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C11: Curvature of PFC a Shift In PPC: Which four statements below about the production possibilities curve of an economy or a nation are TRUE? A. Slope: The scarcity principle dictates that a PPC is downward sloping. B. Curvature: The scarcity principle dictates that a PPC is concave toward the origin. C. When a PPC shifts outward, the economy is moving toward efficient points. D. When a PPC shifts outward, economic growth is said to have occurred. E. A nation's PPC will shift out when more resources become available. F. A nation's PPC will shift out when existing resources can be used more productively. G. A nation's PPC will shift out when there are reductions in taxes. H. A nation's PPC will shift out when there are reductions in unemployment rates. Answer: C12: Consumer and Producer Reservation Prices: Suppose a rational consumer and a rational producer have agreed to buy and sell, respectively, a unit of the good at $10. Which Mo statements below can be inferred? A. The consumer's additional benet from consuming the unit is at least $10. B. The producer's additional cost of producing the unit is at least 510. C. The consumer's reservation price for the unit is at most $10. D. The producer's reservation price for the unit is at most 510. Answer: Q3: Consumer 3. Producer Surplus. and Deadweight Losses from Misallocation: Use the supply-demand diagram here to answer the questions below. A. What is the equilibrium H\" Price? Answer: 5 B. What Is the equilibrium quantity? Answer: units C. What Is the consumer surplus under equilibrium? (Hint: To find the area for cs, use three pencils to cover up the quantity, the price and the demand curve.) 4 5 uenll'tv Answer: 3 D. What is the producer surplus under equilibrium? (Hint: To nd the area for PS, use three pencils to cover up the quantity, the price and the supply.) Answer: $ E. What is the economic surplus under equilibrium? {Hint: To find the area for E5, use three pencils to cover up the quantity, the demand and the supply.] Answer: s F. Under-ellocatl on: What would be the economic surplus if only four units are bought and sold at $5 per unit? (Hint: To find the area for E5, use three pencils to cover up the quantity, the demand curve and the supply curve} Answer: $ (5. Compare your answers In IE) and [FL what Is the reduction In economic surplus due to the under-allocation In {F}? Answer: S H. The two-word term for the reduction In economic surplus In {6] Is: I. On the diagram, use a color pen to shade the area for the reduction. Q4: The diagram on the previous page is Price reproduced here, with additional information on price being added. 10 Supply Let's continue to investigate the previous under-allocation case in which only four units are bought and sold at $5 per unit. (A) What would be the consumer surplus if only four units are bought and sold at $5? (Hint #1: To find the area for CS, Demand use three pencils to cover up the 0 price, the quantity and the Quantity demand curve.) (Hint #2: You can then compute the area as the sum of two subareas: a triangle and a rectangular.) Answer: $ (B) What would be the producer surplus if only four units are bought and sold at $5 per unit? (Hint #1: To find the area for PS, use three pencils to cover up the price, the quantity and the supply curve.) (Hint #2: You can then compute the area as the sum of two subareas: a triangle and a rectangular.) Answer: $. (C) Given your answers in (A) and (B), what would be the economic surplus if only four units are bought and sold at $5 per unit? Answer: $. (D) Is your answer in (C) consistent with the answer in Q3-F? Yes or no? Answer: (E) Compute the DWL indicated by the area W/EQ, using the formula for a triangle (i.e., Area = H * B * 0.5)