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1. State three reasons for the PPF to shift to the right or left.

1. State three reasons for the PPF to shift to the right or left.

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter3: Interdependence And The Gains From Trade
Section: Chapter Questions
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1. State three reasons for the PPF to shift to the right or left. 2. Describe the circular flow of income and expenditures 3. Why do you think the PPF of the Philippines will possibly shift to the left? 4. Compare the points inside the PPF and outside the PPF 5. Give four examples of normative and positive statements 6. How can you apply the principle of opportunity cost in your study? Please give an example 7. Do you think the 24-hour store follow the marginal benefit principles? Why or why not 8. If the fixed input is the two hectare of land and the variable input is fertilizer explain how the principle of diminishing return work in the outputs. 9. Give an example of positive externality. 10. Explain one factor that determines demand 11. Differentiate between the consumer and producer surplus 12. What information does the demand function convey? 13. What is the information does the point of intersection between demand and supply curve convey? 14. Give at least three conditions for the demand to shift to the right or left. 15. Give an example for the supply curve to shift to the right or left 16. Please state the law of supply and give an example 17. How can the elasticity of demand help in pricing strategy? 18. If you are selling a product with inelastic demand will you increase the price? Why or why not 19. Presently the real income of households are decreasing what do you think will happen to the demand for normal and inferior goods. 20. If you are selling sports car how can the information on the income elasticity help you sell your
Transcribed Image Text:1. State three reasons for the PPF to shift to the right or left. 2. Describe the circular flow of income and expenditures 3. Why do you think the PPF of the Philippines will possibly shift to the left? 4. Compare the points inside the PPF and outside the PPF 5. Give four examples of normative and positive statements 6. How can you apply the principle of opportunity cost in your study? Please give an example 7. Do you think the 24-hour store follow the marginal benefit principles? Why or why not 8. If the fixed input is the two hectare of land and the variable input is fertilizer explain how the principle of diminishing return work in the outputs. 9. Give an example of positive externality. 10. Explain one factor that determines demand 11. Differentiate between the consumer and producer surplus 12. What information does the demand function convey? 13. What is the information does the point of intersection between demand and supply curve convey? 14. Give at least three conditions for the demand to shift to the right or left. 15. Give an example for the supply curve to shift to the right or left 16. Please state the law of supply and give an example 17. How can the elasticity of demand help in pricing strategy? 18. If you are selling a product with inelastic demand will you increase the price? Why or why not 19. Presently the real income of households are decreasing what do you think will happen to the demand for normal and inferior goods. 20. If you are selling sports car how can the information on the income elasticity help you sell your
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