NAME EMAIL ECON 104 s PARTICIPATION ASSIGNMENT Spring 2015 Date Due Thurs lan 29 1 This assignment is due in class on Thursday January 29 No lote assignments will be accepted lf you cannot make it to class on Lf29 send your homework with a friend or turn it in early during office hours Note We will not accept assignments that are sent via email sWeoters ff0 IEO 1fiil I I I 1 CI IT I IX0 I I I I0rl I I r Srl I I 60 40 3 apples fi0 tfl r I0il It0 1 0 Id 18r Considerthe production possibilities curve for lreland which produces sweaters apples in bushels or a combination of the two 1 2 points If Ireland devotes all of its available resources to producing apples then it will produce how many apples and 2 2 points sweaters Which point s on the above graph show unemplolmrent of resources Answer 3 2 points 1 2 Suppose keland is currently at point R What is the opportunity cost of moving from point R to point Q Answer apples sweaters circle one 1 4 2 points Which poin s show production possibilities that are only achievable with improvements in technology or increases in resources Answer 4 ECON 104 5 a Spring 2015 2 points In the space below draw the demand cuve for used tires Label the axes Greenpoint Auto Salvage sells used tires an inferior good Using you graph above illustrate how a sharp improvement in the U S economy falling unemployment rising output and incomes would affect the demand for used tires True or False A sharp improvement in the U S economy will result in a decrease in the quantity demanded of used tires Circle True or False 6 2 points In the space below draw the supply curve of smartphones Label the axes 45 High and rising profits in the smartphone industry will attract new firms to the industry Using your graph above illustrate how this will affect the supply of smartphones True or False Increasing profits in the smartphone industry will ultimately result in a decrease in the supply of smartphones Circle True or False