QUESTION 24 Refer to the information provided in Figure 12.4 below to answer the question(s) that follow. a. Industry X Price per unit of X (S) Price per unit of Y ($) 0 so b. Industry Y Q¹0⁰ S¹ D¹ Units of X SO DI Dº Units of Y Figure 12.4 There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of sº and Dº. Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, firms in sector X are now earning profits; breaking even O breaking even; breaking even O earning profits; suffering losses breaking even; suffering losses and firms in sector Y are now

QUESTION 24 Refer to the information provided in Figure 12.4 below to answer the question(s) that follow. a. Industry X Price per unit of X (S) Price per unit of Y ($) 0 so b. Industry Y Q¹0⁰ S¹ D¹ Units of X SO DI Dº Units of Y Figure 12.4 There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of sº and Dº. Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, firms in sector X are now earning profits; breaking even O breaking even; breaking even O earning profits; suffering losses breaking even; suffering losses and firms in sector Y are now

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 13P

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Imagine a country XYZ that produces only two goods—chairs and tables. Together, the chairs and tablesindustries use all of the economy’s factors of production. The table below shows the productionpossibilities for XYZ:Production Possibilities for XYZChairs Tables600 0450 150300 250150 325 0 375 use the slope (rise/run) to solve it and describe what happen A. What is the opportunity cost of increasing tables production from 250 tables to 325tables? If I solve it by using slope method (250-325)/(300-150)=-0.5 is it correct? Because we should use slope method (Y2-Y1)/(X2-X1)
Imagine a country XYZ that produces only two goods—chairs and tables. Together, the chairs and tablesindustries use all of the economy’s factors of production. The table below shows the productionpossibilities for XYZ:Production Possibilities for XYZChairs Tables600 0450 150300 250150 325 0 375 use the slope (rise/run) to solve it and describe what happen a. What is the opportunity cost of increasing chairs production from 450 chairs to 600chairs? b. What is the opportunity cost of increasing tables production from 250 tables to 325tables?
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!
Assume that your company produces two goods: laptops and tablets. Assume aslo that your company has limited resources( including time) to devote to producing these items. Now assume that the laptop team does something to improve the efficiency of making laptops, while the tabley holds to old methods. Given the change you can a) only increase your production of laptops b) only increase your production of tablets c) increase production of both items d) not increase your production in either tablets or laptops.
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Equilibrium price = 54.48 dollarsEquilibrium quantity = 2.89find answer of 2nd box and 3rd
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