05 Jun Question Total 20 points. (4 points) Production Possibility Frontiers: Stud
Question
Total 20 points.
(4 points) Production Possibility Frontiers: Studying or Socializing?
(2 points) Draw a production possibilities curve for the pleasure you get between hanging with friends and from doing your Economics problem set. Are these activities complementary or are they substitutes? Does it matter which friend you are studying with? How do you show a tradeoff between them in your graph?
(1 point) What happens to your production possibilities frontier if you the professor rewrites the textbook so that it is clearer? What happens if a new season of “Game of Thrones” comes on the air and you know that it would be fun to watch with your friends?
(1 point) The professor redoes that problem set making it much harder and much less interesting? Show the new PPF. Your friend is very worried about passing the Economics course and insists that you work on the problem set together before socializing. Show the new PPF.
(4 points) Capitalism
(1 point) In the Wealth of Nations, Adam Smith proposes that among the first economic exchanges were when a hunter killed a beaver but wanted to eat venison (from a deer). Show the circuit of production for this hunter. How does it change if money is introduced and the hunter sells his beaver and uses the money to buy a deer? How does the circuit of production look when you set the table and do the dishes for your family’s dinner, a meal made by your father?
(2 points) Describe the circuit for a capitalist who hires workers to produce commodities that she sells for a profit? Use the circuit of production to identify problems she might face.
(1 point) Is your family’s dinner exchange or Adam Smith’s hunter an expansive system? What makes capitalism expansive? Use the circuit of production to identify why capitalists seek new markets for their produce, new technologies of production, and new sources of labor.
(4 points) The Social and Detail Division of Labor: My neighbors Tom and Diane live on corn and pot. Each can produce both at the following rate of output (production can be stored):
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