Project #76478 - Economics

                                                     A        B         C     D  E

 

           Automobiles                       0          2         4     6       8

           Forklifts                             30      27       21      12      0

 

A-Show these data graphically. Upon What specific assumptions is this production possibilities curve based?

B-If this economy is at point C, what is the cost of the  more automobile? Of one more forklift? Which Characteristic of the production possibilities curve reflects the of increasing opportunity costs: its shape or its length?

C-If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 forklifts, what could you conclude about its use of its available resources? 

 

 

D-Is production at a point outside the production possibilities curve currently possible? Could a future advance in technology allow production beyond the current production possibilities curve? Could international trade allow a country to consume beyond its current production possibilities curve? 

 

7. Suppose that the demand an supply schedule for rental apartments in the city of Gotham are as given in the table below:

Monthly Rent     Apartments Demanded       Apartments Supplied

$2500                           10,000                              15,000

2,000                            12,500                             12,500

1,500                          15 ,000                                  10,0000

1,000                           17,500                                7,500

500                               20,000                                5,000

 

A-What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied?

B- If the local government can enforce a rent –control law that sets maximum monthly rent at$1500, will there be a surplus or a shortage? Of how many units? And how many units will actually be rented each month?

C-Suppose a new government is elected that want to keep out the poor. It declares that the minimum rent that can be charged is $2500 per month. If the government can enforce that price floor, will there be a surplus or a shortage? Of how many units? And how many units will actually be rented each month?

 

D-Suppose the government wishes to decrease the market equilibrium monthly rent by increasing the supply of housing. Assuming that demand remains unchanged, by how many units of housing would the government have to increase the supply of housing in order to get the market equilibrium rental price to fall to $1500 per month? To $1,000 per month? To $500 per month? 

 

 

ALL STEPS MUST BE SHOWN

Further Instructions: Problem Preparation and Submission Guidelines Form, format, presentation, and appearance are almost as important as correct numbers. Poor presentation, in both written work (Word) and spreadsheets (Excel) is an indication of careless thinking and analysis. You cannot earn full credit, even if the solutions are correct, if your work is not presented in a professional manner. All submitted written work should include your name, the course number, and the title of the problem set. In addition, remember that all conclusions must be supported. You should show the steps you took to arrive at your conclusion. Numbers and calculations are not self-explanatory. Your assignment should be "in good and proper form" when submitted. That means, for example, when you prepare economic information, your numbers must be aligned on the decimal and right justified. Use commas for thousands. Use underlines and dollar signs appropriately. Every answer must be properly labeled and supported with calculations in statement or schedule (table) form, as you would do in a professional setting. Do not type formulas, equations, and calculations or show math or equal signs. When finished, submit your completed problems in one file (Word or Excel) for grading and instructor feedback. Word file: The cover page must include your name, course, date, unit and assignment numbers, and problem number. Each problem must begin on a new page with a hard page-break. If you use Word to prepare calculations, prepare them in table form as if it were in Excel. Do not write anything past the margins. Excel file: The first tab is the cover page and must include your name, course, date, and the unit and assignment number. Each problem must be numb on a separate tab. Each tab must be properly labeled. Note that Excel is not actually required, but if you use Excel, you must use it correctly: one number in one cell, and each number (cell) properly labeled. Do not type formulas; instead, you must use Excel functions to calculate. Do not write anything past the margins. Use landscape page orientation if necessary.

Subject Business
Due By (Pacific Time) 07/17/2015 12:00 am
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