I need help with microeconomics 4-10.
Cell phone users live in a developing nation and the growth rate is faster in Africa. In 2000, 1 in 50 Africans had a cell phone; in 2009, it was 14 in 50. Describe the change for whom telecommunication services the global economy produces.
5. Which of the entries in the list below are consumer goods and services and why?
6. Which of the entries in the list below are capital goods? Explain your choice.
List for Questions 5 and 6:
- An interstate highway
- An airplane
- A school teacher
- A stealth bomber
- A garbage truck
- President of the United States
- A strawberry field
- A movie
- An ATM
7. The people of Foodland have 40 hours of labor a day to bake pizza and bread. The table shows the maximum quantity of either pizza or bread that Foodland can bake with different quantities of labor.
3
Pizzas
Breads
Can Foodland produce 30 pizzas and 30 loaves of bread a day? If it can, is this output efficient? Do the people of Foodland face a tradeoff, and what is the opportunity cost of producing an additional pizza?
Use the following table:
"Soybean Chicken (bushels) (pounds per year) (pounds per year)
560 400 300
20 500
Assume the farm uses resources in production from 300 pounds to 500 pounds a year. Explain your answer.
9. If the farm adopted a new technology, which allows it to use fewer resources to farm more efficiently, how would this affect production?
10. The table shows the demand and supply schedules for running shoes. If a rise in income increases the demand for running shoes by 100 pairs per day at each price, explain how the market adjusts to its new equilibrium.
Price (dollars per pair)
Quantity demanded
Quantity supplied
800
200
600
700
110
