Suppose that in one day, Joe can either gather 30 pounds of…

Suppose that in one day, Joe can either gather 30 pounds of cherries (no coconuts) or 15 coconuts (no cherries).  a) With cherries on the X axis and coconuts on the Y-axis, graphically illustrate the PPF.  Make sure you also label the axes. (10 points) b) What is the opportunity cost of one coconut if if you are producing 10 pounds cherries and 10 pounds coconuts.  (5 points)   Submit your answer by clicking on the tab above that uploads a document or photo.  This NEEDS to be HAND DRAWN.  Computer drawn answers unless previously cleared with me, will get half credit.

Draw a market (i.e., supply and demand) diagram for pearls. …

Draw a market (i.e., supply and demand) diagram for pearls.  Make sure you label all axes and lines.  Label the equilibrium as point A.  In the same diagram, illustrate how an increase in income (pearls are inferior goods) will affect the market supply, demand or both.  Illustrate how the equilibrium price and quantity will change.  Label the new equilibrium as point B.   Submit your answer by clicking on the tab above that uploads a document or photo.  This NEEDS to be HAND DRAWN.  Computer drawn answers unless previously cleared with me, will get half credit.

BEFORE pressing the “Submit the Quiz”button, show the paper…

BEFORE pressing the “Submit the Quiz”button, show the paper with your handwritten answers to the camera and hold it for at least 5 seconds to ensure a clear view for the proctors. Then, immediately  take a picture of your test paper, and submit it.