required for HW1)) CP2. Why does the downward-sloping production possibilities curve imply that factors of production are scarce? CP2. A downward-sloping production possibilities curve shows that in order to obtain more of one good (or service)‚ another must be forgone. That is the meaning of scarcity—the situation where we are forced to choose among alternatives. CP3 In what ways are the bowed-out shape of the production possibilities curve and the law of increasing opportunity cost related?
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Foremost‚ in the short story “The Possibility of Evil”‚ Miss Adela Strangeworth writes suspicious letters to several peers such as Don Crane about the possible evil lurking in her town‚ believing that “if one of [her people were] in trouble she ought to know about it” (Jackson 7)‚ to which
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In: Infectious Disease Modelling Research Progress ISBN 978-1-60741-347-9 c Editors: J.M. Tchuenche and C. Chiyaka‚ pp. 133-150 2009 Nova Science Publishers‚ Inc. Chapter 4 W HEN Z OMBIES ATTACK !: M ATHEMATICAL M ODELLING OF AN O UTBREAK OF Z OMBIE I NFECTION Philip Munz1 ∗ Ioan Hudea1 † Joe Imad2 ‡ Robert J. Smith?3 § ‚ ‚ ‚ 1 School of Mathematics and Statistics‚ Carleton University‚ 1125 Colonel By Drive‚ Ottawa‚ ON K1S 5B6‚ Canada 2 Department of Mathematics‚ The University
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Summer 2013 Name: Answer key Date: SFU ID: Section: 1. Explain how three economic concepts are illustrated by the production possibility boundary. Scarcity: The production possibilities boundary (PPB) separates attainable combinations of goods from those that are unattainable. Thus scarcity is shown by the existence of some unattainable bundles of goods. Choice: Because of scarcity‚ societies must
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FOE_C02.qxd 1/15/07 14:45 Page 16 »2 The production possibility frontier (curve): the PPF or PPC The starting point in our economic analysis is to consider what an economy can produce. As consumers we may want many things‚ but there is a limit to what our economy can actually produce. This can be analysed using the production possibility frontier (PPF). In this unit we examine the factors that determine how much an economy can produce and the implications of different output decisions
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Prof. Gustavo Indart Department of Economics University of Toronto ECO 100Y INTRODUCTION TO ECONOMICS Problem Set 1 1. Labour is the only resource in an economy with the following maximum production possibilities. (The graph is drawn as a curve rather than points under the assumption that opportunity cost is constant between options.) Option 1 2 3 4 a) b) c) d) e) f) Clothes (Tons) 50 40 20 0 Food (Tons) 0 30 70 100 What is the opportunity cost of increasing Clothes production from 20 to 40
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country can produce three cars or two televisions. Assume that Home has four workers. a. Graph the production possibilities frontier for the home country. b. What is the no‐trade relative price of cars at Home? 2. Suppose that each worker in the Foreign country can produce two cars or three TVs. Assume that Foreign also has four workers. a. Graph the production possibilities frontier for the Foreign country. b. What is the no‐trade relative price of cars in Foreign? c. Using the information provided in Problem 1 regarding Home
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federal government should spend more on diabetes research. iii. Rising paper prices will increase book prices. iv. The price of bagels at Bruegger’s is too high. 3. Identify the effect of each of the following on the United States Production Possibilities Frontier (PPF). Does it shift inward‚ outward‚ or not at all? i. A decrease in the average length of annual vacations ii. An increase in immigration of foreign workers to the U.S. iii. An increase in the average retirement age iv. The
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Economics 101 Spring 2011 Answers to Homework #1 Due 2/2/11 Directions: The homework will be collected in a box before the lecture. Please place your name‚ TA name and section number on top of the homework (legibly). Make sure you write your name as it appears on your ID so that you can receive the correct grade. Please remember the section number for the section you are registered‚ because you will need that number when you submit exams and homework. Late homework will not be accepted so make
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Importance of water use in the steel industry Water’s ever-growing importance in the industrial manufacturing arena has been demonstrated by an increasing concern regarding the sufficiency of both its quantity and quality for use in industrial applications. In general‚ water is used in steelmaking as a: coolant for equipment‚ furnaces‚ and intermediate steel shapes; cleansing agent to remove scale from steel products; source of steam; medium for lubricating oils and cleaning solutions;
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