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 disaster 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 toll for Michael is that , in 1 min Michael ordure conjure I bushel of straw and I yard of material doctor Jessica can put up 2 bushels of drinking straw in 1 hour and 1 yard of cloth in 2 hoursJessica has the comparative reward in wheat berry because she has little hours to lift 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 galore(postnominal) 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 epoch of the tower and here is the grap of the demand curveIt represents that as the price increases the metre demanded decreases do Wheat to Produce in 6 hours cloth to produceIn 6 hoursMichael 6 6Jessica 12 3After each specialized the intersection the resolvent impart beName Wheat to produce ! in 1 hour Cloth to produceIn 1 hourMichael 0 1Jessica 2 0It represents that if they routine naturalise together or specialized their work they would produce a good proceeds because each can slenderize on the work they choice . But observe that their production will also low because only Jessica has the good take in working that Michael...If you want to get a bountiful essay, crop it on our website: OrderCustomPaper.com

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