The nurse is assessing a patient who received IV morphine 45…

Questions

The nurse is аssessing а pаtient whо received IV mоrphine 45 minutes agо. Upon entering the room, the patient is snoring and difficult to arouse. The nurse checks the patient’s vital signs: HR 62bpm, RR 14/min, O2 97% on RA. What should the nurse do next?

(25 pts.) Cоnsider аn ecоnоmy cаlled Econville thаt produces two goods, education and healthcare, using specialized resources. (Hint: keep explanations to 1-2 sentences) (5 pts.) Draw a PPF for Econville that has the proper shape. Label the PPF and axes properly. Briefly explain the shape. (5 pts.) On a new graph, show what happens when Econville experiences a temporary period of high unemployment. Explain briefly. (6 pts.) On a new graph, show what happens when Econville experiences a hurricane that destroys a large quantity of capital stock. Explain briefly. (6 pts.) On a new graph, show the effect of new technology which improves education production but not healthcare production. Explain briefly. (3 pts.) How does the shock in (d) affect the opportunity cost of healthcare production? Explain briefly. (25 pts.) Two countries, Happyland and Joyville, produce two goods, soybeans and airplanes. The following table shows Happyland and Joyville’s daily production of soybeans or airplanes if all of that country’s resources are devoted to producing that one good. Assume that opportunity costs are constant. Soybeans Airplanes Happyland 100 50 Joyville 60 40 (2 pts.) Which country has the absolute advantage in soybean production? In airplane production? (4 pts.) What is Happyland’s opportunity cost of producing 1 soybean? What is Joyville’s opportunity cost of producing 1 soybean? (Hint: the units of your answer will be airplanes) Assume that there is initially no trade. Happyland is currently producing (and thus consuming) 60 soybeans and 20 airplanes. Joyville is currently producing (and thus consuming) 30 soybeans and 20 airplanes. Both countries are producing at points on their PPF. (4 pts.) Make a table that shows each country's production and consumption without trade. Add a row for total production and consumption. The countries agree to specialize in the production of the good for which they have the comparative advantage, and trade for the good that they do not. (2 pts.) Which country should specialize in the production of soybeans? Which country should specialize in the production of airplanes? Explain briefly. (6 pts.) Make a table that shows each country’s production after specialization (but before trade). Add a row for total production. The two countries come to a trade agreement wherein the soybean producer will export 35 soybeans to the airplane producer in exchange for 20 airplanes. (7 pts.) Make a table that shows each country’s consumption after trade. Add a row for total consumption. Are there gains from trade? (25 pts.) Consider the market for electric vehicles. (Hint: when shifting curves, make sure to label the original curves, new curve(s), original equilibrium price and quantity, and new equilibrium price and quantity) (5 pts.) Draw supply and demand for this market. Clearly label the curves, axes, and the equilibrium price and quantity. (5 pts.) On a new graph, draw what happens when the price of lithium, an input to the production of electric vehicles, increases. What happens to the equilibrium price and quantity of electric vehicles? (5 pts.) On a new graph, draw what happens when income decreases, assuming that electric vehicles are a normal good. What happens to the equilibrium price and quantity of electric vehicles? (7 pts.) On a new graph, draw what happens when the government grants subsidies to electric vehicle manufacturers, while at the same time, the number of buyers of electric vehicles increases. What happens to the equilibrium price and quantity of electric vehicles? (3 pts.) How does your answer to (d) change if it is specified that demand shifts by more than supply? (25 pts.) Consider the market for corn, depicted in the following graph. (5 pts.) In equilibrium, calculate the consumer surplus, producer surplus, and total economic surplus. (Hint: find the answer exactly using the formula for the area of a triangle, your answer should be numbers, show your work) (3 pts.) At a price of $4, does this market have a shortage or surplus of output? What is the size of the shortage or surplus of output? Suppose that the government establishes a price floor at $16. (2 pts.) How many units of corn are sold in this market when the price floor is in force? (3 pts.) Does the price floor create a shortage or a surplus of output in this market? What is the size of the shortage or surplus of output? (8 pts.) Calculate the consumer surplus, producer surplus, and total economic surplus under the price floor? (1 pts.) Find the deadweight loss by comparing the total surplus computed in (a) and (e). (3 pts.) Find the deadweight loss by computing the area of the relevant portion of the graph. Show your work. Compare your answer to the DWL you computed in (f). Bonus (3 pts.): Observe the graph of the market presented in (4). Calculate the DWL when the price floor is set at $4.