ECON 203 HW

ECON 203 HW - of moving from point E to point F? (1 points)...

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Spring 2009 Name: ___________________ ECON 203: Principles of Microeconomics TA: ______________________ Homework 1 (10 points) Due in discussion the week of February 2 nd -6 th ; No late HWs will be accepted 1. Below is the production possibilities table for the country of Lavaland. (a) Use the information in the table to draw the production possibilities curve (PPC) for Lavaland. Put tanks on the horizontal axis. (1 point) (b) What is assumed to be constant when we draw that curve? (1 point) (c) What is the cost to Lavaland of moving from point A to point B on its PPC? What is the cost
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Unformatted text preview: of moving from point E to point F? (1 points) Spring 2009 Name: ___________________ ECON 203: Principles of Microeconomics TA: ______________________ (d) What general economic principle is being illustrated by your answers to part (c) above? Explain. (2 points) (e) Can the production possibility curve shift? Explain. (1 point) 2. Explain the law of demand. What are the determinants of demand? (2 points) 3. What is the difference between a change in supply and a change in quantity supplied ? What are the causes of each? (2 points)...
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This note was uploaded on 06/13/2009 for the course ECON 203 taught by Professor Al-sabea during the Spring '05 term at USC.

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ECON 203 HW - of moving from point E to point F? (1 points)...

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