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1. Draw a line representing the relationship described in each of the following statements: Note : Be sure to identify

1. Draw a line representing the relationship described in each of the following statements: Note : Be sure to identify and label the axes of your diagram. a. Higher prices of coffee make people drink more tea.

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1. Draw a line representing the relationship described in each of the following statements: Note : Be sure to identify

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  1. 1. Draw a line representing the relationship described in each of the following statements: Note: Be sure to identify and label the axes of your diagram. a. Higher prices of coffee make people drink more tea. b. As a doctor’s fee (per hour) increases she works longer hours, but when her fee gets passed a certain level she starts reducing her work hours (so that she can spend more time on the golf course.)

  2. Production Possibilities Schedule A B C D E F Tractors 0 2 4 6 8 10 Wheat 104 100 90 70 40 0 Wheat 2. Plot the production possibilities curve based on the information given in the above schedule. Tractors o

  3. A B C D E F Tractors 0 2 4 6 8 10 Wheat 104 100 90 70 40 0 3. What the opportunity cost of the sixth tractor for this economy? 4. What is opportunity cost of moving from the production mix E to the production mix D? 5. Is the above production possibilities curve exhibiting increasing, decreasing, or constant opportunity costs?

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