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section11_brian

section11_brian - 1 Section Notes Week 11 Outline Key...

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Unformatted text preview: 1 Section Notes Week 11 Outline Key Concepts Practice Problems Health Risk Risk Exposure Mid-Semester Evaluations Environmental Services Practice Problems 1. Let’s spend some more time with the trade model. Suppose there’s two goods, X and Y . The PPF function, expressed in terms of Y (i.e. the most amount of good Y that can be produced if x units of good X are produced), is y =- x 2 + 4. (a) Draw the PPF. (b) If P X , the price of good X , is 2 and P Y is 1. Where would production in this economy be (that is, how much X , how much Y )? ( X,Y ) = (1 , 3) (c) If P X = 2, P Y = 1 2 , what’s the production? ( X,Y ) = (2 , 0) (d) If P X = 5, P Y = 1? ( X,Y ) = (2 , 0) (e) Now what if I tell you production is ( x = 1 2 , y = 3 . 75), and P Y = 1, what must P X be? P X = 1 2 2. Let’s look at the fisheries model one more time and understand the economically optimal point. If you have the following three pieces of information: growth function, g ( S ) = 10 S- . 02 S 2 , the cost of harvesting...
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