AB 204 STUDY Great Stories /ab204study.com AB 204 STUDY Great Stories /ab204study.com | Page 4
Referring to the schedules of supply and demand , what is the equilibrium price of Salmon ? What is the equilibrium quantity of salmon demanded and supplied at the equilibrium price ?
Second , assume that Alaskan Salmon can also be sold in UK . The UK demand schedule for salmon is as follows :
Refer to the combined U . S . and UK demand schedule , the U . S . demand schedule and the supply schedule , and analyze the change in the market for salmon . What will happen to the price at which fishermen can sell salmon ? What will be the final output of salmon ?
After UK joins the market demand for salmon , what will happen to the price U . S . consumers pay for salmon ? What will happen to the quantity of salmon consumed by U . S . consumers ?
3 ) Assume Atlantis is a small , isolated island in the South Atlantic . The inhabitants grow potatoes and catch fresh fish . The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced . Obviously , given their limited resources and available technology , as they use more of their resources for potato production , there are fewer resources available for catching fish .
Is it feasible for Atlantis to produce 500 pounds of fish and 800 pounds of potatoes ? Explain .
Calculate the opportunity cost of increasing the annual output of potatoes from 800 to 1000 pounds .
Referring to the schedules of supply and demand , what is the equilibrium price of Salmon ? What is the equilibrium quantity of salmon demanded and supplied at the equilibrium price ?
Second , assume that Alaskan Salmon can also be sold in UK . The UK demand schedule for salmon is as follows :
Refer to the combined U . S . and UK demand schedule , the U . S . demand schedule and the supply schedule , and analyze the change in the market for salmon . What will happen to the price at which fishermen can sell salmon ? What will be the final output of salmon ?
After UK joins the market demand for salmon , what will happen to the price U . S . consumers pay for salmon ? What will happen to the quantity of salmon consumed by U . S . consumers ?
3 ) Assume Atlantis is a small , isolated island in the South Atlantic . The inhabitants grow potatoes and catch fresh fish . The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced . Obviously , given their limited resources and available technology , as they use more of their resources for potato production , there are fewer resources available for catching fish .
Is it feasible for Atlantis to produce 500 pounds of fish and 800 pounds of potatoes ? Explain .
Calculate the opportunity cost of increasing the annual output of potatoes from 800 to 1000 pounds .