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Principles of Microeconomics–Econ1014Week 15 Homework AssignmentProduction Possibilities and International TradeThis assignment is due on Wednesday. Ideally, you should turn this in to one of the teaching assistants atthe start or end of class, however, if you get this turned in to a teaching assistant on Wednesday at theeconhelpdesk in room 1A West of the Professional Building we will accept it without a late penalty. Itmust 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 handin the assignment.No assignments will be accepted after 5pm Wednesday. To receive full credit youmust write your name and student ID number legibly at the top of the first page and you must have allpages stapled together.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.
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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.