GB 540 Course Great Wisdom / tutorialrank.com GB 540 Course Great Wisdom / tutorialrank.com | Page 7

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GB 540 Unit 1 Assignment Problems
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Problem #1: Using either a graph or table (Refer to pages 11-15 for
help with graphs and tables) use two goods to construct a production
possibilities curve. Clearly explain what a variety of different points
on the curve mean. What would make the curve expand or contract?
Why is efficiency lost at the extremes, as when substantially more of
one good and very little of another is produced?
Problem #2 Part A: Go to the internet auction site eBay® at
www.ebay.com and select the category Jewelry and Watches,
followed by Loose Diamonds and Gemstones, and then Diamonds,
Natural. How many natural diamonds are for sale at the moment?
Note the wide array of sizes and prices of the diamonds. In what
sense is there competition among the sellers in this market? How