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Maria can read 20 pages of economics in an hour

08/12/2021 Client: muhammad11 Deadline: 2 Day

Problem 1

Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying.

1. a) Draw Maria’s production possibilities frontier for reading economics and sociology.

2. b) What is Maria’s opportunity cost of reading 100 pages of sociology?

Problem 2

Bill and Hillary produce food and clothing. In an hour, Bill can produce 2 unit of food or 2 unit of clothing, while Hillary can produce 4 units of food or 6 units of clothing. They each work 10 hours a day.

1. a) Who has an absolute advantage in producing food? Who has an absolute advantage in producing clothing? Explain.

2. b) Who has a comparative advantage in producing food? Who has a comparative advantage in producing clothing? Explain.

3. c) Who should specialize in production of which product and why.

4. d) What is the gain from trade if before specialization both spent 50 % on food production and 50 % of time on clothes production?

Problem 3: (40 points)

2010 (base year)

2017

2018

Product

Quantity

Price

Quantity

Price

Quantity

Price

Boots

1000

20

1200

25

1250

25

Burger

5000

3.5

5500

4

5500

4.5

Smartphones

1500

225

page4image21199296

2000

250

2100

275

Bread

3000

1

3200

1

3400

1

Leather

600

8

700

10

800

12

Consider a small economy producing five goods. Note that bread is half used in burger production and leather is totally used in boots production.

Answer the following questions:

1. Calculate nominal and real GDP of the economy in 2017 and 2018

2. Calculate the real GDP growth rate in 2018. Interpret.

3. Calculate GDP Deflator in 2017 and 2018.

4. Calculate inflation rate in 2018.

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