18 Jun COULD A FUTURE ADVANCE IN TECHNOLOGY ALLOW PRODUCTION BEYOND THE CURRENT PRODUCTION POSSIBILITIES CURVE?
Economics
A-Show these data graphically. Upon What specific assumptions is this
production possibilities curve based?
B-If this economy is at point C, what is the cost of the more
automobile? Of one more forklift? Which Characteristic of the
production possibilities curve reflects the of increasing opportunity
costs: its shape or its length?
C-If the economy characterized by this production possibilities table
and curve were producing 3 automobiles and 20 forklifts, what could
you conclude about its use of its available resources?
D-Is production at a point outside the production possibilities curve
currently possible? Could a future advance in technology allow
production beyond the current production possibilities curve? Could
international trade allow a country to consume beyond its current
production possibilities curve?
7. Suppose that the demand an supply schedule for rental apartments in
the city of Gotham are as given in the table below:
Monthly Rent Apartments Demanded Apartments Supplied
$2500 10,000
15,000
2,000 12,500
12,500
1,500 15 ,000
10,0000
1,000 17,500
7,500
500 20,000
5,000
A-What is the market equilibrium rental price per month and the market
equilibrium number of apartments demanded and supplied?
B- If the local government can enforce a rent –control law that sets
maximum monthly rent at$1500, will there be a surplus or a shortage?
Of how many units? And how many units will actually be rented each
month?
C-Suppose a new government is elected that want to keep out the poor.
It declares that the minimum rent that can be charged is $2500 per
month. If the government can enforce that price floor, will there be a
surplus or a shortage? Of how many units? And how many units will
actually be rented each month?
D-Suppose the government wishes to decrease the market equilibrium
monthly rent by increasing the supply of housing. Assuming that demand
remains unchanged, by how many units of housing would the government
have to increase the supply of housing in order to get the market
equilibrium rental price to fall to $1500 per month? To $1,000 per
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