Econ1-4

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4Economics/Scarcity/Demand/Supply
Chapter1, Problems
2.
(A) Direct relationship. Student who studied more hours tend to get a higher scores then student who studied less. (B) Inverse relationship. If the price of pizza goes up, the amount of purchase will be decrease. (C) Direct relationship. If the university basketball team wins more number of games in the last year, the audience will increase, so the season ticket will be sell more in this year.

4.
(A)Y=5x is direct relationship
(B) Y=10-2x is inverse relationship
(C)Y=3+x is direct relationship
(D)Y=-3x is inverse relationship
6.
Y X16 -4 12 -2 8 0 4 2 0 4| 8.
0-4
4-2
= -4
2
= -2

Chapter 2 Problems
2-2 Your opportunity cost will change due to the miserable weather and leave earlier for the concert. Therefore, you will have to do your own stuff. 2-4 Yes, because it’s representing all possible combinations of maximum outputs that could be produced assuming a fixed amount of productive resources of a given quality. 2-6 Yes, because it’s representing all possible combinations of maximum outputs that could be produced assuming a fixed amount of productive resources of a given quality. 2-8 A. because it’s inside the curve.

2-10 “2-8” is consistent with Senator Borman’s position. 2-12 Yes, future production possibility curve for this nation be located farther outward if the nation chooses combination F instead of combination G. 2-14. My roommate should specialize in prepare meal because he can finish it in a hour, and I should specialize in doing laundry because I can finish it in two hours

2-16
a)Capital goods
b)Yes, it will experience the larger outward shift of its PPC during the next years.

Chapter 3 Problems
3-2 Equilibrium quantity is the situation when quantity suppilied equals quantity demanded at a particular price.

3-4
a) Price decrease
b) Price increase
c) Price increase
d) Price increase
e) Price decrease
3-6 Supply...
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