29.28.Assume that the economy of Belleland can produce a maximum of 400 products. Determine the status of the production possibilities listed below1. 200 cars & 200 TVs2. 200 cars & 280 TVs✓3. 400 cars & 0 TVs4. 280 cars & 200 TVsA. EfficientB. UnnattainableDetermine whether the following statements are normative or positive?1. The unemployment rate increased significantly during the COVID pandemic2. The federal government should extend unemployment insurance as the economy is still strugglingv 3. The price of gasoline increased by 20% last monthA. PositiveB. Normative 30.Do the following events lead to an increase or decrease in the equilibrium price of athletic wear, other things equal.?1. Wearing athletic clothing items becomes very fashionable2. Consumers are exercising more? 3. Household income has been declining in the last 5 yearsA. DecreasedB. Increased27.Pak is planning to take a day off work (8 hours) to work on some home repair.He works as an electrician and earns about $35 per hour. Pak plans to spend $1500 on materials for his home repair project?What is the opportunity cost of Pak's home repair project?$dollars.Should Pak take time off to his home project?OYes, if the cost of the project was $ 2225 if he hired someone to do itOYes, if the cost of the project was $ 1800 if he hired someone to do itOYes, because $ 1500 in material is reasonableONo, because he is giving up wages

"Since you have asked multiple questions, we will solve first question for you .. If you want any…

8. Assume that the economy of Belleland can produce a maximum of 400 products. Determine the status of the production possibilities listed below 1.200 cars & 200 TVs ✓2. 200 cars & 280 TVs 3. 400 cars & 0 TVs 4. 280 cars & 200 TVs A. Efficient B. Unnattainable

8. Assume that the economy of Belleland can produce a maximum of 400 products. Determine the status of the production possibilities listed below 1.200 cars & 200 TVs ✓2. 200 cars & 280 TVs 3. 400 cars & 0 TVs 4. 280 cars & 200 TVs A. Efficient B. Unnattainable

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 6.11P

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Concept explainers

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.

Question

29.
28.
Assume that the economy of Belleland can produce a maximum of 400 products. Determine the status of the production possibilities listed below
1. 200 cars & 200 TVs
2. 200 cars & 280 TVs
✓3. 400 cars & 0 TVs
4. 280 cars & 200 TVs
A. Efficient
B. Unnattainable
Determine whether the following statements are normative or positive?
1. The unemployment rate increased significantly during the COVID pandemic
2. The federal government should extend unemployment insurance as the economy is still struggling
v 3. The price of gasoline increased by 20% last month
A. Positive
B. Normative

30.
Do the following events lead to an increase or decrease in the equilibrium price of athletic wear, other things equal.
?
1. Wearing athletic clothing items becomes very fashionable
2. Consumers are exercising more
? 3. Household income has been declining in the last 5 years
A. Decreased
B. Increased
27.
Pak is planning to take a day off work (8 hours) to work on some home repair.
He works as an electrician and earns about $35 per hour. Pak plans to spend $1500 on materials for his home repair project?
What is the opportunity cost of Pak's home repair project?
$
dollars.
Should Pak take time off to his home project?
OYes, if the cost of the project was $ 2225 if he hired someone to do it
OYes, if the cost of the project was $ 1800 if he hired someone to do it
OYes, because $ 1500 in material is reasonable
ONo, because he is giving up wages

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