CRX1_101_Sp11

CRX1_101_Sp11 - H. 180 Sushi, 30 Burritos...

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In Class Exercise 1 ECON 101.01 – INTRO MICROECONOMICS Prof. Potepan 26 August 2011 Consider the following combinations of Burritos and Sushi that an economy could produce with a fixed amount of land, labor, and capital. Combination Sushi Burritos A. 190 0 B. 180 30 C. 150 55 D. 90 75 E. 0 85 1. In the space below, graph these five combinations and then connect the points to trace out the production possibilities curve. 2. For each of the new combinations below, state whether the allocation of resources is efficient, inefficient, or if there are not enough resources to efficiently attain the combination. F. 150 Sushi, 75 Burritos _________________________ G. 90 Sushi, 30 Burritos _________________________
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Unformatted text preview: H. 180 Sushi, 30 Burritos _________________________ I. 140 Sushi, 60 Burritos _________________________ J. 160 Sushi, 30 Burritos _________________________ 20 40 60 80 100 120 140 160 180 200 20 40 60 80 100 Sushi Burritos 3. Finally, calculate the Change in Sushi and the Change in Sushi as you move down the table from one combination to the next. Finally, calculate the Opportunity Cost as the ratio of each Change in Sushi to Change in Burritos in moving down the table. Combination Sushi Burritos Change in Sushi Change in Burritos Opportunity Cost A 190 0 ________ ________ _________ B 180 30 ________ ________ _________ C 150 55 ________ ________ _________ D 90 75 ________ ________ _________ E 0 85...
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This note was uploaded on 10/12/2011 for the course ECON 101 taught by Professor Pgking during the Spring '08 term at S.F. State.

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CRX1_101_Sp11 - H. 180 Sushi, 30 Burritos...

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