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    Please Write Your Name in Full and Your Class Group

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    Zhuo Hongda
    A unit of labour can produce either 2 units of Y or 1 unit of X, while a unit of capital can produce either 1 unit of Y or 2 units of X. With 100 units of each input, the economy currently produces 50 units of X. The production possibility frontier and opportunity cost of 50 units of X must be determined. If the price of X is 1/4 units of Y, the economy would specialize in only producing Y since X is relatively more expensive to produce. My name is Claude and I do not have a class group.

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    Please Write Your Name in Full and Your Class Group

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    Zhuo Hongda
    12 views1 page
    A unit of labour can produce either 2 units of Y or 1 unit of X, while a unit of capital can produce either 1 unit of Y or 2 units of X. With 100 units of each input, the economy currently produces 50 units of X. The production possibility frontier and opportunity cost of 50 units of X must be determined. If the price of X is 1/4 units of Y, the economy would specialize in only producing Y since X is relatively more expensive to produce. My name is Claude and I do not have a class group.

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    A unit of labour can produce either 2 units of Y or 1 unit of X, while a unit of capital can produce either 1 unit of Y or 2 units of X. With 100 units of each input, the economy currently produces 50 units of X. The production possibility frontier and opportunity cost of 50 units of X must be determined. If the price of X is 1/4 units of Y, the economy would specialize in only producing Y since X is relatively more expensive to produce. My name is Claude and I do not have a class group.

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    12 views1 page

    Please Write Your Name in Full and Your Class Group

    Uploaded by

    Zhuo Hongda
    A unit of labour can produce either 2 units of Y or 1 unit of X, while a unit of capital can produce either 1 unit of Y or 2 units of X. With 100 units of each input, the economy currently produces 50 units of X. The production possibility frontier and opportunity cost of 50 units of X must be determined. If the price of X is 1/4 units of Y, the economy would specialize in only producing Y since X is relatively more expensive to produce. My name is Claude and I do not have a class group.

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    1. A unit of labour can produce either 2 units of Y or 1 units of X (or any linear combination of the two).

    A unit of capital can produce either 1 unit of Y or 2 units of X (or any linear combination of the two). Both inputs are required in the production process. There are 100 units of labour and 100 units of capital. Before opening to trade, the economy is efficiently producing 50 units of X. (a) Draw the production possibility frontier. (b) What is the opportunity cost of producing 50 units of X? (c) When the international price of X is 1/4 unit of Y per X, the economy would only specialise in the production of good Y. True or false? Explain. 2. When an individual receives income in kind, the demand curve for a normal good must always be downward-sloping. True or false? Explain.
    Please write your name in full and your class group.

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