homework1spring2008

homework1spring2008 - Economics 102 Spring 2008 Homework #1...

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Economics 102 Spring 2008 Homework #1 Due February 11, 2008 On your homework please include at the top of the first page your name, TA name, and the section number for the discussion section you attend. All homeworks should be legible and neat: do a professional looking job! Question 1 (Simultaneous equations). Find the slopes of the following two linear functions: x y 7 6 + = , (1) x y 7 2 + - = . (2) (a). If these two equations were graphed in the same graph, would they intersect? Explain your answer. ( b). Can you give a condition for two linear functions to have an intersection point? Question 2 (PPF, comparative and absolute advantage). Country A and country B have the same amount of resources, and they produce only food and books. The following two graphs depict Country A and Country B’s production possibility frontiers. (a). For each country, what is the opportunity cost of producing one unit of food? For each country, what is the opportunity cost of producing one book? (b).
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homework1spring2008 - Economics 102 Spring 2008 Homework #1...

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