(1} Consider your need to buy a gephone. By relying on the rational approach to decision-making, decide to buy a cellphone based on at least one constraint, 3 alternative brands, 4 criteria, proper weights, and grading from I {low} to 10 {high} (1} Countries A and B produce nvo goods {Y and X} subject to the following Production Possibilities Curves {PPCs}: A:Y=t'i-I,5X, B:Y=Sl}X {a} Graph the PPCs and detennine which country has a comparative advantage in Y and which one in X. {h} Initially, A produces 300 Y and EDI] X. Initially, B produces 250 Y and 250 X, Initially, how much total Y and X the two countries produce? {e} Allow the countries to completely specialize according to their comparative advantages. After complete specialization, how much total Y and X the two countries can produce? {d} Consider the following trade: A. exports 2T0 Y to B and imports from B 220 X. After trade, how much total Y and X the two countries will enjoy? (3} Your individual demand function is P = 31} 2Q. {a} Compute Total Expenditures or Dutlays {TE}, Total Utility {TU}, and Consumer Surplus {CS} at the market price of PM = 17. {b} For rationing purposes {imposed by government}, you have to purchase Q = 5 at the market price of P\" = 1?. Compute Total Expenditures orCtutlays {TE}, Total Utility {TU}, and Consumer Surplus {CS}. {e} For some reason, you need to purchase Q = II] at the market price of P = 1?. Compute Total Expenditures or Outlays {TE}, Total Utility {TH}, and Consumer Surplus {CS}. (4} Your individual supply function is P = It] + 1.50. Your capacity Q is QC = 80. {a} Compute Total Revenue {TR}, Total Cost {TC}, and Prot {[1} at the market price of PM = 50. {b} Compute Total Revenue {TR}, Total Cost {TC}, and Prot {IT} at the market price of PM = I30. {e} Compute Total Revenue {TR}, Total Cost {TC}, and Prot {IT} at the market price of PM = I40. {5} The market demand {D} and supply {5} for product X are D: P = TI} 2Q and S: P = l5 +1.5QI. {a} Compute the market equilibrium {e} quantity and price and then graph D and S in the same diagram, In turn, compute NB{e} that is Net Benets at Qe. {[3} Let Q = II]. Compute NBUD} and show that NEE} exceed NB{ III}. {e} Let Q = 20. Compute NERO} and show that NB{e} exceed NB{2t}}