Suppose the production possibility frontier for cheese-burgers (C) and milkshakes (M) is given by C + 2M = 600 a. Show working and graph this frontier.   b. Assuming that people prefer to eat two cheeseburgers with every milkshake, how much of each product will be produced? show working and indicate this point on the graph.   c. Given that this fast-food economy is operating efficiently, what price ratio (PC/PM)                must prevail? show working

An economy depends on two commodities, bees and honey. It takes 3/4 units of bees to produce 1 unit of honey and 1/2 unit of honey to produce 1 unit of bees. Find the production required to satisfy a demand of 100 units of bees and 300 units of honey. Hint: x = (I - A) ^ - 1 * D   Please step by step answer.

The utility possibility frontier is defined as the set of maximum utility levels for all consumers that is feasible in the economy, given resource constraints and preferences. For a two-consumer economy, it is defined formally as the solution to: u (ūB) = max u A (xA) subject to ug(xB) > ūg and (xA, XB)feasible. For each of the economies above, find an equation for the utility possibilities frontier, and graph it.

Suppose that Felix and Janet represent the only two consumers of jeans in some hypothetical market. The following table presents their annual demand schedules for jeans: Price (Dollars per pair) 10 20 60 50 On the following graph, plot Felix's demand for jeans using the green points (triangle symbol). Next, plot Janet's demand for jeans using the purple points (diamond symbol). Finally, plot the market demand for jeans using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. PRICE (Dolars per pair) 8 40 20 10 D 30 40 50 0 16 Felix's Quantity Demanded Janet's Quantity Demanded (Pairs) (Pairs) 32 48 20 32 12 24 4 16 8 32 0 48 64 QUANTITY (Pairs) 80 96 4 Felix's Demand > Janet's Demand Market Demand

Problem 2: At the start of the COVID-19 pandemic, it was difficult to find supplies of standard household toilet paper in grocery stores. Using supply and demand analysis, speculate as to why? Problem 3: Consider an individual's demand curve for a specific good, given that person's preferences and income. That demand curve depicts how that individual's quantity demanded of a particular good (say boneless skinless chicken thighs) depends upon the price. Specifically, the individual's demand curve plots the answers to "what is the utility maximizing quantity of that specific good given the person's preferences and income for a specific price for that good, holding fixed the prices of all other goods?" A typical good is depicted on pages 21 and 24 of Notes N2. Page 21 shows how the utility- maximizing amount of beer varies with the price change by showing how the consumer maximizes their utility subject to the budget constraint (which varies with the price of beer). Page 24 summaries…

Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer.     Assume that sugar-based soft drinks are produced in a market shown on the graph above. Answer the following questions based on the information given in the graph. (a) To reduce the consumption of sugary soft drinks, suppose the government imposes a $2 per-unit sales tax on soft drinks. (i) Will the price of soft drinks increase by the full amount of the sales tax? Explain. (ii) Calculate the tax revenue the government can collect from the sale of soft drinks. Show your work. (iii) Will the consumer surplus increase, decrease, or stay the same after the tax? (iv) Calculate the deadweight loss created by the tax. Show your work.   (b) Suppose that instead of imposing the per-unit sales tax,…

Suppose firms exit the market for widgets. This would A (increase/decrease) the A (supply/demand) of widgets. At the same time, health researchers publish research that widgets increase your risk for cancer. This would A (increase/decrease) the A (supply/demand) for our widgets. Suppose the change in demand is stronger than the change in supply, the equilibrium price of widgets (increases/decreases/ambiguously changes). A/ changes), and the equilibrium quantity of widgets A (increases/decreases/ambiguously

d) They use controlled experiments much the same way a biologist or physicist does. B1) In a pure mkt economy, goods are rationed by: a) the price b) the person's need c) a central planner (usually a gov't) d) "first come, first serve"

Assume the market clearing price is $5.00 for deli sandwiches and the amount of exchange that would take place at that price is 200 deli sandwiches per day. You, however, don't have this information and have just opened your deli. You decide to price your sandwiches at $9.00 and are willing and able to sell 285 sandwiches per day at that price. When you do this, you notice you sell 100 sandwiches per day. Draw this situation on a graph and then explain what will happen in this market -- i. e., if there is a shortage or surplus, show this on the graph and then explain what the shortage or surplus will cause to happen in the market. Make sure you talk about inventories in your answer.

Suppose it is known that the number of goods "X" demanded and offered at two different price levels is as shown in the following table: Price Amount Requested (Unit) Amount Offered (Unit) (IDR) 120 160 180 150 2400 2000 Based on the data in the table above, determine the demand function (Qd) and the supply function (Qs) of the goods "X", and determine the market equilibrium point and draw a graph of the market balance!