Problem Set 1 110821

Problem Set 1 110821 - Economics 103 Professor Friedman...

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Economics 103 Your Name:__________________________________________ Professor Friedman Your TA:____________________________________________ Fall 2011 Your Section Time and Day:_____________________________ Please write neatly! Problem Set 1 Due Wednesday October 5 Hand in hard copy! Do not submit answers on line through SPARK! Note that there are two types of problems. You are encouraged to work with someone else in your TA section on the quantitative problems (1, 2); hand in one set of answers to this problems with both your names. Do the essay questions individually (3, 4, 5) and append separate answers with each person’s name for these along with your group answers to the quantitative problem. Type your answers; staple pages together. Total 20 points. 1. (6 points) Production Possibility Frontiers: Sugar or pot? a. (2 points) Draw a production possibilities curve for a Jamaican farmer on 10 acre farm between growing sugar and marijuana. Is there a tradeoff between these two?
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Problem Set 1 110821 - Economics 103 Professor Friedman...

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