Aplia homework answers microeconomics chapter 2

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In this representation there are two markets — market for goods and services and market for factors of production. The firm is the seller in the market of goods and services and buyers in the market for factors of production. The households on the other hand, are the buyer in the market for goods and services and seller in the market for factors go here production.

Firms produce goods and service using inputs of factors of production such as land, labor and capital whereas, the households owns the factors of production and purchase the goods and service that firms produce and bring to the market of goods and service for sale. There also two flows shown in this representation — The inner loop shows the flow of inputs and outputs between the firms and households and the outer loop represents the flow of dollars between households and firms.

So let's think about the different scenarios here and the tradeoffs that they involve. And when we're talking about gathering, the only thing you microceonomics gather are some type of berries.

So let's think about all of the scenarios. So first, let's call this first scenario Scenario A. And let's say-- so let's call this the number of rabbits micdoeconomics can get and then let's call this the number of aplia homework answers microeconomics chapter 2. Let's do this column as the number of berries that you can get. So if you were to spend your entire day chaptre after rabbits, all your free time out-- making sure you have time to sleep, and get dressed, and all those type of things.

Let's say that you can actually get five rabbits, on average, in a given day. But if you spend all your time getting rabbits you're not going to have any time to get berries. So you're going to be able to get 0 berries. So we'll call that Scenario B. And when you do that, all of a sudden you're able to get berries. And when we do these different scenarios, we're assuming that everything else is equal.


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These are all points on you, as a hunter gatherer, on your production possibilities frontier. Then you have even more time for berries. Maybe somehow I'm not using my resources optimally to do this type of thing, when I'm over here. And then this aplia homework answers microeconomics chapter 2 berries. So let's say Scenario D, if you reduce the amount of time you apkia getting rabbits so you get 2 rabbits, click to see more all of a sudden you have enough time on average to get berries.

You're not changing the amount of time you have either hunting or gathering. You're not changing the amount of sleep. Microeconpmics not changing your techniques for letter manuscript what for is cover homeqork, or hunting berries, or you're not somehow looking to do other things with your time.

So all other things are equal. And the general term for this, and it sounds very fancy if you were to say it in a conversation, is ceteris paribus. Which literally means-- so any time someone says, oh ceteris parabus, we assume this variable changes or whatever else-- they're saying we're assuming everything else is being held continue reading. So ceteris means all other things.

You're probably familiar with et cetera. It's the same word, essentially. Other things in paribus, other things equal. So when you're going from Scenario A to Scenario B you're not changing the amount of time you're sleeping. You're not changing somehow the geography where you are in a dramatic way. You're not changing the tools you use or the technology. Everything else is equal. The only variable you're changing is how much time you allocate to finding click to see more versus finding berries.

So let's do some more scenarios assuming ceteris paribus.

Aplia homework answers microeconomics chapter 2

So let me do Scenario C. You could, on average, have enough time to get 3 rabbits. But if you get 3 click at this page then all of a sudden you will to get-- or if you're only getting 3 rabbits, you're now able to get berries. And let's do a couple more. I'm going to do two more scenarios.

So let's say Scenario D, if you reduce the amount of time you spend getting rabbits so you get 2 rabbits, now all of a sudden you have enough time on average click here get berries. And then, let's say you spend even less here hunting for rabbits, on average.

Then you have even more time for berries. And so you're able to get to berries and I'll do one more scenario here. So let's say Scenario F-- and let's call these the scenarios.

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Scenarios A through F. So Scenario F is you spend all your time looking for berries.

  • So let's say Scenario F-- and let's call these the scenarios.
  • So this right over here, this curve right over here, represents all the possible possibilities of combinations of rabbits and berries.
  • Then you have even more time for berries.

In which case, on average, you're going to be able to get berries a day. But since you have no time for rabbits you aren't going to get any rabbits. So what I want to do is plot these. And on one axis I'll have the number anwsers rabbits. And on the other axis I'll have the number of berries. So let me do it right over here.

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So this axis, I will call this my rabbit axis, rabbits. And we'll start. That will be 0. And then this will be 1, 2, 3, 4, and then that will be 5 rabbits. And click in this axis I will do the berries. So this right over here, let's make this berries. This is berries. And then this is berries.

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And so this is my berries axis. Now let's plot these points, these different scenarios. So first we have Scenario A. Link I should've done all these colors in that Scenario A color. Scenario A, 5 rabbits, 0 berries. We are right over there.

That is Scenario A.

So 3, if you have time for 3 rabbits you have time for about berries on average. So if you were to spend your entire day going after rabbits, all your free time out-- making sure you have time to sleep, and get dressed, and all those type of things. And when we're talking about gathering, the only thing you can gather are some type of berries. It's easier for chqpter to draw a dotted curve than a straight curve. Maybe I should've done all these colors in that Scenario A color. All of these points right over here are-- these points, for example, it is very easy for me to get 1 rabbit and berries.

Scenario B, 4 rabbits, berries. That's right over there. That's berries. So that is Scenario B. Scenario C, 3 rabbits, berries. Let's see this would be So 3, if you have time this web page 3 rabbits you have time for about berries on average. So this is Scenario C. And then Scenario Aplia homework answers microeconomics chapter 2 we have in white.

If you have time for 2 rabbits, you answerw time for berries. So that is right around there. So this is Scenario D. So it'll be right over there. That is Scenario D. Scenario E, if you have time for 1 rabbit, you have time for berries. So that gets us right about there. That is Scenario E. And then finally Scenario F. You are spending all of your time looking for berries.


Aplia homework answers microeconomics chapter 2

Aplia homework answers microeconomics chapter 2 have no time for rabbits. So all of your time for berries, no time for rabbits. So this is Scenario F. So what all of these points represent, these are all points-- now this is going to be a fancy word, but it's a very simple idea. These are all points on you, as a hunter gatherer, on your production possibilities frontier.

Because if we draw a line-- I just arbitrarily picked these scenarios. So these are all points on the different combinations between the trade offs of rabbits and berries. So let me connect all of these. Let me connect them in a color that I haven't used it. So let me connect them. And do you see-- this should just be one curve. So I'll do it as a dotted line. It's aplia homework answers microeconomics chapter 2 for me to draw a dotted curve than a straight curve.

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