Economics

1 . A . Price Demand1 .0 - Old calciferol- old1 .5- New 400-NewQDNew-QDOld / QDOld 400- five hundred /500 0 .2Change in PricePNew-Pold /old 1 .5-1 .00 /1 .0 0 .5PEoD Change in demand /change in equipment misadventure 0 .2 /0 .5 0 .4 inelasticB . Price Demand2 .00- old 300-old3 .0-new 100-newSame formulas to be useQdemand 100-300 /300 0 .666Price 3 .0-2 .0 /2 .0 0 .5PEoD 0 .666 /0 .5 1 .33 elastic2 .

Poduction Posibilities data p The opportunity equipment ca sualty for Michael is that , in 1 min Michael ordure conjure I bushel of straw and I yard of textile affect Jessica can wee-wee 2 bushels of drinking straw in 1 hour and 1 yard of cloth in 2 hoursJessica has the comparative favor in stubble because she has slight hours to garden truck and more wheat produce than MichaelMichael has the comparative advantage in making cloth than Jessica because he has the less hours to produce I yard of clothThe 1 hour 1 wheat (bushel ) so in 6 hours Michael can produce 6 wheat and in 6 hours Michael would produce 6 yards of cloth opus Jessica in 12 hours she can do many a(prenominal) wheat in 6 hours that would make Jessica to produce12 wheat and for 6 hours she can only produce 3 yards of clothcUse the original run into of the tower and here is the grap of the demand curveIt represents that as the price increases the bill demanded decreases do Wheat to Produce in 6 hours fabric to produceIn 6 hoursMichael 6 6Jessica 12 3After each specialized the return the resolvent impa! rt beName Wheat to produce in 1 hour Cloth to produceIn 1 hourMichael 0 1Jessica 2 0It represents that if they system naturalise together or specialized their work they would produce a good end product because each can narrow on the work they choice . But observe that their production will also low because only Jessica has the good takings in working that Michael...If you want to get a rich essay, crop it on our website: OrderCustomPaper.com

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