week 15 HW F12 - 1 Principles of Microeconomics \u2013 Econ1014 Week 15 Homework Assignment Production Possibilities and International Trade This

week 15 HW F12 - 1 Principles of Microeconomics u2013...

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1 Principles of Microeconomics Econ1014 Week 15 Homework Assignment Production Possibilities and International Trade This assignment is due on Wednesday. Ideally, you should turn this in to one of the teaching assistants at the start or end of class, however, if you get this turned in to a teaching assistant on Wednesday at the econhelpdesk in room 1A West of the Professional Building we will accept it without a late penalty. It must be handed to a TA; we will not accept an assignment left at the helpdesk without a TA accepting it, so please check the helpdesk schedule to make sure there is a TA there during the time you wish to hand in the assignment. No assignments will be accepted after 5pm Wednesday. To receive full credit you must write your name and student ID number legibly at the top of the first page and you must have all pages stapled together. 1. Production Possibilities For each of the following situations, show how you would represent the production or production possibilities change experienced by the country. Start out by drawing a PPF for the country with agricultural goods in the horizontal axis and manufactured goods on the vertical axis and with the assumption that resources are not identical in production. The PPF only shifts if resources or technology increase or decrease. The PPF stays the same but the actual level of production moves if we simply use more of our resources or technology. Since we are assuming resources are not identical in production, the PPF should be bowed out (not a straight line). a. Show how you would represent the impact Hurricane Sandy had on the New York area this year. Explain briefly why you believe your picture changes in the way you illustrated. Agricultural output
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