week 15 worksheet econ - Principles of Microeconomics Econ1014 Week 15 Worksheet Production Possibilities and International Trade Print out this

week 15 worksheet econ - Principles of Microeconomics...

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1 Principles of Microeconomics – Econ1014 Week 15 Worksheet Production Possibilities and International Trade Print out this worksheet and bring it with you to class on Friday where the TA will work with you to show you how to solve these problems. The best way to learn the material, however, is to try to solve it on your own in advance and then simply check your work at the Friday session. These problems will be similar to the problems you will solve on your next homework assignment which will be posted to blackboard on Friday evening, so knowing how to solve this worksheet should help you better understand the homework problem. 1. Production PossibilitiesFor each of the following situations, show how you would represent the production or productionpossibilities change experienced by the country. Start out by drawing a PPF for the country withagricultural goods in the horizontal axis and manufactured goods on the vertical axis and with theassumption that resources are not identical in production.a. In 1960 only 37% of women in the U.S. worked in the paid labor force. By 2002, 60% of women in theU.S. worked for pay (U.S. Department of Labor).
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