principles of microeconomics

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1.question #1 (10 points) the following table shows hypothetical production possibility frontiers of florida and new york.

question #1 (10 points) the following table shows hypothetical production possibility frontiers of florida and new york. apples (millions) oranges (millions)
florida 150 250
new york 300 130

a. suppose, prior to specialization and trade, half of each state’s workers produce apples and the other half produce oranges. draw separate graphs showing production possibility frontiers (ppfs) of florida and new york before specialization.
b. calculate each state’s opportunity cost for producing apples/oranges, and based on your calculation determine which state should specialize in apples and which state should specialize in oranges.
c. show the output of both states in a graph after specialization. are the states better off with specialization? explain your answer.




question #2 (10 points) consider the following table that gives hypothetical data for one-bedroom apartment market in new york city.

question #2 (10 points) consider the following table that gives hypothetical data for one-bedroom apartment market in new york city. rent ($) quantity supplied (in thousands) quantity demanded (in thousands)
1,200 1,100 1,000 900 800 700 600 135 130 125 120 115 110 105 105 110 115 120 125 130 135

a) draw a graph showing the demand and supply curves for apartments in the nyc. what is the equilibrium price and quantity in the market?
b) what happens to the quantity demanded (qd) and quantity supplied (qs) when rent is $1,200? how the invisible hand of market restores equilibrium when market experiences such imbalances?
c) what happens if the nyc government imposes a price ceiling of $700 per apartment? what will be some of the unintended consequences of price ceiling in the housing market?



question #3 (10 points)
a. ( 5 points) suppose the following tables show demand and supply in ice cream market. find out the market demand and market supply, and the point of equilibrium in this market. draw a graph showing market demand and market supply curves, and equilibrium point in the market.

buyers price quantity demand of jack qd of jerry qd of joe market demand
$4 100 80 40
$3 140 120 80
$2 200 160 140
$1 240 200 160

sellers price quantity supply by jane qs by jenni qs by jacky market supply
$4 320 280 240
$3 280 240 200
$2 200 160 140
$1 120 80 120

b. (5 points). refer to the graph below.
a. what are the combinations produced at points a and d? b. what will be your opportunity cost if you move from point a to d? c. what the points b and c signify for this country, and why?
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