ECO Two Problems
Question # 00015705
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Updated on: 05/20/2014 02:12 AM Due on: 05/20/2014
Graph the equation Y = 14 – 2X. Your graph should be carefully labeled, with Y on the vertical axis, and X on the horizontal axis. What is the slope of this line? (11 points total: 8 points for the graph and 3 points for the slope)
Assume Nebraska and Virginia each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states:
Nebraska Virginia
Wheat 9 5
Cotton 7 2
e) Suppose the two states decide that they want to produce 590 units of wheat together (not 590 units of wheat each). What is the maximum amount of cotton that they could produce? (8 points)
f) Draw the graph of the PPF for each state, and then draw the graph for the PPF of the two states combined. On each graph, put the quantity of wheat on the vertical axis, and the quantity of cotton on the horizontal axis. Be sure to label your graphs carefully. (18 points total, 6 points for each graph)
Assume Nebraska and Virginia each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states:
Nebraska Virginia
Wheat 9 5
Cotton 7 2
e) Suppose the two states decide that they want to produce 590 units of wheat together (not 590 units of wheat each). What is the maximum amount of cotton that they could produce? (8 points)
f) Draw the graph of the PPF for each state, and then draw the graph for the PPF of the two states combined. On each graph, put the quantity of wheat on the vertical axis, and the quantity of cotton on the horizontal axis. Be sure to label your graphs carefully. (18 points total, 6 points for each graph)
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Solution: ECO Two Problems Solution