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Econ Study Guide

by: Hope Drews

Econ Study Guide Econ 103

Hope Drews
Principles of Economics: Microeconomics

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About this Document

Study Guide covers chapters 1-3
Principles of Economics: Microeconomics
Study Guide
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This 0 page Study Guide was uploaded by Hope Drews on Thursday February 25, 2016. The Study Guide belongs to Econ 103 at University of Wisconsin - Milwaukee taught by McGinty in Winter 2016. Since its upload, it has received 24 views. For similar materials see Principles of Economics: Microeconomics in Economcs at University of Wisconsin - Milwaukee.


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Date Created: 02/25/16
P P PP N Food Machines 100 O 95 10 85 25 4O 45 50 20 O 50 PPFComparative Advantage Plot the PPF by putting Food on the vertical Yaxis What is the opportunity cost of a Machine between points A and B What is the opportunity cost of a unit of food between points A and B What is the opportunity cost of a machine between the points B and C What is the opportunity cost if a machine between points C and D What is the opportunity cost of 40 machines and 40 units of food Is the point efficient What happens to the opportunity cost of a machine if the production of machines increases Why is this Cheese Coffee US 6 12 Cdombm 12 15 gt trimmmpow Draw the PPF for the US and Colombia if the US has a population of 300 units of labor and Colombia has a population of 60 units of labor Which country has an absolute advantage in cheese Which country has an absolute advantage in coffee What is the opportunity cost of a pound of coffee in the US What is the opportunity cost of a pound of cheese in the US What is the opportunity cost of a pound of coffee in Colombia What is the opportunity cost of a pound of cheese in Colombia Which country has the comparative advantage in coffee Which country has the comparative advantage in cheese Suppose each country produces only the good that they have a comparative advantage in How much of each good does the US produce How much of each good does Colombia produce SupplyDemand Equilibrium Question 1 Using supply and demand diagrams show the effects on equilibrium price and quantity for the following situations Begin at an initial equilibrium and show the effects on the demand or supply curves as well as the effect on equilibrium price and quantity Try to explain why the shifts happen a The market for Wisconsin Cheese Situation 1 There is a disease amongst the cows in Wisconsin and they cannot produce milk anymore Situation 2 Wisconsin cheddar wins the international cheese award b The market for Leonardo Di Caprio movies on DVD Situation 1 Leonardo Di Caprio wins an Oscar Situation 2 The price for aluminum to produce DVD s increases c The market for McDonalds breakfast muffins Situation 1 People have more stress at work and don t have time to eat at home Situation 2 Burger King introduces a cheaper breakfast option d The market for winter boots Situation 1 The meteorologists just forecasted the warmest winter in centuries Situation 2 Scientists discover a new material which is cheaper warmer and water resistant Question 2 Suppose demand and supply are given by Pl254Q P52Q i Find equilibrium price and quantity ii If an advertising campaign in uences consumers tastes and changes the demand curve to P1854Q What is the new equilibrium price and quantity iii Draw a diagram showing your answers from the rst two questions Question 3 a Draw the demand and supply curve in a diagram b Find the equilibrium price and quantity c What can you tell about the slope of the two curves SUPPD DEMAND P Q P Q o o o 260 10 50 10 245 20 100 20 230 30 150 30 215 40 200 40 200 50 250 50 185


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