Economics, 11th canadian edition, answers to even numbered questions
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Economics, 11th canadian edition, answers to even numbered questions
Chapter 1: Economic Issues and ConceptsQuestion 2Traditional systems: Behaviotư is based primarily on tradition, custom, and habit.Command systems: De Economics, 11th canadian edition, answers to even numbered questionsecisions about production and consumption are determined by a central planning authority.Free-market systems: Production and consumption decisions are made privately, by decentralized producers and consumers.Mixed systems: Economic systems in which there are elements of tradition, command, and free Economics, 11th canadian edition, answers to even numbered questionsmarkets.Question 4a)At point A. 2.5 tonnes of clothing and 3 toiuies of food are being produced per year. At point B. annual production IS 2.5 toiuiesEconomics, 11th canadian edition, answers to even numbered questions
of clothing and 7 toiuies of food. At point c. annual production is 6.5 tonnes of clothing and 3 tonnes of foot!.b)At point A the economy IS either uChapter 1: Economic Issues and ConceptsQuestion 2Traditional systems: Behaviotư is based primarily on tradition, custom, and habit.Command systems: De Economics, 11th canadian edition, answers to even numbered questionsces because they are on the PPB.c)At point B. the opportunity cost of producing one more toiuie of food (and increase from 7 to 8) is the 2.5 toiuies of clothing that must be given up. The opportunity cost of producing one more tonne of clothing (from 2.5 to 3.5) appears, from the graph, to be appro Economics, 11th canadian edition, answers to even numbered questionsximately 0.75 toimes of food.d)Point D is unattainable given the economy's current technology and resources. Point D can become attainable with a suffEconomics, 11th canadian edition, answers to even numbered questions
icient improvement in technology or increase in available resources.Question 6a)As the table shows, there are only 250 workers 111 Choiceland, and to Chapter 1: Economic Issues and ConceptsQuestion 2Traditional systems: Behaviotư is based primarily on tradition, custom, and habit.Command systems: De Economics, 11th canadian edition, answers to even numbered questions table, we can plot the output levels on a graph to get the following:2005 Pearsen Education Canada Inc.b)If the economy is already producing 60 units of X and 600 units of Y. then 10 extra units of X can only be produced by reducing the production of Y by 250 units. Tile opportunity cost of 10 unit Economics, 11th canadian edition, answers to even numbered questionss of X is therefore 250 units of Y (or 25 units of Y per unit of X). If the economy is ahead}' producing 70 units of X, the opportunity cost of producEconomics, 11th canadian edition, answers to even numbered questions
ing an additional 5 units of X IS the forgone 350 units of Y (or 70 units of Y per unit of X). Thus, we see that the opportunity cost of X rises when Chapter 1: Economic Issues and ConceptsQuestion 2Traditional systems: Behaviotư is based primarily on tradition, custom, and habit.Command systems: De Economics, 11th canadian edition, answers to even numbered questionsway. specifically, the Y values increase by 10 percent for any given X value, as shown below.Quantity of XQuestion 8In general, the opportunity cost for any activity includes three things:•the direct cost of the activity, plus•whatever you give up in order to do the activity, minus•whatever “savings Economics, 11th canadian edition, answers to even numbered questions” the activity generatesIn this case, the direct cost of transportation, hit tickets and accommodation of S300 IS definitely included. The income of sEconomics, 11th canadian edition, answers to even numbered questions
120 that you give up also counts. Finally, we must deal with the restaurant meals of $75. Surely you would have eaten some food even if you hadn't goChapter 1: Economic Issues and ConceptsQuestion 2Traditional systems: Behaviotư is based primarily on tradition, custom, and habit.Command systems: De Economics, 11th canadian edition, answers to even numbered questionsobably include most of the $75. Thus the opportunity cost of the ski trip is $420 plus some (large) fraction of the $75.Economics, 11th canadian edition, answers to even numbered questions
best illustrated in a scatter diagram; the “line of best fit” is clearly upward sloping, indicating a positive relationship between average investmentChapter 1: Economic Issues and ConceptsQuestion 2Traditional systems: Behaviotư is based primarily on tradition, custom, and habit.Command systems: DeChapter 1: Economic Issues and ConceptsQuestion 2Traditional systems: Behaviotư is based primarily on tradition, custom, and habit.Command systems: DeGọi ngay
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