Assignment I

Assignment I - ECO 106 Fall 2009 HAND-IN ASSIGNMENT I: The...

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ECO 106 – Fall 2009 HAND-IN ASSIGNMENT I: The assignment has two parts. (i) In the first part you draw your own graphic presentation of a simple model. (ii) In the second part you are asked to study the NBER web page for information about how they decide on turning points in business cycles. For all graphs, make sure that you label the axis and the curves. (Always label graphs in your work, even when it is not asked for explicitly!) 1. (11 pts) Jane and Paula are doing a group project together consisting of a number of math problems and graphs. Jane can do 10 math problems or draw 5 graphs in one hour. Paula has comparative advantage in doing math problems, but Jane has absolute advantage in both activities. (i) Draw the curve for Jane’s production possibility frontier. What is Jane’s opportunity cost of drawing graphs? (ii) In the same graph, draw what Paula’s production possibility frontier may look like given the information above. What is Paula’s opportunity cost of drawing
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Assignment I - ECO 106 Fall 2009 HAND-IN ASSIGNMENT I: The...

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