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Why does the PPF bow outward and what does that imply about the relationship between opportunity cost and the quantity produced?
How does the marginal benefit from a good change as the quantity produced of that good increases?
What are the flows in the market economy that go from firms to households and the flows from households to firms?
Show how the arrival of inexpensive broadband has changed the PPF. Sketch a marginal benefit curve for video entertainment.
Draw a graph of Kim's PPF and Liam's PPF and show the point at which each produces when they spend 30 minutes of each hour producing pies and 30 minutes.
If each spends 30 minutes of each hour producing pies and 30 minutes producing cakes, how many pies and cakes does each produce?
What is the opportunuity cost of Toyoto upgrading its workers' skills and creating new technology?
Capital accumulation and technological change bring economic growth. Why doesn't economic growth bring an end to scarcity one day?
Draw a marginal cost curve and marginal benefit curve that are consistent with Dr. Kochi's opinion.
Why Is Dr. Kochi talking about production efficiency or allocative efficiency or both?
Draw the PPF curves for downtown music retailers and online music retailers before and after the Internet became available.
What are the social institutions that Cuba might lack that help Canada to achieve allocative efficiency?
Make a graph that illustrates the farm's PPF. Is the farm more efficient with the new technology than it was with the old one? Why?
Distinguish between production and allocative efficiency. Why many production possibilities achieve production efficiency but only one allocative efficiency.
Calculate Tessa's opportunity cost of producing a cap. Who has a comparative advantage in producing caps?
Who now has a comparative advantage in producing jackets? Would Sue and Tessa still be willing to trade 1 jacket for 15 caps? Explain your answer.
What is meant by the term neoclassical counterrevolution? What are its principal arguments, and how valid do you think they are? Explain your answer?
Explain the effects of the income and substitution effect of an increase in the price of good. What is overall effect, and give an example of a Giffen good.
Identify three of the most environmentally negative impacts of the Industrial Revolution and justify your choices.
Determine the effect on equilibrium price of the introduction of specific tax of value t=8. Is the tax over shifted? Justify your answer.
Explain three possible feelings or thoughts that a person who has been subjected to violent crime may have?
Apple Inc. decides to make iTunes freely available in unlimited quantities. Does Apple's decision change the incentives that people face?
The night before an economics test, you decide to go to the movies. Did you face a tradeoff? What was the opportunity cost of your evening at the movies?
Sponsors spent $27.6 billion on hotels and facilities hoping to turn Sochi into a year-round tourist magnet.
How does the creation of a successful movie influence what, how, and for whom goods and services are produced?