Economics

PRODUCTION POSSIBILITIES CURVEConsiderer a nation that produces MP3 pretenders and bicycles . The following table shows the potential difference combinations of the two products---------------------------------------------------MP3 players ( billion ) 0 3 6 9 12Bicycles ( meg ) 60 54 42 24 0----------------------------------------------------a ) wee a producction possibilities loop with MP3 players on the horizontal axis and bicycles on the vertical axis b ) Suppose the engineering knowledge for producing MP3 players improves , meaning that fewer resources argon needed for distributively MP3 player . In contrast , the technology for producing bicyles does not change . bring a new return possibilites wrench c ) The luck apostrophize of the first 3 zillion MP3 players is _____________million bicycles and the prospect apos trophize of the last 3 million MP3 players is ___________ million bicyclesThe opportunity exist of the first 3 million MP3 players is 54 million bicycles and the opportunity cost of the last 3 million MP3 players is 32 million bicycles2 . HOW many POLICE OFFICERS ? In your metropolis , each guard ships officer has a budgetary cost of 40 ,000 per stratum . The property loss from each burglary is 4000 . The first officer holdd coordinate reduce wickedness by 40 burglaries and each tackitional officer will reduce crime by half as oftentimes as the previous unmatchable . How many officers should the city hire ? Illustrate with a graph with a bare(a)-benefit curve and a peripheral-cost curveThe city should hire 3 officers 3 . HOW MANY HOURS AT THE BARBER SHOP ? Your opportunity cost of sour pig at your barbershop is 20 per moment . Electricity cost 6 per hr and your weekly rent is 250 . Your normally uphold dissonant nine seconds per daya ) What is the marginal cost o f staying airfoil for one more than mo18! 2 per weekb ) If you expect to give two haircuts in the tenth hour and you charge 15 per haircut , is it sensible to stay open for the duplication hourYes , since you will earn 210 per week which is more than your marginal cost4 . SHOULD A HEART SURGEON DO HER OWN plumbing ? A heart sawbones is skillful at unplugging arteries and rerouting the merge of telephone circuit , and these skills also make her a real skillful pipe fitter . She can pee-pee a occlude drain in 6 minutes , round 10 times faster than the most skillful plumber in towna ) Should the surgeon pass on her own clogged drains ? explainYes , because she could remedy the problem fasterb ) Suppose the surgeon earn 20 per minute in heart surgical operation , and the surpass plumber in town charges 50 per hour . How some(prenominal) does the surgeon pass by hiring the plumber to clear a clogged drainShe will gain 505 . DIMINISHING RETURNS IN A COFFEE SHOP ?

Your coffee shop produces expressos , development an expresso wash room and workersa ) If you double the number of workers but don t add a second expresso simple simple railcar , would you expect your output (expressos per hour ) to double ExplainNo , but it could increase output by virtually 50b ) If you double the number of workers and add a second expresso machine , would you expect your output (expressos per hour ) to double ExplainYes , because another expresso machine could double the production and with the added number of workers the output would double6 . DIMINISHING RETURNS AND THE bare(a) commandment . molly`s Expresso shop has become fussy , and the more hours Ted works , the more expressos Molly can rat . The deter mine of expressos is 2 and Ted`s periodic wage is 11! contend the following table----------------------------------------------------- bare(a) Benefit MarginalHrs for Expressos from Additional cost FromTed interchange hour addi hour-----------------------------------------------------0 degree centigrade -- --1 130 60 2x30 11 hourly2 154 108 2x54 22 hourly3 172 receipts 2x72 33 hourly4 184 168 2x84 44 hourly5 xcl 180 2x90 55 hourly6 193 186 2x93 66 hourlyHours Ted work Expresso sales Marginal sales Marginal Benefits Ted s hourly wages0 100 -- -- --1 130 30 60 112 154 54 48 223 172 72 36 334 184 84 24 445 190 90 12 556 193 93 6 66 IF Molly applies the marginal principle , how many hours should Ted work5 hours7 . Your saving account pays 4 share per year : Each 100 in the beach grows to 104 everyplace a one-year period . If prices increase by 3 percent per year , by keeping 100 in the bank for a year you actually gain 18 . CHANGES IN WELFARE PAYMENTS . Between 1970 and 1988 , the average periodical well-being payment to single m others increase from 160 to 360 oer the very(prenominal) period , the cost of a standard ring of consumer goods (a standar wrap up of food , housing , and other goods and services ) increased from 39 to 118 . Fill the blanks in the following table . Did the genuine think about of offbeat payments increase or decrease over this period1970 1988Monthly social welfare payment 160 360Cost of a standard basket of goods 39 118Number of baskets per week 4 3 The real value of welfare payments decrease over 1970 to 1988 ...If you want to get a wide-cut essay, order it on our website: OrderEssay.net

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