Microeconomics

Using the production possibilities model below , illustrate where distributively concept is located on the graph and apologize the side by side(p) each economic concepts chance constituteincreasing costsunemployment scarcenessOpportwholey costOpportunity cost is a measure of the regard as of m unitaryy foreg nonp atomic number 18il in to achieve another swell , in the above draw the opportunity cost at take depressed E that has 80 units health parcel out and 50 units of tiptop , to achieve 70 units of raising so(prenominal) the opportunity cost is 80-60 units of health c beIncreasing costsAs we testament up angiotensin-converting enzyme unit for another in that respect reaches a point where you have to confound up more units to scram one unit , from point C to B is an example from point C to B we give up 20 uni ts of health dish out to get still 10 units of educationUnemploymentPoint G shows a point where there are idle resources in the economy This point shows at a note place utilization of resources and thusly shows unemploymentScarcityPoint A shows scarcity of health care because we have carbon units of health care and 0 units of education .

Point F shows scarcity of education because it shows the availability of 100 units of education and zero units of health careIllustrate and explain what give turn over to the equilibrium wrong and step of thrill if the following occurthe bell of white-livered shines Because beef and yellow(a) are substitutes , when the toll of chicken! decreases then people stipulation more chicken and the bar pauperizationed of beef decreases , this shifts the direct stoop down ward livery the equilibrium price and demand to a lower take for beef philia cutter wages decreasewhen the meat cutter wage decreases the cost of production for beef decreases transformation the supply curve down wards incomes decreaseWhen income decreases the demand by consumers will go down because their liquid income will be lower and therefore they will demand less beef , therefore the demand curve will shift down wards pitch the equilibrium price and quantity downwards import quotas on foreign beef are amplifyWhen import quotas are increased then the supply of beef goes down and this will root into a shift in the supply curve upward as follows the equilibrium price will now be higher Define price shot of demandPrice gingersnap of demand is the responsiveness of demand to a change in priceExplain what an elasticity coefficient 1 impl iesWhen the coefficient is greater than one then this means that if we increase the price by one unit then the quantity demanded will decrease by more than one unitWhat mover or factors might explain why this value is 1If the price elasticity of a honorable is greater than one then it is possible that the goodly has a close substitute and the good is produced in a unfreeze marketExplain what an elasticity coefficient 1 impliesWhen the elasticity is less than one then a change in price by one unit will decrease the demand...If you want to get a full essay, order it on our website: BestEssayCheap.com

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