Guns Guns A 45,000 A F 45,000 30,000 30,000 H C 15,000 15,000 E D Butter Butter 5,000,000 11,000,000 15,000,000 15,000,000 10,000,000 14,000,000

Shen and Valerie are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye (Bushels per acre) (Bushels per acre) Shen 20 5 Valerie 50 10 On the following graph, use the blue line (circle symbol) to plot Shen's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Valerie's PPF. 200 180 Shen's PPF 180 140 120 Valerie's PPF 100 80 60 40 20 100 200 300 400 500 600 700 800 900 1000 CORN (Bushels) has an absolute advantage in the production of corn, and has an absolute advantage in the production of rye. Shen's opportunity cost of producing 1 bushel of rye is | bushels of corn, whereas Valerie's opportunity cost of producing 1 bushel of rye is | bushels of corn. Because Shen has a opportunity cost of producing rye than…

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Question 6 Listen Efficient resource allocation should be accomplished when any production of a product shows the marginal benefit outweighs marginal cost of its output. 1) True 2) False Question 7 ) Listen If we say that two variables are inversely related, this means that an increase in one variable is associated with a decrease in the other. 1) True 2) False Question 8 ) Listen Consider the problem Amy faces of how to allocate her weekly allowance between books and videos. An increase in Amy's allowance will a) shift her budget line to the right b) rotate her budget line, allowing her to buy more videos but not more books c) rotate her budget line, allowing her to buy more books but not more videos O d) shift her budget line to the left

Com 120.000 D 80.000 40.000 Robots 5.000 10.000 15.000 In the graph above, the resources in this economy are

need help with macroeconomic question  23. A Malthusian and a modern economist walk into a bar and converse as follows: MALTHUSIAN: I bet you $1,000 that I can make the average patron in this bar wealthier with a simple trick.MODERN ECONOMIST: I agree to your bet, and bet you $2,000 that I can do a better job.Thus, the Malthusian proceeds to murder half of the patrons, cleanly disposing of their bodies. The modern economist, on the other hand, replaces the bartender with a robot. How can we explain this ridiculous situation?(A) The Malthusian believes that killing people raises per-capita wealth, while the economist believes that technological improvements raise per-capita wealth.(B) The Malthusian believes that the agricultural commodities used in beer are scarce, and should be preserved; the modern economist believes that technological im- provements raise per-capita wealth.(C) There is no underlying logic to their actions.(D) The Malthusian and modern economists are both soyjacks…

Answer the following three questions based on the following graph for an economy. Wheat, tons ●C 0 B Tractors, number The choice of point B over point A as the optimal product mix for society would be based on:

Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.

Suppose the United States produces only two goods: alfalfa and computers. The following graph shows the United States’s current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F.   Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, attainable, or unattainable. Check all that apply. (refer to screenshot for table and graph)

Table 19.15 shows how the average costs of production for semiconductors (the "chips" in computer memories) change as the quantity of semiconductors built at that factory increases. a. Based on these data, sketch a curve with quantity produced on the horizontal axis and average cost of production on the vertical axis. How does the curve illustrate economies of scale? b. If the equilibrium quantity of semiconductors demanded is 90,000, can this economy take full advantage of economies of scale? What about if quantity demanded is 70,000 semiconductors? 50,000 semiconductors? 30,000 semiconductors? c. Explain how international trade could make it possible for even a small economy to take full advantage of economies of scale, while also benefiting from competition and the variety offered by several producers. Quantity of Semiconductors 10,000 20,000 30,000 40,000 100,000 Table 19.15 Average Total Cost $8 each $5 each $3 each $2 each $2 each