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eco 201 HW1 - ECO 201 HW1 Show necessary and appropriate...

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ECO 201 HW1 Show necessary and appropriate steps. No credits will be given to answers without showing necessary calculations and/or explanations. 1. Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying. a. Draw Maria’s production possibilities frontier for reading economics and sociology b. What is Maria’s opportunity cost of reading 100 pages of sociology? 2. American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that each country has 100 million workers. a. For this situation, construct a table analogous to Table 1.
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b. Graph the production possibilities frontier of the American and Japanese economies. c. For the United States, what is the opportunity cost of a car? Of grain? For japan, what is the opportunity cost of a car? Of grain? Put this information in a table analogous to Table 2
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d.
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