Unit 1: Basic Economic Concepts

Country Alpha can produce two goods: computers and wheat. The table below shows the maximum output combinations along its production possibilities curve (PPC).

The table below shows Mia's marginal utility from consuming slices of pizza and cups of coffee.

Two countries, Northland and Southland, each produce only two goods: machinery and textiles. The table below shows the maximum output each country can produce per day if it devotes all resources to one good.

Marcus is a college student who earns [math]120. Alternatively, he can attend a concert. The ticket costs [math]140.

A farmer is deciding how many acres to plant. The table below shows the marginal benefit and marginal cost of each additional acre.

A small island economy has 100 workers. Each worker can either produce 5 units of fish per day or 10 units of coconuts per day. Currently, 60 workers produce fish and 40 workers produce coconuts.