Econ Hmwk 2 - Name Rebecca Shindell PSU User ID(abc5xxx...

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Name: Rebecca Shindell PSU User ID (abc5xxx): RHS5021 Extra Credit Homework #2 : Due Thursday, September 17 th by the end of class. $2,250 Total. Directions : All homework answers MUST be TYPED. No EMAIL SUBMISSIONS. The homework is collected in class. If you can’t be in class then send your homework with a friend or turn it in early by sliding it under my door labeled with the time your section begins. Reminder: You may work in groups but you must write up you own unique responses. (1) Using the following production table, answer the questions below: Ron Kim Car washes Lawns mowed Car washes Lawns mowed 0 8 0 4 3 6 2 3 6 4 4 2 9 2 6 1 12 0 8 0 a. Ron has an absolute advantage. Should Ron do both tasks himself? Yes or No. ($250) Ron should not do both tasks himself. b. Who can wash a car with the lowest opportunity cost? ($250) Kim can wash the car with the lowest opportunity cost. (2) Using demand and supply analysis please answer the following questions: a. Explain what happens to the demand for Coca-Cola when the price of
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This note was uploaded on 10/21/2009 for the course ECON 002 at Penn State.

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Econ Hmwk 2 - Name Rebecca Shindell PSU User ID(abc5xxx...

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