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- Country JKL has a maximum of 50 labour(hours). The tab shows maximum quantity of wheat and cotton the Country produce with different labour (hours) used. Combination A B C D E F Corn 15 14 12 9 5 0 Wheat 0 2 4 6 8 10 1) Plot the production combinations on a graph paper combinations as A to F. 2) Can Country JKL produce the following A) 4,000 kg of wheat and 9 ,000 kg of cotton B) 14,000 kg of wheat and 6 ,000 kg of cotton 3)Suppose that Country JKL produces 6,000kg of wheat and 100kg of cotton a week.Calculate the opportunity cost it of producing 3,000kg extra cotton a week.Intermediate MicroeconomicsProblem Set 10.Submission options:• in person during lectures or TA sessions;• in Xiaoye Liao’s mail box at 19 West 4th, 6th Floor;• (less recommended) e-mail Xiaoye Liao atxl775@nyu.edu– in that case, be sure to use the subject line: “Submission Problem Set 10â€.Exercise 1Consider a game of rock-scissor-paper. There are two players, player 1 and player 2,and the winner receives $1 from the loser (if they draw, nothing happens). They playthis game simultaneously.1. What kind of game is this? Express this game in normal form.2. What are the set of possible actions and strategies?3. Find all Nash equilibria of this game.Exercise 2Consider a game represented by the following payoff matrix. Find all pure strategyNash equilibria. UMD LCR?10, 0 ?10, ?1 ?10, ?1?8, ?8 0, ?102, ?14, 57, ?101, 1 Exercise 3Consider a game represented by the following…Country JKL has a maximum of 50 labour(hours). The tab shows maximum quantity of wheat and cotton the Country produce with different labour (hours) used. Combination A B C D E F Corn 15 14 12 9 5 0 Wheat 0 2 4 6 8 10 A) If Country JKL produces 8,000 kg of wheat and 5,000 kg cotton a week, does it face trade-off? Why? B) Suppose Country JKL has successfully brought in an adv technology that improves the production of cotton by 20% from its original combinations. Sketch a diagram that shows the changes of the PPC for Country JKL
- Problem 3Suppose the following data reflect the production possibilities for providing healthcare and education:Units per YearHealth Care 400 370 330 270 190 100 0Education 0 20 40 50 60 70 80(a) Graph the production possibilities curve.(b) If maximum health care is provided, how much education will be provided?(c) What is the opportunity cost of increasing health care from 270 to 330 units?Point Pizzas Airplanes A 0 200 B 80 160 C 120 100 D 140 0 Is the production combination of 120 pizzas and 110 airplanes inside, outside, or on the country's PFF and is this production attainable? is the production combination of 100 pizzas and 100 airplanes inside, outside, or on the country's PFF and is this production combination attainable?A) What is Betty Lou’s opportunity cost for 60 Apple Pies (Use Figure 4 above)? B) What is Betty Lou’s opportunity cost for 10 Chocolate Layer Cakes (Use Figure 4 above)? C) What is Betty Lou’s opportunity cost for 1 Chocolate Layer Cake (Use Figure 4 above)? Hint: Review Problems 10-19 (Session 1 Practice Problems)
- 1.a. i. Using an appropriate diagram, explain how the production possibility frontier becomes a model of scarcity, choice and opportunity cost. ii. Explain the stages of production iii. Explain 10 relevance of the stages of production to a business operator.Below is the production possibilities table for consumer goods (maize) and capital goods (tractors):Type of productionProduction possibilities A B C D Emaize 30 27 21 12 0Tractors 0 2 4 6 8i. Show these data graphically. ii. If the economy is at point C, what is the cost of one more unit of maize? iii. Suppose improvement occurs in the technology of producing tractors but not in the technology of producing maize. Draw the new production possibilities curve. iv. Now assume that a technological advance occurs in producing maize but not in producing tractors. Draw the new production possibilities curve. v. Now draw a production possibilities curve that reflects technological improvement in the production of both goods.View History Bookmarks Profiles Tab Window Help Current Students | Minneapol X MINNEAPOLIS COMMUNITY & Trock COLLEGE Communications Z minneapolis.learn.minnstate.edu/d21/le/content/6153940/viewContent/61105502/View 2 of 5 Su23 ECON 2200-80 Principles of Micro... ts Activity Files Activity 6 Question List ty 6 Question List ...: Activity 6: Chapter 10- Su23 X Assessments ♥ Resources A.12 If P = $35, the firm will supply $____ 2 Questions A.12-A.17: Here is cost data for a single firm in a competitive industry. Apply the MR - MC profit-maximizing rule. SEE NOTE ON PAGE 1. W S - A.13 If P = $45, the firm will supply____ units and earn profits of $ X A.14. If P = $55, the firm will supply_____ units and earn profits of #3 −1+ A.15. If P = $60 and there are 200 identical firms with this cost data, the quantity supplied in the market will be with each firm earning a profit of $_ D Activity 6 Question List - Su2 X Automatic Zoom units and earn profits of 4 C R Technology Help Training…
- Table 13-7The Flying Elvis Copter Rides Quantity TotalCost FixedCost VariableCost MarginalCost AverageFixedCost AverageVariableCost AverageTotalCost 0 $50 $50 $0 -- -- -- -- 1 $150 A B C D E F 2 G H I $120 J K L 3 M N O P Q $120 R Refer to Table 13-7. What is the value of M? a. $50 b. $140 c. $360 d. $410A) What is Maria’s opportunity cost to obtain 20 cartons of Blueberries (Use Figure 3 above)? B) What is Maria’s opportunity cost for 10 cartons of Strawberries (Use Figure 3 above)? C) What is Maria’s opportunity cost for 1 carton of Strawberries (Use Figure 3 above)? Hint: Review Problems 10-19 (Session 1 Practice Problems)Will all the oppotuniy cost be 1 im so confused Calculate the opportunity cost of producing the first 10 and the last 10 missiles. Missiles vs. Milk (millions of gallons) 0 4010 3020 2030 1040 0
