Maria Can Read 20 Pages of Economics in an Hour

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Problem Set #1

Opportunity Costs and Scarcity

ECON 201

1. Delight graph the relationships betwixt the variables listed below. Choose your own units and scales for the axes.  Label your axes but your drawing need not be perfectly to scale. In one sentence, please describe the human relationship.

1. Hours spent per calendar week in varsity sports at PSU and a student'south course point average;
2. Temperature at a beach and number of people at the beach;
3. Application of water (in gallons per week) and growth (in inches per week) of corn plants observed in a field of corn;2.

2. Maria can read 20 pages of economic science an hr. She can also read l pages of sociology an hour. She spends v hours per day studying

a. Draw Maria's production possibilities frontier for reading economic science and sociology. Delight discuss the shape of your PPF and explicate why it represents the to a higher place tradeoffs.

b. What is Maria's opportunity price of reading 100 pages of sociology? Please explain in words.

3. Capitalizing on its natural advantages, Oregon focuses on tourism and pinot noir grapes. The possible product combinations are given in the table below.

Yr 2022 Production Possibilities in Oregon

Tourists serviced per year (thousands)	Grapes produced in tons per year (thousands)
100	0
85	37
seventy	47
55	55
twoscore	61
0	65

1. Plot a graph of the production possibilities frontier for the economy.
2. Does the principle of increasing opportunity price concur in this instance? Please explicate
3. Plot a point on the graph that you think might stand for a possible consumption point (recall that the actual point chosen will depend non just on scarcity and opportunity cost, but likewise on peoples' preferences).
4. Suppose one-half the grape pickers continue strike, reducing output by one-half. How would this affect the graph? Plot a point or redraw the graph to represent this development.
5. Suppose that a new more productive pinot noir grape variety is adult that boosts grape product by 10%.  Alter the table above to reflect this technological development and prove on your graph.

Below please find the production possibilities frontiers (PPFs) of Ghana and Spain.

Republic of ghana PPF                                                                                        Spain PPF

Possible Combinations		Possible Combinations
Cars	T-shirts	Cars	T-shirts
0	8,000	0	12,000
100	six,000	100	9,000
200	4,000	200	6,000
300	ii,000	300	3,000
400	0	400	0

1. Given these PPFs, which country would you predict would specialize in each good? Why?
2. Suppose a complimentary trade deal is negotiated. What is the range of potential terms of trade?

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