Fill in order details

  • Submit your instructions
    to writers for free!

Chat with the writer

  • Chat with preferred expert writers
  • Request a preview of your paper
    from them for free

Editing

  • Project edited by the quality evaluation department

Download Your Completed Project

  • Download the completed project from your account or have it sent to your email address

Maria can read 20 pages of economics an hour. She can also read 50 pages of sociology an hour

Problem Set #1

Opportunity Costs and Scarcity

ECON 201

PLEASE TYPE YOUR ANSWERS ON THIS SHEET AND UPLOAD TO D2L.

GRAPHS MAY BE HAND DRAWN

  1. Please graph the relationships between the variables listed below. Choose your own units and scales for the axes.  Label your axes but your drawing need not be perfectly to scale. In one sentence, please describe the relationship.
  1. Hours spent per week in varsity sports at PSU and a student’s grade point average;
  2. Temperature at a beach and number of people at the beach;
  3. Application of water (in gallons per week) and growth (in inches per week) of corn plants observed in a field of corn;2.

2. Maria can read 20 pages of economics an hour. She can also read 50 pages of sociology an hour. She spends 5 hours per day studying

a. Draw Maria’s production possibilities frontier for reading economics and sociology. Please discuss the shape of your PPF and explain why it represents the above tradeoffs.

b. What is Maria’s opportunity cost of reading 100 pages of sociology? Please explain in words.

  1. Capitalizing on its natural advantages, Oregon focuses on tourism and pinot noir grapes. The possible production combinations are given in the table below.

Year 2019 Production Possibilities in Oregon

Tourists serviced per year (thousands) Grapes produced in tons per year

(thousands)

100 0
85 37
70 47
55 55
40 61
0 65
  1. Plot a graph of the production possibilities frontier for the economy.
  2. Does the principle of increasing opportunity cost hold in this case? Please explain
  3. Plot a point on the graph that you think might represent a possible consumption point (recall that the actual point chosen will depend not only on scarcity and opportunity cost, but also on peoples’ preferences).
  4. Suppose half the grape pickers go on strike, reducing output by half. How would this affect the graph? Plot a point or redraw the graph to represent this development.
  5. Suppose that a new more productive pinot noir grape variety is developed that boosts grape production by 10%.  Alter the table above to reflect this technological development and show on your graph.

Below please find the production possibilities frontiers (PPFs) of Ghana and Spain.

Ghana PPF                                                                                        Spain PPF

Possible Combinations Possible Combinations
Cars T-shirts Cars T-shirts
0 8,000 0 12,000
100 6,000 100 9,000
200 4,000 200 6,000
300 2,000 300 3,000
400 0 400 0
  1. Given these PPFs, which country would you predict would specialize in each good? Why?
  2. Suppose a free trade deal is negotiated. What is the range of potential terms of trade?

Place your order now on the similar assignment and get fast, cheap and best quality work written by our expert level  assignment writers.

What our customers say
_____

Ishita M.Ishita M.
Great Job! Thank you so much for your work. You got it done faster than I imagined and everything is perfect. Will definitely be using you again!
Megan J.Megan J.
"As a wife, mother, and full-time student, I was struggling to try to go back to school and take care of my responsibilities. Sometimes you just need a little help, and I appreciate all the help I have gotten from Academic Research Bureau. My papers are on-time and the writers are easy to work with. Thanks for the support!"
Rajab M.Rajab M.
Universitywritingservices.com has saved me a lot of time. I was tired of taking the same classes many times over again. As an ESL student, my professors were taking points off of my assignments for my grammar mistakes. It made it very hard to feel encouraged to continue with my studies. Thankful for having found an answer for better grades."
Frank N.Frank N.
As a working student, I just really don't have the time to write paper after paper and complete assignment after assignment. Working full-time and going to school was nearly impossible until I was able to feel comfortable with the writers on this site. They make me feel secure enough to trust them with my papers. While I'm busy with life, they are busy writing my papers. They always do an outstanding job!
Courtney B.Courtney B.
Thank you! You were really patient with me and my needs. This was my first time using you guys, however, I will definitely be using you again!
John H.John H.
I cannot tell you enough how amazing your company is! Your writers are superb, on time, excellent content, so very thankful you reached out to me that day! Lifesaver for sure! Couldn’t be happier with the results I’ve gotten from my first 2 papers with you, I have 4 papers left to go and I’ll be using your company for them all!
Rebecca T.Rebecca T.
After I ordered a dissertation from your writing service, the first paper that I was given did not met my professor’s demand. I set the paper on revision and the writer made the revision for free meeting all my requirements and I was very satisfied
Thomas R.Thomas R.
I was shocked by how your writers managed to deliver my paper on time, and I was among the best in our class in that paper. Thank you so much and I will never hesitate to use you
error: protected!!