada and Venezuelafrom Table 33.12 which describes how many barrelsof oil and tons of lumber the workers can produce. Usethese numbers to answer the rest of this question.a. Draw a production possibilities frontier for eachcountry. Assume there are 100 workers in eachcountry. Canadians and Venezuelans desire bothoil and lumber. Canadians want at least 2,000tons of lumber. Mark a point on their productionpossibilities where they can get at least 3,000tons.b. Assume that the Canadians specializecompletely because they figured out they havea comparative advantage in lumber. They arewilling to give up 1,000 tons of lumber. Howmuch oil should they ask for in return for thislumber to be as well off as they were with notrade? How much should they ask for if theywant to gain from trading with Venezuela? Note:We can think of this “ask” as the relative price ortrade price of lumber.c. Is the Canadian “ask” you identified in (b) alsobeneficial for Venezuelans? Use the…Can economics help us to understand, and deal with, the prospect of climate change dueto human activities?Your answer should include reference to at least three of the following aspects of theproblem:a) A carbon tax vs cap and tradeb) The UK’s legal commitment to reduce net carbon emissions to zero by 2050c) Assessing costs to future generationsd) Bargaining over climate changee) Environmental dynamics
- The following table describes the productionpossibilities of two cities in the country of Baseballia:Pairs of RedSocks per Workerper HourPairs of WhiteSocks per Workerper HourBoston 3 3Chicago 2 1a. Without trade, what is the price of white socks (interms of red socks) in Boston? What is the price inChicago?b. Which city has an absolute advantage in theproduction of each color sock? Which city has acomparative advantage in the production of eachcolor sock?c. If the cities trade with each other, which color sockwill each export?d. What is the range of prices at which mutuallybeneficial trade can occur?7:32 AM 0.1KB/s O 63 expert.chegg.com/expei Chegg Home Expert Q&A My answers Time remaining: 00:09:22 Economics Aristotle made a key distinction between what he called 'natural' and 'un-natural' exchange. For this assignment, answer the following two questions in a page or so. 1. What is 'un-natural' exchange and why was Aristotle so worried about it? 2. How did the feudal system, via 'Canon law', manage economic and market activity?Explain why choices you made during the Covid-19 pandemic were in your self-interest. Choices you made during the Covid-19 pandemic were in your self-interest if your choices O A. cost less than your income B. didn't harm you C. also benefited the social interest OD. were the best available for you Why might your choices not have been in the social interest? Your choices might not have been in the social interest if *** OA. your choices were rational B. you made your choices at the margin OC. your choices inflict a cost on other people OD. your choices were also in the self-interest