# Homeworks - \$250 Profit \$300 Exports \$150 Interest \$50...

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Homeworks should be submitted at the beginning of the class: 1. Homework 1 : Part A: 1. Jane’s Island’s production possibilities are given in the table. What are Jane’s opportunity costs of producing corn and cloth at each output in the table? 2. Joe’s production possibilities are given in the table to the right. What are Joe’s opportunity costs of producing corn and cloth at each output in the table? 3. In problems 1 and 2, Jane’s Island produces and consumes 2 pounds of corn and 2 yards of cloth. Joe’s Island produces and consumes 2 pounds of corn and 2 yard of cloth. Now the islands begin to trade. a. What good does Jane sell to Joe and what good does Jane buy from Joe? b. If Jane and Joe divide the total output of corn and cloth equally, what are the gains from trade? Part B: Chapter 2, Problems 1, 18 2. Homework 2 : #1. Based on the information below calculate GDP using expenditure and income approaches separately: Consumption spending- \$600 Wages and salaries- \$500 Rent- \$100 Government purchases-

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Unformatted text preview: \$250 Profit- \$300 Exports- \$150 Interest- \$50 Private investment spending- \$200 Imports- \$250 #2. Chapter 4, Problems 4, 6, 12 Corn (pounds per month) Cloth (yards per month) 3.0 and 2.0 and 2 1.0 and 4 and 6 Corn (pounds per month) Cloth (yards per month) 6 and 4 and 1.0 2 and 2.0 and 3.0 Section Due date 1 23.05.2011 Section Due date 1 30.05.2011 3. Homework 3 : Chapter 5, Problems 10, 12, 14, 17 4. Homework 4 : Chapter 6, Problems 1, 3, 17, 18 5. Homework 5 : Chapter 7, Problems 5, 13, 15, 16 6. Homework 6 : Chapter 8, Problems 2, 6, 7, 13 7. Homework 7 : Chapter 9, Problems 1, 4, 7, 18, 19 8. Homework 8 : Chapter 10, Problems 1, 5, 8, 12 9. Homework 9 : Chapter 11, Problems 1, 3, 10, 11 10. Homework 10 : Chapter 13, Problems 2, 4, 5, 10 Section Due date 1 6.06.2011 Section Due date 1 8.06.2011 Section Due date 1 13.06.2011 Section Due date 1 20.06.2011 Section Due date 1 Section Due date 1 Section Due date 1 Section Due date 1...
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## This note was uploaded on 09/14/2011 for the course ECON 103 taught by Professor Gispy during the Spring '11 term at Prairie State College .

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Homeworks - \$250 Profit \$300 Exports \$150 Interest \$50...

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