BU224-01 UNIT 3 ASSIGNMENT SUPPLY AND DEMAND - KAPLAN
Kaplan BU224-01 Unit 3 Assignment
Questions
1. In ancient days a tribe of natives on the mythical continent of Atlantis was able to produce two commodities to eat. They could harvest fish from the sea and they could grow a form of wild oats. Table 1.a. and Graph 1.a. both show the maximum annual output combinations of fish and wild oats that could be produced by the natives of Atlantis.
2. In the neighboring groups of New Yorkers and New Jersians, each produces only two products, bagels and calzones. By themselves, the New Yorkers, each day, can produce either 45 pounds of bagels and no calzones, or 30 pounds of calzones and no bagels, or any combination in between. The New Jersians, by themselves, each day, can produce 30 pounds of bagels and no calzones, or 28 pounds of calzones and no bagels, or any combination in between. Diagram 1.a. shows the daily Production Possibility Frontier for the New Yorkers and Diagram 1.b. shows the daily Production Possibility Frontier for the New Jersians.
3. Suppose that the supply schedule of Brazilian Coffee beans is as follows:
Price of Brazilian Coffee beans
(per pound)
|
Quantity of Brazilian Coffee beans supplied
(pounds)
|
$4.00
|
6,000
|
$3.50
|
5,000
|
$3.00
|
4,000
|
$2.50
|
3,000
|
$2.00
|
2,000
|
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