Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 2, Problem 15APA
(a)
To determine
Draw the
(b)
To determine
Draw the MC and MB curves for B&M retailers and the online retailers before and after the availability of internet.
(c)
To determine
Identify the changes in the production possibilities and preferences.
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Use the PPF to answer the following questions:
D.
Hard drives
A
525
E.
450
400
350
300
250
200
150
100
50
5 10 15 20 25 30 35 40 45 50
Sweaters
(thousands)
3. A farm grows wheat and produces pork. The marginal cost of producing each of these products
increases as more of it is produced.
a. Make a graph that illustrates the farm's PPF.
b. The farm adopts a new technology that allows it to use fewer resources to fatten pigs. Use your graph
to illustrate the impact of the new technology on the farm's PPF.
c. With the farm using the new technology described in part (b), has the opportunity cost of producing a
ton of wheat increased, decreased, or remained the same? Explain and illustrate your answer.
d. Is the farm more efficient with the new technology than it was with the old one? Why?
Carmen and Dennis live on a desolate island. They spend their days fishing or climbing trees to collect coconuts. The following table shows how much of each activity Carmen and Dennis can produce for each hour of work. They each can work up to 12 hours a day.
Fish per hour
Coconuts per hour
Carmen
40
8
Dennis
28
7
On a piece of paper, draw Carmen's PPF with fish on the horizontal (x) axis and coconuts on the vertical (y) axis. Carment's PPF extends from Question Blank 1 of 9 to Question Blank 2 of 9. (Hint: your answer should be in the form of a point (x,y).)
Question Blank 3 of 9
has an absolute advantage in the production of fish, and
Question Blank 4 of 9
has an absolute advantage in the production of coconuts.
Carmen's opportunity cost of producing 1 coconut is Question Blank 5 of 9 fish, while Dennis' opportunity cost of producing 1 coconut is Question Blank 6 of 9 fish. Because Carmen has a
Question Blank 7 of 9
opportunity cost of producing…
Chapter 2 Solutions
Microeconomics (13th Edition)
Ch. 2.1 - Prob. 1RQCh. 2.1 - Prob. 2RQCh. 2.1 - Prob. 3RQCh. 2.1 - Prob. 4RQCh. 2.1 - Prob. 5RQCh. 2.1 - Prob. 6RQCh. 2.2 - Prob. 1RQCh. 2.2 - Prob. 2RQCh. 2.2 - Prob. 3RQCh. 2.2 - Prob. 4RQ
Ch. 2.2 - Prob. 5RQCh. 2.3 - Prob. 1RQCh. 2.3 - Prob. 2RQCh. 2.3 - Prob. 3RQCh. 2.3 - Prob. 4RQCh. 2.3 - Prob. 5RQCh. 2.3 - Prob. 6RQCh. 2.3 - Prob. 7RQCh. 2.4 - Prob. 1RQCh. 2.4 - Prob. 2RQCh. 2.4 - Prob. 3RQCh. 2.4 - Prob. 4RQCh. 2.4 - Prob. 5RQCh. 2.4 - Prob. 6RQCh. 2.4 - Prob. 7RQCh. 2.5 - Prob. 1RQCh. 2.5 - Prob. 2RQCh. 2.5 - Prob. 3RQCh. 2 - Prob. 1SPACh. 2 - Prob. 2SPACh. 2 - Prob. 3SPACh. 2 - Prob. 4SPACh. 2 - Prob. 5SPACh. 2 - Prob. 6SPACh. 2 - Prob. 7SPACh. 2 - Prob. 8SPACh. 2 - Prob. 9SPACh. 2 - Prob. 10SPACh. 2 - Prob. 11APACh. 2 - Prob. 12APACh. 2 - Prob. 13APACh. 2 - Prob. 14APACh. 2 - Prob. 15APACh. 2 - Prob. 16APACh. 2 - Prob. 17APACh. 2 - Prob. 18APACh. 2 - Prob. 19APACh. 2 - Prob. 20APACh. 2 - Prob. 21APACh. 2 - Prob. 22APACh. 2 - Prob. 23APACh. 2 - Prob. 24APACh. 2 - Prob. 25APA
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