quiz1_2 - Atılım University Department of Economics Econ...

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Unformatted text preview: Atılım University Department of Economics Econ 101.2 / Fall 2006 NAME:____________________ QUIZ # 1 NO:____________ Section:____ 1. By drawing new curve(s) on the provided graphs, show how the following events affect the equilibrium price (PE) and quantity of PIZZA (QE). (25 p. each) Events P S a) The income of people who like to eat pizza decreases. D Q P S b) Price of Pide (a substitute for Pizza) decreases. D Q 2. The below diagram illustrates the production possibilities frontier of the Republic of Tongo a) What is the opportunity cost of moving from point M to point Y? (25p.) b) Which point(s) represent efficient production? (25p.) 1 ...
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