1 ) Tigris produces only two products: tennis balls and tennis racquets. Each worker comes with a fixed quantity of materials and capital, and the economy's labour force is fixed at 100 workers. The following table indicates the amounts of balls and racquets that can be produced daily with various quantities of labour: Number of Daily production of Tennis Number of Daily Production of Workers Balls Workers Racquets 0 0 0 0 20 80 20 30 40 150 40 50 60 200 60 65 80 230 80 75 100 250 100 80 a) Can Tigris produce 200 balls and 60 racquets? b) What is the total cost of producing 150 balls? c) What is the total cost of producing 75 racquets? d) If Tigris is currently producing 230 balls, what is the cost of an additional 20 balls? e) If Tigris is currently producing 30 racquets, what is the cost of an additional 20 racquets?2) The data below show the total production (in millions) of the only two goods produced in the countries of Carleton and Cumbria. Carleton 10 binoculars or 15 cameras Cumbria 12 binoculars or 9 cameras a) What is the opportunity cost of a binocular in Carleton? b) What is the opportunity cost of a camera in Cumbria? c) If, before trade, each country was devoting half its resources to producing each product, what is the total amount they were both producing? d) If the two countries were to specialize in producing the product they do best, what would be the total amount they could produce? e) What are the total gains as a result of specialization?3) The data in the table below are for boxes of fresh shrimp. 6\" 55 4'10 430 2 a) Before the tax, what is the equilibrium price and quantity? b) Fill in the Quantityr Supplied After Tax. column ifa $10 per unit excise tax is put on the product. c) W'hat is the new equilibrium price and quantity? {1) \"'hat portion of the $19 per unit tax is paid by the seller and 1what portion is paid by the consumer? 4] Table 3.2 depicts the market for magnets in the country of Skyland. Table 3.2 220000 100000 F 4 6 T B 9 160000 160000 140000 180000 120000 200000 10 100000 220000 a] What is the present equilibrium price and quantity traded in this market? b) How much in total are buyers paying for the magnets? e] Suppose that the government introduces a price ceiling of $5 per unit. What vquaithitj.r will buyers be purchasing? How.r much in total will magnet buyers now be paying? d] 1iNhatwill be the total amount of shortage? e) Suppose after the imposition of the price ceiling, the demand in Skyland decreases by 40,000 units. 'What is the new equilibrium price and quantity traded? 5] Table 4.2 shows Alex's demand schedule for chocolate bars. Table 4.2 a) Calculate the price elasticity crf demand between $1 and $3 b) Calculate the price elasticity of demand between $3 and 35 c) Calculate the price elasticity of demand between $5 and $7" d) Calculate the price elasticity of demand between $7" and $9