Homework 1 - ECON 1014-01 HOMEWORK#1 DR PODGURSKY Due Homework can be turned in after class or by 4:00 p.m at the Econ Help Desk in 1A West in the

# Homework 1 - ECON 1014-01 HOMEWORK#1 DR PODGURSKY Due...

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Page 1 ECON 1014-01 HOMEWORK #1 DR. PODGURSKY Due: 09/09/2014. Homework can be turned in after class or by 4:00 p.m. at the Econ Help Desk in 1A West in the Professional Building. No assignments will be accepted after 4:00 p.m. on 09/09/2014. Please print this assignment from Blackboard and staple!!! Name: ______________________________ Pawprint ID:__________________ Chapter 3 1. What does Figure A represent? Figure B? Give an example of some factor that would cause what's happening in Figure B. (2 pts) 2. Suppose that the market price for MP3 players is \$90 and Firm X can produce 1000 MP3 players at a cost of \$40 each. What is the producer surplus for this firm? (1 pt)
Page 2 Chapter 2 Score ______ / 19 Use the following to answer question 3-6: Table: Production Possibilities for Stoneville and Industry Baskets Cars Stoneville 10Industry 20203. Stoneville's opportunity cost of producing one basket is ____________ car(s). (1 pt.) 5. If Stoneville decides to trade with Industry, what is the minimum amount of cars Stoneville would accept from Industry in exchange for 8 baskets? (Answer in whole numbers.) (2 pts) 6. Draw Stoneville and Industry’s Production Possibility Curves. What is total production 2