Nabia Pada 15 10 Corn Corn (units) 10 (units) 60 24 30 Wheat Wheat (units) (units) In Exhibit above, the production possibilities curves of wheat and corn for Nabia and Pada are presented. Which nation can produce a unit of corn cheaper?. Answers:Pada at 3 units of wheat. Nabia 4 units of wheat. Pada at 1/3 unit of wheat. Nada at 4 unit of of wheat. Both are the same.

Nabia Pada 15 10 Corn Corn (units) 10 (units) 60 24 30 Wheat Wheat (units) (units) In Exhibit above, the production possibilities curves of wheat and corn for Nabia and Pada are presented. Which nation can produce a unit of corn cheaper?. Answers:Pada at 3 units of wheat. Nabia 4 units of wheat. Pada at 1/3 unit of wheat. Nada at 4 unit of of wheat. Both are the same.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter15: Gross Domestic Product

Section: Chapter Questions

Problem 1SQ

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The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?
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1. DBS Farms is a producer and retailer of farm products. DBS main products are Mangoes, Pawpaw and Pineapples. The current price of the Mangoes per Kilogram is GHS 50, the Pawpaw/Kg is GHS 80 and the Pineapple is GHS 40. This year the DBS Farms sold 10,000 kgs of Mangoes, 20,000 kgs of Pawpaw and 1 million kgs of Pineapples. In an attempt to improve revenue, the managers of the firm have decided to increase all prices by 10%. Market research has suggested that the price elasticity of demand for each product is: Mangoes: - 1.5; Pawpaw: -2.5; Pineapples: - 0.6. You have been asked to evaluate the planned price increases. Comment on the planned price changes. Would a 10% price reduction have been better for some or all of the products?
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