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- Review the six core principles of economics, from topic 2 this week. People choose All choices involve costs (opportunity cost) People respond to incentives in predictable ways Economic systems influence choices and incentives Voluntary trade creates wealth The consequences of choices lie in the future Then, write a 500-600 word essay on how these core principles apply to your most recent online activity as a consumer. In your work, be sure to include a definition of the new media economy.Give examples and definitions of how these economic terms are used: (Simple definitions) -factory market -opportunity cost -wealth -wants -needs -production possibilities graph -scarcityThe BBC News reported that the war between Ukraine and Russia has resulted in food prices across the world increasing by 30%. Explain two strategy that can be used to mitigate against this economic challenge.
- How does wants and needs connect to ScarcityExplain the phrase - "Man must fit his technology with ecology."5. Answer the questions using the following information. Aaron & Oscar decide to go into business together making iPads and Selfie Sticks. Using the information, answer the questions below. IPads hour Selfie Sticks hour per 25 per 9:41 Aaron 20 Oscar 10 25 a) Who has absolute advantage in making iPads? b) Who has absolute advantage in making Selfie Sticks? c) What is the opportunity cost of making one iPad for Aaron? (SHOW WORK, or you get NO CREDIT!)? d) What is the opportunity cost of making one Selfie Stick for Aaron? e) What is the opportunity cost of making one iPad for Oscar (SHOW WORK, or you get NO CREDIT!)? f) What is the opportunity cost of making one Selfie Stick for Oscar? g) Create a comparative advantage chart for Aaron and Oscar using the opportunity cost figures you found in parts c – f (create a chart like the one from your notes). h) Who has comparative advantage in making iPads? Who has comparative advantage in making Selfie Sticks? How do you know this? Circle the…
- QUESTION 7 Olivia and Susan operate a store that sells burritos. There are two main activities: chopping up the ingredients and then cooking the fillings for the burritos. Olivia and Susan are deciding who should chop the ingredients and who should cook the fillings in order to maximise output. Olivia Susan Chopped Food (kg/hr) 15 20 Cooked Food (kg/hr) 20 30 Which of the following statements are true: For Olivia, the opportunity cost of 1kg of cooked food is 1.33kgs (to 2 decimal places) of choppectood. For Susan, the opportunity cost of 1kg of cooked food is 0.67kgs (to 2 decimal places) of chopped food. Susan should specialise in chopping. Olivia has an absolute advantage in chopping.Olivia and Tura are sisters, whose parents require them to do four hours of househoid chores per week. Both children can perfom two chores walking the family dog and watering the household planta The following describe each child's productivity Production per Hour of Work Child of Dog Walks 4 of Plants Watered. Olivia Tara Please answer each of the following questions, indicating the question numbers in your answer Which child, if any, has absolute advantage in dog walks? Which child if any has absolute advantage in watering plants? (Olivia, Tara, Both, Neither) has absolute advantage in dog walks; (Olivia, Tara, Both, Neither) has absolute advantage in watering plants.3) Martha and Dave like to make identical tacos and cakes. The time it takes Martha and Dave to make tacos and cakes is given in the table below. Martha Dave 10 minutes 20 minutes 15 minutes 30 minutes Time to make a taco Time to make a cake Which person has an absolute advantage in the production of tacos, and which person has an absolute advantage in the production of cakes?
- You are an intern to the editor of a small-town newspaper in Mallsburg, Pennsylvania. Your boss, the editor, asks you to write the first draft of an editorial for this week’s paper. Your assignment is to describe the costs and the benefits of building a new bridge across the railroad tracks in the center of town. Currently, most people who live in this town must drive 2 miles through thickly congested traffic to the existing bridge to get to the main shopping and employment center. The bridge will cost the citizens of Mallsburg $25 million, which will be paid for with a tax on their incomes over the next 20 years. What are the opportunity costs of building this bridge? What are the benefits that citizens will likely receive if the bridge is built? What other factors might you consider in writing this editorial?A ng.cengage.com + Welcome to Johnston Community College Bb Support Materials and Text Chapters Two and Three - .. * MindTap - Cengage Learning >> CENGAGE MINDTAP Q Search this course Homework (Ch 02) 4. Shifts in production possibilities Suppose Japan produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for wheat, an agricultural good, and cars, a capital good. A-Z Drag the production possibilities frontier (PPF) on the graph to show the effects of a technological advance in medicine that allows workers to live longer and have extended careers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. (?) 360 300 PPF 240 180 At 120 60 PPF 10 20 30 40 50 60 WHEAT (Millions of bushels) O 9 2 9 O E…Final Year Exam: Economics 3 of 24 The definition of Product Possibility Frontier is The graph which indicates the various production possibilities of two products when resources are fixed. The graph that shows the highest amount of money a person can make over a period of time. The graph that shows how supply and demand works. The graph that tells us how well an economy is doing