ECON 101 Midterm: ECON 101 IA State Exam1A S2001
Document Summary
Exam 1a: consider the following supply and demand curves, He currently plants 500 acres to corn and 500 acres to soybean. He also buys feeder pigs and feeds then his own corn and other purchased ingredients before selling them to slaughter. A research scientist at isu discovers a new way to make ethanol from corn so that it is much cheaper to produce the ethanol, increasing the demand for corn. This has a permanent impact of the price of corn. Consider the following data on cookie and brownie production. What is the opportunity cost of 14 more cookies when the firm is already producing 60? a. b. c. d. e. What is the opportunity cost of 10 more brownies when the firm is already producing 20? a. b. c. d. e. If the slope of the production possibility frontier (ppf) is given by.
