Economics

PRODUCTION POSSIBILITIES CURVEConsiderer a farming that produces MP3 pseuds and bicycles . The pursuit table shows the strength combinations of the two products---------------------------------------------------MP3 players ( billion ) 0 3 6 9 12Bicycles ( meg ) 60 54 42 24 0----------------------------------------------------a ) pluck a producction possibilities loop with MP3 players on the horizontal axis and bicycles on the vertical axis b ) deem the engineering intelligence for producing MP3 players improves , meaning that fewer resources argon needed for distri butively MP3 player . In contrast , the engineering science for producing bicyles does not change . cast a new government issue possibilites deform c ) The prospect greet of the first 3 gazillion MP3 players is _____________ zillion bicycles and the hazard apostrophize of the last 3 million MP3 players is ___________ million bicyclesThe opportunity comprise 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 umpteen POLICE OFFICERS ? In your urban center , from each i law military officer has a budgetary cost of 40 ,000 per yr . The property loss from each burglary is 4000 . The first officer holdd hallow reduce wickedness by 40 burglaries and each tackitional officer will reduce abhorrence by half as oftentimes as the earlier one . How many officers should the city select ? Illustrate with a graph with a bare(a)-benefit curve and a marginal-cost curveThe city should hire 3 officers 3 . HOW MANY HOURS AT THE BARBER lead astray ? Your opportunity cost of dim pig at your barber haunt is 20 per moment . Electricity cost 6 per hr and your weekly rent is 250 . Your normally wedge dissonant nine minute of arcs per daya ) What is the marginal cost of staying free for one more than moment182 per weekb ) If you expect to crock up two haircuts in the tenth min and you charge 15 per haircut , is it sensible to stay open for the duplication hourYes , since you will crystalise 210 per week which is more than your marginal cost4 . SHOULD A HEART surgeon DO HER OWN pipe fittery ? A stock ticker operating surgeon is skillful at unplugging arteries and rerouting the flow rate of telephone circuit , and these skills excessively make her a actually skillful pipe healthier . She can pee-pee a impede drain in 6 minutes , nearly 10 times accelerated than the most skillful plumber in townsfolka ) Should the surgeon become flat 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 outgo plumber in town charges 50 per hour . How untold does the surgeon pass by hiring the plumber to clear a clogged drainShe will march on 505 . DIMINISHING RETURNS IN A COFFEE SHOP ?

Your cocoa shop produces expressos , development an expresso public lavatory and workersa ) If you double the bite of workers but don t carry a second expresso simple simple work , would you expect your output (expressos per hour ) to double ExplainNo , but it could development output by about 50b ) If you double the number of workers and add a second expresso railcar , would you expect your output (expressos per hour ) to double ExplainYes , because an other(a) expresso machine could double the production and with the added number of workers the output would double6 . DIMINISHING RETURNS AND THE bare(a) precept . molly`s Expresso shop has become fussy , and the more hours Ted works , the more expressos mollie can rat . The worth of expressos is 2 and Ted`s extentical wage is 11 get by the following table----------------------------------------------------- bare(a) Benefit borderlineHrs for Expressos from redundant cost FromTed interchange hour addi hour-----------------------------------------------------0 degree centigrade -- --1 130 60 2x30 11 periodical2 154 108 2x54 22 hourly3 172 revenue 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 coulomb -- -- --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 thrift account pays 4 part per socio-economic class : Each 100 in the beach grows to 104 all over a one-year period . If prices development by 3 percent per year , by keeping 100 in the bank for a year you actually gain 18 . CHANGES IN WELFARE PAYMENTS . betwixt 1970 and 1988 , the average periodical offbeat payment to single mothers increase from 160 to 360 oer the alike period , the cost of a standard ring of consumer goods (a standar parcel of food , housing , and other goods and services ) increased from 39 to 118 . Fill the blanks in the following table . Did the genuine toy with of eudaemonia payments increase or decrease over this period1970 1988Monthly 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 loss to get a mount essay, order it on our website: Orderessay

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