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An economy depends on two basic products, wheat and oil. To produce 1 metric ton of wheat requires
metric tons of wheat and
metric tons of oil. Production of 1 metric ton of oil consumes
metric tons of wheat and
metric tons of oil. Find the production that will satisfy a demand for
metric tons of wheat and
metric tons of oil. The input-output matrix is
left bracket Start 2 By 2 Matrix 1st Row 1st Column 0.23 2nd Column 0.08 2nd Row 1st Column 0.32 2nd Column 0.13 EndMatrix right bracket.
[ ? ]metric tons of wheat is required to satisfy the demand.
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- Suppose that the economy in the Jatinagor area has a Production Possible Limit with the equation X² + 4Y² = 64. Calculate what the value of X is if Y = 0 and what is the value of Y if X = 0 What is the opportunty cost of X if Y is constant in the economy or does it depend on the levels of output produced? Explain!(a) Explain the characteristics of the production function used in the Heckscher-Ohlin (H-O)model. (b) Explain with the help of a graph how we can determine the specific combination oftwo goods that can be produced in the economy in the H-O model.Assume a specific factors economy produces two goods, cloth, and food, and that when representing the output of this economy graphically, the cloth is on the x-axis and food is on the y-axis. When the price of clothing increases by 4% and the price of food does not change does not change, a. labor shifts from the cloth sector to the food sector labor shifts from the cloth sector to the food sector. b. the wage rate rises by more than the increase in the price of cloththe wage rate rises by more than the increase in the price of cloth. c. the output of food fallsthe output of food falls. d. the real wage rates are unaffectedthe real wage rates are unaffected.
- (Figure 15.10) At point G, the marginal cost of a pancake is 50 cents and the marginal cost of a bowl of cereal is also fifty cents. At this point, consumers are willing to trade 2 bowls of cereal for an additional pancake. Which of the following statements is (are) TRUE? Select one: A. The economy is achieving output efficiency because the MRT equals 1. B. The economy is not achieving output efficiency because the MRS is less than the MRT. C. The economy is not allocating its inputs efficiently. D. The economy is not achieving output efficiency because the MRS is greater than the MRT. the correct answer is B, please explain why?DI=Y OUTPUT/INCOME CONSUMPTION(C) SAVINGS (S) MPC MPS APC APS 0 80 ______ ____ _____ _____ _____ 100 140 _______ _____ _____ _____ __ ____ 200 200 _______ _____ _____ _____ _____ 300 260 _______ _____ ______ ______ _____ 400 320 _______ ______ ______ ______ ______ a. Complete the following chart above b. Show graphically ( what is the equilibrium level of output)? c. Assume the following general forms of a…Suppose that in Zambia, people consume only two goods, peas and beans. Suppose that John, a citizen in that country has an income of ZMW10, the price of beans is 20N per kg and the price of peas is 40N per kg. Suppose that John consumes 30 kg of beans. Assume that he wants to spend all his income, how many kg of peas is he going to consume? Assume that the price of peas falls from 40N to 20N. Assuming that John still consumes 30kg of beans, find the new quantity of peas. After the decrease in the price of peas to 20N, assume that Jonh is just as well off as he was in (a) if he has an income of ZMW7.6. However, with that income and the new price of peas he would have consumed 20 kg of beans. Find the quantity of peas he would have consumed in this case. Find the substitution effect on consumption of peas due to the decrease in the price of peas in (c). Find the income effect on consumption of peas due to the decrease in income in (c). Question d and e to be solved
- xercise 5: Production and income distributionConsider and economy with the following production technology: ,Y = 9K1/3L2/3 wherethe aggregate capital stock is K=100, and aggregate labor is L=100. The price of output is1.a) Write down the maximization problem of the firm.b) Compute the equilibrium wage and capital return.c) Compute total payments to labor and capital. Show Euler’s Theorem holds, i.e. showthat total payments to capital and labor equal the value of output.d) What share of output goes to labor and capital?e) Suppose there is an increase in L, what would be impact on wages and capital returns?Explain.Question 2 Figure 23-1 L W L N M B Refer to Figure 23-1. Which of the following pairs correctly identify W and Y? a. Markets for factors of production and markets for goods and services O b. Firms and households O c. Expenditures and income O d. Consumption and investment +03. Which of the following statements about point C is FALSE? a) production of both X and Y can increase, without more resources or improvement in technology. b) to produce more of product Y, some of product X has to be sacrificed. c) 12 units of product Y and 16 units of product X is being produced. d) the economy is not producing efficiently. e) both (a) and (d).
- Consider the following mini-economy composed of two firms (Firm 1 and Firm 2).Firm 1 is a farm and grows $4,000 of Wheat. Firm 1 keeps $1,000 of wheat in a silo to sell nextyear. Firm 1 then sells its remaining $3,000 of wheat directly to Firm 2. Firm 1 uses the $3,000 itreceives from Firm 2 to pay $2,000 to its workers, $200 on interest payments in outstandingdebts, and $800 in taxes.Firm 2 is a bakery and uses the $3,000 of wheat that it purchases to bake bread and sell it. Firm2 produces $7,000 of bread, selling $2,000 to the Government and selling $5,000 to privateconsumers. Firm 2 pays its workers $1,000, pays $1,000 in taxes, and the owner keeps the restof the money remaining as profits.13. Calculate GDP for this mini-economy using the value-added approach. What is thecontribution of each firm to this total GDP? 14. Calculate GDP for this mini-economy using the expenditure approach. What is thecontribution of each firm to this total GDP and what is the contribution of each of…QUESTION 1An individual lives for two periods and decides how much to consume in each period.- In the first period his consumption equals C1 and his income Y1 = 200- In the second period his consumption equals C2 and his income Y2 = 100He can save or borrow money in the first period to finance his consumption in the second period.The interest rate he gets in case he saves or has to pay in case he borrows money equals 7%.Determine the budget constraint of this individual. C2 = −0.935·C1 +314C2 =−1.07·C1 +314C2 =−0.8·C1 +314C2 =−1.08·C1 +314 QUESTION 2The total production of a good y is determined by the production function y = 3L2/3K1/3, where L is labour input and K capital input.The reward (factor prices) for labour and capital are, l = 27 en r = 2, respectively.The producer needs to produce 9000 units of good y.How much units of labour will he hire if he wants to miminize his total costs? 1587,4839,953000515,23 QUESTION 3A good is traded on a perfectly competitive…A production possibilities curve is drawn basedon which of the following assumptions?a. Resources are fixed and fully employed, andtechnology advances at the rate of growth ofthe economy overall.b. Resources such as nonrenewable resourceswill decline, but labor remains fullyemployed and technology is unchanged.c. Resources can vary; most resourcesexperience times of unemployment; andtechnology advances, particularly duringwartime.d. Resources such as labor and capital will growand are fully employed, and technology isunchanged.e. None of the answers correct.