Question 1: Per hour‚ Kim can produce 40 pies OR 400 cakes‚ whilst Liam can produce 100 pies OR 200 cakes. a. Calculate Kim’s and Liam’s opportunity costs of producing one pie. Kim’s opportunity cost of producing a pie is 400/40 = 10 cakes per pie. Liam’s opportunity costs of producing a pie is 200/100 = 2 cakes per pie b. If Kim and Liam spend 30 minutes of each hour producing pies and 30 minutes producing cakes‚ how many pies and cakes does each of them produce? Kim produces 20 pies and 200 cookies
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Kim 6 ASSIGNMENT 1 1. Chapter 1 (page 34) 1) Why is economics central to an understanding of the problems of development? It is because that the development of a country depends on economic factors. Economics helps you to interpret how a country is developing‚ economic policies of a country that determine whether or not it develops and how fast it develops if it performs. In addition‚ economics helps you to understand how wealth and finance are distributed‚ and the causes and effects of borrowing
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Assignment 3: Economics 202 Problems for Chapter 13 1. Economists in Funlandia‚ a closed economy‚ have collected the following information about the economy for a particular year: Economists also estimate that the investment function is: where r is the country’s real interest rate‚ expressed as a percentage. Calculate private saving‚ public saving‚ national saving‚ investment‚ and the equilibrium interest rate. Please note: national savings is not related to the interest rate‚ which means that
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SOC 201 – Final Study Sheet This is a study sheet and not an all-inclusive review. A majority of what you need to know is on here but you are also responsible for the materials covered in the readings that we did not discuss in class‚ as well as the films‚ and online articles. I suggest you study the reviews at the end of each chapter in the book‚ and take the practice tests. Good luck! What is the difference between sex and gender? What is sexuality? Sexual orientation? Sex: The biological
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Influences on Sibling Relationships By D.H. Sailor Pearson Allyn Bacon Prentice Hall Updated on Jul 20‚ 2010 The family constellation‚ or structure of the family‚ the relationships within the family‚ and the characteristics of the individual children all impact sibling relationships. Family constellation refers to the number and sex of the adults and children including the birth order‚ type of relationship (biological‚ adopted‚ stepparent or sibling)‚ age‚ and spacing of the children.
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Week two’s objective discussed about interesting topics that have challenge each members in different ways. The objective of week two’s topics discusses the connection between the amount of inputs and the law of diminishing marginal productivity. Moreover‚ it consists of production and cost analysis. Each individual are required to analyze the relationship between productivity and the cost of production. Furthermore‚ the objective analyzed the effect of changes in the supply of and demand for factors
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The ideas of economists and political philosophers‚ both when they are right and when they are wrong‚ are more powerful than is commonly understood. Indeed‚ the world is ruled by little else. Practical men‚ who believe themselves to be quite exempt from any intellectual influences‚ are usually the slaves of some defunct economist. J.M. Ke yn es ‚ T he General Theory ‚ [ p 3 8 3 ] C hapter 1 AN INTRODUCTION TO THE HISTORY OF ECONOMIC THOUGHT: AN OVERVIEW In every society it is necessary
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Economics is rich in theory. For economists‚ theory provides a framework for understanding and analysing economic phenomena. There are several types of theory to provide some insight into the trading activity subject to a nation and industry. For instant Revealed Comparative Advantage‚ it is a theory or some call an index for indicating how that activity compares to the activity of one or more similar entities. More importantly the initial meaning of this approach is to gain some good understanding
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How successful were Mao’s economic policies? One of the major reasons for why the GMD lost the civil war was because of their economic mismanagement‚ which then left the same problems for Moa and his government to deal with. So it is worth pointing out that it was not Mao who started the economic mess‚ but whether he helped to clear it up is what I hope to find out. The problems he faced included the hyper inflation‚ mass poverty across the country and a large debt owed to the west. Mao’s aims for
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University of Southern California Econ 513 Spring 2012–2013 Prof. Sakata Final Examination Date: Tuesday‚ April 14‚ 2013 Instruction: (a) This is a two-hour‚ closed-book exam. Put away everything but pens‚ pencils‚ erasers‚ and a numeric calculator. (b) Write your name and student ID on the front pages of the exam and its appendix‚ and continue to read this instruction. Do NOT look at other pages‚ however‚ until you are told to start to write the exam. (c) Solve all problems. (d) Fully
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