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Draw and explain a production possibilities frontier for an economy that produces milk and flowers. What happens to this frontier if a disease kills half of the economy’s cow?
define the term production possibility frontier
1. Do you know the assumptions which underlay the consumer’s preferences? Explain them.
Given the following information on price of Maize flour (MF) 10$, the price of Rice (R) as 15$ and income of consumer 150$ when the consumer needs to maximize his utility function
Analyze the following graph on consumer behavior, through
a. Explaining the line/curve A and C.
b. Explaining what the movement from point D to B means theoretically, express that movement mathematically.
c. Showing where is the equilibrium of consumer? Explain it.
d. Finding the value of point F and E.
The cost of sunflower seeds has increased. Sunflower seeds are an input when sunflowers are produced. Explain verbally how this change will affect the market for sunflowers. You are allowed to use a diagram to explain your answer, but you will only be allocated marks for the correct verbal explanation.
What is cost of production?
explain the background of the two companies
Due to substantial increases in prices in Country A, the real income level of the population in Country A decreases. Show on a diagram how the decrease in the income level in Country A will affect the demand for meat, which is a normal good. Also indicate how the equilibrium price and equilibrium quantity of meat will change in Country A. The direction of any changes should be clearly indicated using arrows. Note that your diagrams should be properly annotated and that marks will be deducted for any missing labels on your diagram.
Due to substatial increases in prices in country A, the al income level of the population in country A decreases. Show a diagram how decrease in the income level in country A will affect the demand for meat which is a normal good. Also indicate how the equilibrium quantity of meat will change in country A. The direction of any change should be indicated using arrows
Acme Tobacco is currently selling 5,000 pounds of pipe tobacco per year. Due to competitive pressures, the average price of a pipe declines from $15 to $12. As a result , the demand for Acme pipe tobacco increases to 6,000 pounds per year.
a) Assuming that the cross elasticity does not change, at what price of pipes would the demand for pipe tobacco be 3,000 pounds per year? Use $15 as the initial price of a pipe
Explain how economies of scale can be a barrier to entry.
Your initial post should be 3-4 paragraphs in length. Make sure to demonstrate critical thinking and analysis by using research. For full credit, include one journal article to support your post.
