Please submit your answers through the DZL assignment dropbox. Please draw all graphs by hand and use the answer sheets provided separately. suppose your favorite band is on tour and coming to your area. Tickets are $400, and you ake a day off from work for which you could have earned $150. what is your opportunity cost 2. It takes 1 hour to travel from New York to Washington D.C. by air and 4 hours by train. The amfare is sooo and the train fare is 985. If a traveler wishes to minimize the total cost of making time spent in transit is $15 per hour? Justify your answer. How high would the wage need to be in order to choose a different method of travel? on the vertical axis, illustrating these options, showing points _ Option Missiles Butter Can this country produce 72 units of butter and 4 missiles? Yes or no? where would this point lie relative to the PPF? b. What is the trade-off when moving from point B to C? . What is the opportunity c tion from 3 to 4 units? d. What is the opportunity cost of increas ion from 30 to 54 units? . What is the maximum amount of butter that can be produced, if all resources are devoted to butter production? this point lie relative to the missiles and 40 units of butter? Yes or no? Where would 4. Suppose the information given in question 3 represents the PPF1. Draw a new PPF diagram and technology. Show both PPF1 and PPF2 on your 5. You and your friend Olivia are both volunteers at a cat rescue. The Sheltersdesires to the the two of you to clean out kennels and haul bags of cat food from the donation area to the an hour s move 5 bags of cat food, Olivia can clean out s kennels in an hour or move 6 bags cat food. Olivia suggests that you split the tasks equally. Answer the following questions to is making the best decisi a. Who has absolute solute advantage in doing each task? ity costs of cleaning out kennels? kennels? mount of time you both spend? f. Was Olivia's suggestion the best poss ble way to allocate your time? Why or why not? o. Assume the following information shows the output of 2 goods in 2 countries before are equally divided between their two industries, B and T.] Backpacks Toasters England 20 Denmark 20 a. Which country has the absolute advantage e in backpack production? b. In Denmark, the opportunity cost of producing 1 backpack is the loss of_ C. Which country has the comparative advantage in backpack production? If both countries produce according to the respective comparative advantages, what goods will England and Denmark end up producing after specialization? e. Gains from Trade: How many more produced after specialization more units of total output (backpack + toasters) will be Terms of Trade: If England and Denmark trade with each other, and England sends Denmark 10 backpacks, at least how many toasters will England expect in return? Be 8. Draw the PPF for England given the information above. Check your answer to question "P by showing that the new Backpack/Toaster combination is outside the country's PPF Shehaswhy do indonesia and bangladesh make these shiny soppysuchus short Statera draw a graph showing the old anges in the demand or supply curves in the pizza market below, curve (whichever shifts). Also ce and equilibrium quantity change on your graphs. Please show your work on 6 different graphs. Also, please be neat. Thanks! a. The price of mozzarella cheese rises. b. The health hazards of hamburgers (a substitute for pizza) are widely publicized. e price of tomato sauce falls. he price of pizza to fall next week. e. There is an increase amber of pizza shops in the area. f. Pizza shop employees n cessfully for higher wages. rise. Use a supply and demand diagram to support this belfer Assume unemployment rate will minimum wage is an effective and binding wage floor. 10. Suppose the U.S. government places a price ceiling on the price of gasoline at $2 per gallon, as shown in the diagram below. Price ( $ Price Ceiling 10 20 30 Quantity (in millions of gallons) Source: Eric Chiang. Macroeconomics - Principles for a Changing World, 2023. a. Would a shortage or surplus result, and how large would it be? . Calculate the effect of this polic surplus. Don't just say they will rise or fall. Instead, indicate in $$5$ how much they C. How much deadweight loss is created? happen if the price ceiling were increased to $4 per gallon? The followpermedical economy shown below produces 3 goods; Good A, Good B, and Good C Use 2021 as a base year (le., 2021 = 100). Year 2020 Year 2021 Year 2022 Price of Good A 30.50 $1.00 $1.50 quantity of GO Price of Good B :1.00 $3.00 Quantity of Good C Price of Good C 50.25 20 50.25 a. Calculate the nominal GDP (or current dollar GDP) for 2022. ant dollar GDP) for 2022. c. Calculate e real GDP for 2021. d. What is the real ec comic growth rate from 2021 - 20227 . If the population of the hypothetical economy above was equal to 15 individuals, then calculate the per capita real GDP for 2022. 1. What is the GDP deflator for both 2021 and 2022? 8. What is the GDP deflator inflation rate for 2021 - 2022? for 2021? Suppose the base year is updated to 2022. What would be the new value of real GDP With the new base year (2022), would the GDP deflator inflation rate increase, decrease, or stay the same between the years 2021 - 20227Submit through the assignment dropbox. Emailed assignments won't be accepted for credit. Please write legible and dark enough so that your work can be read online (or on paper. Submit with one attachment only, not multiple attachments. Call the Canvas Help Desk (303 352-7548) if you need assistance with this. attachments are docx, pdf, or jpeg only. 1. Opportunity cost of going to the concert = $_ 2. Opportunity cost by train = $_ Opportunity cost by air = $_ The cheapest mode of travel =_ A wage above $ _ would require a different mode of travel. Illustration of the PPF: a. Yes or no?_ point "G". Indicate this combination on your graph and label it as c. opportunity cost - d. opportunity cost = _ _ units of butter Yes or no?_ _ Indicate this co point "H. 4. Illustration of the new PPF: S. a. Cleaning Kennels: _ Hauling Bags of Cat Food: _ b. For Olivia, the opportunity cost of cleaning 1 kennel C. Your opportunity cost of cleaning 1 kennel =_ . Cleaning Kennels: _ Hauling Bags of Cat Food: _ e. Cleaning Kennels: Hauling Bags of Cat Food: Please justify your answer comparing the amount of output produced in one hour using Olivia's suggestion compared to yours. With Olivia's suggestion: Number of Bags Moved: With your suggestion: Number of kennels cleane Number of Bags Moved: has the absolute advantage in backpack production. . In Denmark, the opportu comparative advantage in backpack production. should produce backpacks and - should produce . England wants at least_ toasters in return. g. Draw the PPF for England on the graph below. . Show how the demand or supply shifts on the graphs below. Also indicate the changes 9 . Minimum Wage Diagram showing a rise in the unemployment rate. 10. a. _ million of gallons b. Effect on consu Effect on producer surplus: C. Deadweight loss = $_ d. Price = $ and Quantity =_ at $4 per gallon