Quantity Price ATC AVC MC MR If then the supply curve for sparkling wine would

# Quantity price atc avc mc mr if then the supply curve

• Test Prep
• 17
• 94% (51) 48 out of 51 people found this document helpful

This preview shows page 16 - 17 out of 17 pages.

Quantity, then the supply curve for sparkling wine would __________.the number of sellers of sparkling wine decreases significantlyPriceMRATCAVCMCIf , then the supply curve for sparkling wine would __________.the number of sellers of sparkling wine decreases significantlyIf , then the supply curve for sparkling wine would __________.the government sets a minimum wage for seasonal workersIf a good is considered to be a luxury good, does it mean that the Law of Demand does not hold?
7/10/2017Midterm-Jessica Brown17/1725.Amanda and Raj are both students working part-time at an insurance company. Amanda can work only hours a day. Her manager informs her that she needs to review documents and process insurance claims in the next days. Amanda meets Raj at the water cooler and finds out that Raj also needs to review documents and process insurance claims in the next days. Raj also works hours a day. 525025010250250105Amanda can either review documents in one hour or process insurance claims. Raj can either review documents in one hour or process insurance claims. Show the production possibilities curves for Amanda and Raj.153045607501530456075Production Possibilities Curve5101051.)Using the line drawing tool,draw a production possibilities curve for Amanda that represents one day of work. Properly label your line.2.) Using the line drawing tool,draw a production possibilities curve for Raj that represents one day of work. Properly label your line.Carefully follow the instructions above and only draw the required objects.The slope of Raj's curve is . (Round your response to two decimal places.)− .50Raj's opportunity cost of reviewing one document is claim(s). (Round your response to two decimal places.).50Using the following table, fill in Amanda's and Raj's opportunity costs. (Round your responses to two decimal places.)Opportunity CostDocumentsClaimsAmanda20.5Raj0.52can benefit from helping each other.BothAmanda should specialize in , and Raj should specialize in .processing claimsreviewing documentsIf they agree on a terms of tradeof document(s) for claim(s), then Amanda and Raj will each meet their manager's deadline. (Round your responses to two decimal places.)110153045607501530456075Production Possibilities CurveDocumentsClaimsProduction Possibilities CurveRajAmanda