Fill a form in 3 easy steps - less than 5 mins.
Posted: November 29th, 2022
Econ 102 Homework #1 McLeod
Late homework will not be accepted!
1. (36 points) Assume Georgia and Alabama each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states:
Georgia Alabama
Oranges 12 4
Grapefruit 18 3
a) (4 points) What is the opportunity cost (in terms of the amount of Grapefruits given up) of producing 24 Oranges in Georgia?
____________________ Grapefruits
b) (4 points) What is the opportunity cost (in terms of the amount of grapefruits given up) of producing 24 Oranges in Alabama?
____________________ Grapefruits
c) (8 points)
Who has the absolute advantage in the production of oranges?
Who has the absolute advantage in the production of grapefruits?
Who has the comparative advantage in the production of oranges?
Who has the comparative advantage in the production of grapefruits?
d) (8 points) In this exercise, you will find actual points on the combined Production Possibilities Frontier (PPF) of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
Oranges Grapefruits
432
360
1860
460
e) (12 points).
In the space below, draw the graph of the COMBINED Production Possibilities Frontier. Put Oranges on the Vertical axis, and Grapefruits on the Horizontal axis. Make sure your graph is accurate and carefully labeled in order to receive full credit.
2. (14 total points) Suppose the demand for baseball hats in State College is given by Qd = 280 – 2P where Qd is the quantity demanded, and P is the price of baseball hats. Also, suppose the supply of baseball hats is given by Qs = 6P – 40, where Qs is the quantity supplied of baseball hats
a) (4 points) Calculate the equilibrium price of baseball hats and the equilibrium quantity of baseball hats in State College.
P* = ___________________________________
Q* = ___________________________________
b) (10 points) On a single graph, graph the demand and supply of baseball hats. Make sure your graph is accurate and carefully labeled. Put Price on the vertical axis and Quantity on the horizontal axis. On your graph, label the equilibrium price P*, and the equilibrium quantity Q*.
You Want Quality and That’s What We Deliver
Our writing team is assembled through a rigorous selection process, where we handpick accomplished writers with specialized expertise in distinct subject areas and a proven track record in academic writing. Each writer brings a unique blend of knowledge and skills to the table, ensuring that our content is not only informative but also engaging and accessible to a general college student audience
Competitive pricing is a cornerstone of our service, where we balance affordability with exceptional quality. In offering the best writers at rates that rival other writing services, we ensure that students can access top-notch content without breaking the bank unnecessarily. Our fair and transparent pricing structure is designed to provide value for money, making us a go-to choice for students seeking high-quality writing services at an affordable price.
Academic integrity is paramount to our writing service, which is why we produce original research and writing content for every paper. Each piece of work is carefully written from scratch, ensuring that every sentence, paragraph, and page is authentic and free from plagiarism. Our rigorous quality control process involves thorough scanning of every final draft, guaranteeing that the content meets the highest standards of originality and academic integrity. With keen attention to citation and referencing, we ensure that every source is properly credited, giving you complete peace of mind. We also have the best plagiarism checkers like safeassign and turnitin thus providing similarity score for each paper.
When you decide to place an order with Dissertation Help, here is what happens: