Question
In: Economics
Suppose a British Columbia has a total of 12 units of labour, which can be used...
Suppose a British Columbia has a total of 12 units of labour,
which can be used
to produce either computer or wheat. One computer takes 6 units of
labour to produce and 100 kg wheat
takes 2 units of labour to produce.
(a) Explain why scarcity exists in this economy. Use the data as
evidence of your reasoning. (4)
(b) What is the maximum quantity of computers that can be produced?
(3)
(c) What is the maximum quantity of wheat than can be produced?
(3)
(d) Draw the BC’s production possibility curve. (3)
(e) What is the opportunity cost of computers in BC? (3)
(f) Explain why BC can’t produce both 3 computers and 400 kg of
wheat. (3)
(g) Explain why the BC shouldn’t produce both 1 computer and 200 kg
of wheat. (3)
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
Suppose a British Columbia has a total of 12 units of labour, which can be used...
Suppose a British Columbia has a total of 12 units of labour,
which can be used
to produce either computer or wheat. One computer takes 6 units
of labour to produce and 100 kg wheat
takes 2 units of labour to produce.
(a) Explain why scarcity exists in this economy. Use the data as
evidence of your reasoning.
(b) What is the maximum quantity of computers that can be
produced?
(c) What is the maximum quantity of wheat than can...
Question 1 (23 marks) Suppose a British Columbia has a total of 12 units of labour,...
Question 1 Suppose a British Columbia has a total of
12 units of labour, which can be used to produce either computer or
wheat. One computer takes 6 units of labour to produce and 100 kg
wheat takes 2 units of labour to produce. (a) Explain why scarcity
exists in this economy. Use the data as evidence of your reasoning.
(5) (b) What is the maximum quantity of computers that can be
produced? (3) c) What is the maximum quantity...
Suppose a nation has a total of 18 units of labor, which can be used to...
Suppose a nation has a total of 18 units of labor, which can be
used to produce either televisions or butter. One TV takes 3 units
of labor to produce and 1 butter takes 2 units of labor to
produce.
Explain why scarcity exists in this economy. Use the data as
evidence of your reasoning.
What is the maximum quantity of TVs that can be produced?
What is the maximum quantity of butter than can be produced?
What is the...
Suppose a nation has a total of 12 units of labor, whichcan be used to...
Suppose a nation has a total of 12 units of labor, which
can be used to produce either guns or butter. One gun takes 6 units
of labor to produce and 1 butter takes 2 units of labor to produce.
Use the information to create a table showing the different
combinations of guns and butter that can be produced.
Explain why scarcity exists in this economy. Use the
data as evidence of your reasoning.
What is the maximum quantity of...
Suppose there is huge surge in liquefied natural gas investment in British Columbia. Discuss and explain...
Suppose there is huge surge in liquefied natural gas investment
in British Columbia. Discuss and explain the impact on labour
supply and demand in BC and the rest of Canada in the short-run and
long-run. Discuss the impact on wages and employment in BC and the
rest of Canada.
British columbia has been singularly succesful at managing the covid - 19 pandemic , and as...
British columbia has been singularly succesful at managing the
covid - 19 pandemic , and as a result , there has been gradual
reopening of stores , hair saloons , restaurants and movie
theatres. Suppose that the newly re opened movie theatres reduce
their price of admission from $ 20.00 to $17.00 to get people come
back . suppose , as a result of the reduced price in movie theatres
, the new drive in movie theatres from question 1...
Suppose that country A has total labour force of 10,000,000 people, but 5% of these people...
Suppose that country A has total labour force of 10,000,000
people, but 5% of these people are just seeking jobs (those just
graduate from college for instance). Another 2,000,000 people who
are over 16 years old and has ability to work but reluctant to
work.
Calculate labour force participation rate (LFPR) for country
A.
In empirical research, lots of researchers found that female
participation rates increase dramatically from 1950 to 2011. Please
indicate five factors that contribute to this trend,...
Bob is working as a consultant at Wolf Lamp LLP in British Columbia, Canada. Bob has...
Bob is working as a consultant at Wolf Lamp LLP in British
Columbia, Canada. Bob has a temporary workstation set up with a
computer, calculator, printer, telephone and scanner. When working
on specific projects Bob sometimes ends up bringing some
specialized tools with him. He usually starts work around
8:30-9:00am Monday-Friday. He can come in and leave anytime he just
must be working from 9-4 Monday-Friday. He gets 2 weeks off a year
and 10 sick days. Bob will sometimes...
A Corporation has recently acquired a small manufacturing operation in British Columbia that produces one of...
A Corporation has recently acquired a small manufacturing
operation in British Columbia that produces one of its more popular
items. This plant will provide these units for resale in retail
hardware stores in British Columbia and Alberta. Because the budget
prepared by the plant was incomplete, Jordan Leigh, Waterways’ CFO,
was sent to B.C. to oversee the plant’s budgeting process for the
second quarter of 2017. Jordan asked the various managers to
collect the following information for preparing the second-quarter...
A Corporation has recently acquired a small manufacturing operation in British Columbia that produces one of...
A Corporation has recently acquired a small manufacturing
operation in British Columbia that produces one of its more popular
items. This plant will provide these units for resale in retail
hardware stores in British Columbia and Alberta. Because the budget
prepared by the plant was incomplete, Jordan Leigh, Waterways’ CFO,
was sent to B.C. to oversee the plant’s budgeting process for the
second quarter of 2017.
Jordan asked the various managers to collect the following
information for preparing the second-quarter...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- For this problem, carry at least four digits after the decimal in your calculations. Answers may...
- Why is it okay to speculate on Currency?
- What is the budgeting cycle and master budget? Why should companies use a master budget?
- please i need to have good answers and easy to understand This exercise refers to the...
- (1 point) Find y as a function of t if y′′+25y=0, y(0)=4,y′(0)=6. y= ?
- What are the six steps of hypothesis testing? What does it mean if we reject the...
- Consider the following network of a project consisting of 7 activities with a scheduled project duration...
ADVERTISEMENT