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Can you please explain what to do with p1=10 and p2=5
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- The productive capability of an economy is such that to produce 5 units of military good it takes 2 workers to be employed while 10 units of consumer goods require 3 workers. Resources are limited in such a way that only 75 units of military good can be produced when all resources are employed. a) Construct the production possibility schedule and curve for this economy. b) Graphically represent what would happen if 12 additional workers were added to the economy. c) Graphically represent what would happen if the productivity of the workers were reduced to 2 units of military good and 5 units of consumer goods. d) Graphically represent what would happen if productivity for military goods remained the same but it now required 2 workers to produce 10 units of consumer goodsA planner in a small, open economy has a utility function U = x1x2 and production takes place according to the production functions Y1 = 10L1 – 0.5L{ Y2 = 10L2 – L3 The world prices of the goods are p, = 10 and p, = 5. The total amount of labour %3D available in the economy is 5 units. i) Formulate the Lagrange equation and determine a possible solution.Assume an economy produces only two goods ( shoes and computers ) with a fixed amount of productive resources and technology and employing all its productive resources to the maximum. Production in this economy is subjected to the laws of diminishing marginal returns and resources are assumed to be fully optimized. In addition, the cost of sacrificing shoes for computers and vice versa is 1. On the basis of the forgoing assumptions , drawthe economy's production possibility frontier on hindsight of the relevant assumption and why the points outside the frontier unattainable?.
- List two real-world instances in which rational function or equation is being employed. Also, state how rational function is being applied in each real-life event.An endogenous variable is a variable explained by an economic model. An exogenous variable is a variable that is taken as given and is not explained by an economic model. True O False3. Let Robinson Crusoe's Production Possibility curve be given by the equation: ƒ²/2 + g = 150 where f is the amount of fish and g is the amount of grain he can obtain. (think of g as plotted on the vertical axis and f as plotted on the horizontal axis). Robinson's marginal rate of substitution in consumption is MRSc = 9/f. (a) Find Robinson's production-consumption optimum R*. (b) If Robinson is discovered by a world market in which Pf = 5, and Pg = 1, determine his productive optimum Q* and consumption optimum C. (Graph the results).
- Assume an economy producing only two goods (shoes and computers) with a fixed amount of productive resources and technology and employing all its productive resources to the maximum.Production in this economy is subjected to the law of diminishing marginal returns and resourcesare assumed to be fully optimized. In addition, the cost of sacrificing shoes for computers andvice versa is 1. On the basis of the foregoing assumptions, answer the following questions: Identify three ways by which the economy can attain the level of production outside the PPF.Assume an economy producing only two goods (shoes and computers) with a fixed amount of productive resources and technology and employing all its productive resources to the maximum.Production in this economy is subjected to the law of diminishing marginal returns and resourcesare assumed to be fully optimized. In addition, the cost of sacrificing shoes for computers andvice versa is 1. On the basis of the foregoing assumptions, answer the following questions: Why are points outside the frontier unattainable?How do I graph this? My equilibrium I'm getting P=14 but when I plug that into the equations I'm getting Qs= 21 and Qd= 7.
- Explain the economic reason for which consumption decisions are graphically represented as a straight line and production decisions are graphically represented as a curve.The graph below is Mendork's production possibility curve for the only two goods that it produces: quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Note: If the image does not appear, right-click on the placeholder and choose Show picture or View image. If Mendork's current production is at point A, what is the (approximate) cost of producing one more quirk? a) 50 quarks B b) 100 quarks c) 200 quarks d) One more quark e) 25 quarksAssume an economy produces only two goods ( shoes and computers ) with a fixed amount of productive resources and technology and employing all its productive resources to the maximum. Production in this economy is subjected to the laws of diminishing marginal returns and resources are assumed to be fully optimized. In addition, the cost of sacrificing shoes for computers and vice versa is 1. On the basis of the forgoing assumptions , ( i )economy's production possibility frontier on hindsight of the relevant assumption ( ii ) why the points outside the frontier unattainable? ( III ) identify three ways by which the economy can attain the level of production outside the production possibility frontier. ( iv ) what happens to the production possibility frontier when the economy discovers an improved technology for shoes ( v ) what happens to the production possibility frontier when technological change overwhelmingly favors the production of computers. ( vi ) assume now the sacrifice…