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Group Assignment 1: Analyzing Opportunity Costs in Production | Microeconomics | Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh

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Môn: Microeconomics 613 tài liệu

Trường: Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh 1.9 K tài liệu

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Exercise 1:
a. Graph the data in the table. Are there constant or increasing
opportunity costs for the production of missiles?
There are increasing opportunity costs in the production of missiles
because the production of cars decreases dramatically as larger
quantities of missiles are produced.
b. If the economy is currently at point C:
It is 4500 guided missiles [(21000 12000)/2]. –
- What is the cost of one thousand more guided missiles?
It is one-third of a million cars [(4-2)/6].
c. Label a point G inside the curve of the graph. What does it indicate?
It indicates unemployment.
d. Label a point H that lies outside the PPF curve.
A
B
C
D
E
0
2
4
6
8
10
12
14
0 5 10 15 20 25 30 35 40 45
CARS (MILLIONS)
GUIDED MISSILES
(THOUSANDS)
P
1
P
2
P
3
G
H
- What does this point indicate?
It is at present unattainable.
- What must occur before the economy can attain the level of production
indicated by point H?
Economic development must.
e. Suppose improvement occurs in the technology of producing guided
missiles but not in the production of cars.
- Draw the new PPF curve on the graph you created. (P )
1
- Now draw a curve that reflects improvement in the production of both
products. (P
3
)
Exercise 2:
a. Draw the production possibility frontier curve (PPF) for this
economy
A
B
C
D
E
0
5
10
15
20
25
30
0 2 4 6 8 1 0 1 2
WHEAT (TONS)
CLOTHS (1000 SET)
5
5
6
9
4
3
2
1
b. If output of wheat and cloths are 9 tons of wheat and 4000 set of
cloths, what do you think about productive efficiency of this
economy?
If output of wheat and cloths are 9 tons of wheat and 4000 set of
cloths, it means that this economy uses resource inefficiently.
c. Can this economy produce 20 tons of wheat and 10,000 set of
cloths?
No, it can’t because the PPF shows that only 4000 set of cloths are
produced when this economy produces 20 tons of wheat.
d. Calculate opportunity costs of producing wheat and cloths? (PPF)

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Preview text:

Exercise 1:
a. Graph the data in the table. Are there constant or increasing
opportunity costs for the production of missiles? 14 12 P3 ) S 10 P2 N H IO L P 8 1 E IL (M S 6 D R A C 4 C G 2 B 0 A 0 5 10 15 20 25 30 35 40 45 GUIDED MISSILES (THOUSANDS)
There are increasing opportunity costs in the production of missiles
because the production of cars decreases dramatically as larger
quantities of missiles are produced.
b. If the economy is currently at point C:
- What is the cost of one million more cars?
It is 4500 guided missiles [(21000 – 12000)/2].
- What is the cost of one thousand more guided missiles?
It is one-third of a million cars [(4-2)/6].
c. Label a point G inside the curve of the graph. What does it indicate? It indicates unemployment.
d. Label a point H that lies outside the PPF curve.
- What does this point indicate?
It is at present unattainable.
- What must occur before the economy can attain the level of production indicated by point H? Economic development must.
e. Suppose improvement occurs in the technology of producing guided
missiles but not in the production of cars.
- Draw the new PPF curve on the graph you created. (P1)
- Now draw a curve that reflects improvement in the production of both products. (P3) Exercise 2:
a. Draw the production possibility frontier curve (PPF) for this economy 30 25 A 5 S) 20 B N 4 O 5 (T T 15 C A E 3 H 6 W 10 D 2 5 9 0 E 0 2 4 6 8 1 1 0 1 2 CLOTHS (1000 SET)
b. If output of wheat and cloths are 9 tons of wheat and 4000 set of
cloths, what do you think about productive efficiency of this economy?
If output of wheat and cloths are 9 tons of wheat and 4000 set of
cloths, it means that this economy uses resource inefficiently.
c. Can this economy produce 20 tons of wheat and 10,000 set of cloths?
No, it can’t because the PPF shows that only 4000 set of cloths are
produced when this economy produces 20 tons of wheat.
d. Calculate opportunity costs of producing wheat and cloths? (PPF)

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