Maria Can Read 20 Pages of Economics

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Problem Set #i

Opportunity Costs and Scarcity

ECON 201

1. Please graph the relationships betwixt the variables listed beneath. Choose your own units and scales for the axes.  Label your axes but your drawing need not be perfectly to scale. In one judgement, delight depict the relationship.

1. Hours spent per week in varsity sports at PSU and a student's grade point boilerplate;
2. Temperature at a embankment and number of people at the embankment;
3. Awarding of water (in gallons per week) and growth (in inches per week) of corn plants observed in a field of corn;2.

2. Maria can read 20 pages of economics an hour. She can too read fifty pages of sociology an hour. She spends 5 hours per mean solar day studying

a. Draw Maria's product possibilities frontier for reading economics and folklore. Please discuss the shape of your PPF and explain why it represents the above tradeoffs.

b. What is Maria'south opportunity cost of reading 100 pages of sociology? Delight explain in words.

3. Capitalizing on its natural advantages, Oregon focuses on tourism and pinot noir grapes. The possible product combinations are given in the table below.

Year 2019 Production Possibilities in Oregon

Tourists serviced per year (thousands)	Grapes produced in tons per year (thousands)
100	0
85	37
70	47
55	55
twoscore	61
0	65

1. Plot a graph of the production possibilities borderland for the economy.
2. Does the principle of increasing opportunity cost concur in this case? Please explain
3. Plot a point on the graph that you think might correspond a possible consumption point (call up that the bodily point chosen will depend non only on scarcity and opportunity cost, but also on peoples' preferences).
4. Suppose half the grape pickers go on strike, reducing output by half. How would this bear on the graph? Plot a point or redraw the graph to represent this evolution.
5. Suppose that a new more productive pinot noir grape variety is adult that boosts grape product by 10%.  Alter the tabular array above to reflect this technological development and show on your graph.

Beneath please find the production possibilities frontiers (PPFs) of Ghana and Kingdom of spain.

Ghana PPF                                                                                        Espana PPF

Possible Combinations		Possible Combinations
Cars	T-shirts	Cars	T-shirts
0	8,000	0	12,000
100	6,000	100	9,000
200	four,000	200	vi,000
300	2,000	300	3,000
400	0	400	0

1. Given these PPFs, which state would you predict would specialize in each good? Why?
2. Suppose a gratis trade bargain is negotiated. What is the range of potential terms of trade?

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