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Question 1 (10 marks)

a. Joan, who has been a university student for a year, has just started a new job. She realises that if she works more hours there will be an impact on her grades.  The following is Joan’s production possibility table for work and her average grades:

 

 

Choices

Production possibilities

Grade (%)

Work

(hours per week)

A

B

C

D

E

0

20

40

60

80

60

55

45

30

0

 

From the figures in the table above:

i. Plot the production possibility curve for Joan. (1 mark)

ii. Explain the concept of increasing opportunity cost using the production possibility table and curve plotted in Q1ai above.  (2 mark)

iii. If the opportunity cost of Joan increasing her grade was constant regardless of how many hours she worked, what would be the shape of her production possibility curve?  Draw this graph.  Which of the two shapes would be more likely, and why? (2 marks)

iv. What would be happening if Joan’s combination of her grades and hours of work per week were below (inside) the curve as plotted above in Q1ai? (1 mark)

v. How could Joan push her combination of her grades and hours of work per week past (outside) the current curve? (2 mark)

 

b. Joan has returned to work after a year of unemployment and has found a high-paying job with an international hotel firm. Does this mean that Jane will no longer experience the problem of ‘scarcity’? Explain the reasons for your answer.

     (2 marks)

Question 2 (10 marks) 1048984

 

 

a. Continual research into solar power generation has seen a breakthrough in the manufacturing of solar-powered motor vehicles which will substantially reduce their costs of production. Use demand and supply curves to illustrate what will happen to:

i)    the equilibrium price and quantity of solar powered motor vehicles.

ii)   the equilibrium price and quantity of conventional motor vehicles.

       (parts i and ii are worth 2.5 marks each)

b. In an attempt to support the solar-powered motor vehicle industry the government sets a minimum price for solar-powered vehicles that is below the market price. Do you think this is a good idea? Explain your decision using graphs.      

(5 marks)                                            

 

Economics

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ECON 3710 Environmental Economics

Consider a restaurant that serves only one type of meal at a price of $???? > 0. The restaurant needs waiters. There are two types of risk-neutral waiters: good waiters and bad waiters. Good waiters can serve 10 customers a day while bad waiters can only serve 5 customers a day. The social norm f ...

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Global Oil Prices

Write about the challenges faced due to global oil prices and recession. ...

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Business Decision Making

TaskAssignment 1 consists of two short answer questions (worth 5 marks each) based on Text material. Before attempting this assignment you are expected to have read Text chapters 1, 2, 3 and 4. Sources used in your answer should be fully referenced in APA 6th style.Answer the following questions ens ...

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Management

This course discusses different measures to understand the economic conditions in an economy. You will be looking at states within the United States instead of another country. The purpose of this assignment is to have you gather information on various measures for states in the United States and us ...

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