Totally 6 questions

?? Question 1: Describe the (5) factors of production and then apply each one as an example used in the production of stuffed animals that transform when folded into pillows.

?? Question2: Explain the difference between technical and allocative efficiency from the point of view of people living in a country. (Hint: What type of living experience does each create for a country’s population?)

?? Question3: What is the difference between a v shape and a k share recovery? Which type of economic recovery is easier to determine using economic data?

?? Question4: The COVID-19 pandemic has been a 1-2 punch to the USA economy, please describe what this means in economic terms based on COVID impact over 2020?

?? Question5: 1) Given the following data points, create the Production possibilities frontier for the production of an economy in terms of soybeans (Y-axis) and corn (X-axis)

Points Soybeans Corn

A 0 25

B 4 22

C 8 13

D 12 0

The following questions are independent scenarios based on your answer on part 1, make sure to redraw the PPF from part 1 but without numbers and then draw the new PPF curve given each of the questions below:

2) Visualize there was an improvement in the education level of employees for all industries improving the productivity of all workers in our economy, draw the effect on the original PPF curve

3) Imagine that a snowstorm destroyed the crops in our economy, draw the effect on the original PPF curve.

4) Assume that there was major technological improvement in the physical capital for the production of corn only, draw the effect on the original PPF curve.

?? Question 6: To answer the following questions, you must draw two demand/supply markets curves (original and new) showing the changes in both price and quantity equilibrium.

1) As a result of an increase in the cost of resources used by most firms, cellular telephones have become more expensive to produce. Illustrate the effect of this change on the market for cellular telephones.

2) Imagine that an increase in business taxes has place a great level of strain for the mass production of automobiles as of the last few years. Using a graph, illustrate the effect in the automobile industry.

3) Assume that over time individuals have decrease their use of iPod as the iPhone capability of music has greatly improved over the last few years. Explain what would happen to the equilibrium price and quantity of iPod.

4) Suppose that a new advertising campaign raises the negative health concerns of consuming fast food and it has been extremely influential in the decision making in our economy. What happens to the price and quantity of fast food markets?

Requirements: The first four questions can be 100 words or less, and the last two questions need to be answered clearly