Question 1: Assume that Econoland produces haircuts and shirts with inputs of labor. Econoland has 1000 hours of labor available. A haircut requires ½ hour of labor‚ while a shirt requires 5 hours of labor. Construct Econolands PPF. Answer 1: To construct Econolands Production Possibility Frontier (PPF) we first need to understand what is a PPF. A production possibilities frontier (PPF) is a graph showing the different quantities of two goods that an economy can efficiently produce with limited
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Classical and Keynesian Economic Theories Economics can be defined as a social science concerned primarily with description and analysis of the production‚ distribution‚ and consumption of goods and services. There are two main schools of thought when it comes to economics: Classical and Keynesian economics. Each theory takes a different approach to the economic study‚ but neither approach is flawless. First‚ looking at the Classical economics theory‚ it is based largely on the thought that free
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a) The price of natural gas‚ a resource used by manufacturers throughout the United States‚ doubles. Price increases because‚ the companies that sell the spiral notebooks need to mark up their price in order to keep afloat with the rising cost of natural gas. Demand is not affected. The determinant for demand on the TRIBE chart in this scenario would be related goods and services‚ since the price for a good that is used to produce spiral notebooks is increasing‚ thus leading to an increase in the
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Macroeconomics Exam 1 Instructor: Prof. Phelps Name: Results: Class: Period: Date: Read each question carefully then circle the correct answer. When you are finished transfer the answers to the Scantron sheet. Make sure that you enter your name on both the exam and the scantron sheet. You have 1 hour to complete the exam. 1. For economists‚ the word "utility" means: a) versatility and flexibility. b) rationality. c) pleasure or satisfaction.** d) purposefulness
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1. From the definition of GDP we arrive at the following expression: c + i + g + x-m = y = c + s + t Discuss the three important economic relationships that can be derived from this expression related to the definition of GDP and explain each carefully. The expression above depicts two different ways to come up with real GDP for a country. The left side of the expression explains expenditure side of computing real GDP which can be rewritten as: y = c + i + g +x – m In real terms‚ it could
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The Rainy Season In Bangladesh 68 rate or flag this pageTweet By Moktadir Muddy Road Flood Dirty water The Rainy season is one of the six seasons. It comes after the summer. Ashar and Shrabon are the months of the rainy seasons. In fact rain sets in our country in the middle of june and lasts up to the middle of September. In the rainy season the sky is overcast with deep black clouds. The sun can hardly be seen. The rivers are full to the brim. If there is sufficient rain‚ the
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Supergirl season 2 is steadily making a mark in the television platform. Batman is a constant name in the DC Comic Universe. And it is only a matter of time until he seeps into the rest of the comics. Whether it is on television‚ in movies or in the comics‚ Supergirl season 2 is paving the way to heroism. There are only a handful of women super heroes out there. But there is one super hero that stands on his own. Batman and Gotham City Batman is one of the darkest superheroes in the DC Comic Universe
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microbes‚ i.e.‚ where do microbes come from? (Think "Cell Theory") Identify four activities of microorganisms that are beneficial to human existence. Identify two activities of microorganisms that are detrimental to human existence. Identify the importance of Koch ’s postulates. Explain why the period 1857 to 1914 is called the "Golden Age of Microbiology?" Why are microbes called the "keepers of the environment"? What is normal microbiota? Your body harbors how many times as many
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What Is A Lesson Plan? There is some confusion about what a lesson plan* is and is not. A worksheet is not a lesson plan. A handout is not a lesson plan. A classroom game or activity is not a lesson plan. In fact‚ there is no need for a lesson plan to ever be seen‚ touched‚ considered or dreamed of by students‚ and nor does it even need to exist on paper or disk‚ though it usually does. A lesson plan is a teacher’s plan for teaching a lesson. It can exist in the teacher’s mind‚ on the back of an
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1. The state of California recently considered passing a tax on the services of doctors in that state in order to raise revenue to pay for universal health coverage for California residents. Suppose the average open heart surgery costs $100‚000‚ and at that price 23‚339 surgeries are performed each year. Fully explain what the most likely outcome would be in this market if a tax on surgeries is implemented. Use a graph if it will help. 2. Price Changes and Responses by Consumers | Price
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