Solutions for Principles of Microeconomics, 11th Canadian Edition Sayre (All Chapters included)
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Module
Financial planning 1
Institution
Financial Planning 1
Complete Solutions Manual for Principles of Microeconomics, 11th Canadian Edition by John Sayre, Alan Morris ; ISBN13: 9781264846306....(Full Chapters included Chapter 1 to 13)...Chapter 1 The Economic Problem
Chapter 2 Demand and Supply: An Introduction
Chapter 3 Demand and Supply: An Elaboratio...
Principles of Microeconomics
11th Canadian Edition by John Sayre
Complete Chapter Solutions Manual
are included (Ch 1 to 13)
** Immediate Download
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** All Chapters included
** Teaching Notes
, Microeconomics • Student Solutions Manual • Chapter One
CHAPTER ONE
The Economic Problem
Answers to Test Your Understanding Questions
1. a) P 3. a) K
b) N b) C
c) N c) K
d) P d) C
e) B
f) K
2. a) Mi 4. a) K
b) Ma b) N
c) Mi c) N
d) Ma d) L
e) E
f) K
5. a) 400 guns
b) 100 guns. (This means going from combination b to combination c. As a result,\
the number of guns would drop from 400 to 300)
c) greater (since it costs 150 guns going from c to d compared
to only 100 guns from b to c)
6. a) and b) See the following figure:
c) 25 units of grain (old combination C would now be 25 grain and 12
tools)
, Microeconomics • Student Solutions Manual • Chapter One
Answers to It’s News to Me
I. d) (Any activity that uses resources has an opportunity cost and is therefore not
free)
II. c) (One could argue that taking a deep breathe on a remote mountain top is free)
III. b) (This is the answer that reveals the concept of opportunity costs, i.e., what
other uses those resources could have been used for)
Answers to Study Problems
1. a) 20 tea is gained at a cost of 10 coffee. (Point u means 0 tea and 120 coffees; point v
is 20 tea and 110 coffees)
b) 20 tea is gained at a cost of 30 coffee (Point w means 35 tea and 100 coffees;
point x is 55 tea and 70 coffees)
c) 5 tea is gained at a cost of 30 coffee (Point y means 65 tea and 30 coffees;
point z is7 0 tea and 0 coffees)
2. a) 10 beef (half-way between D and E)
b) 70 rice (half- way between B and C)
c) no (100 rice is between C and D but that means production of beef is between 20 and
35)
d) yes (combination C is 90 rice and 35 beef so it can certainly produce less than this)
3. a) 15 units of beef (This means going from combination A to combination C, where
beef drops from 50 to 35)
b) 15 units of beef. (The increase in rice from 90 to 120 causes beef to drop from 35 to
20)
c) ½ unit of beef. (30 more rice costs 15 beef; therefore 1 more rice costs 15/30 beef)
d) 30 units of rice (The increase in beef from 20 to 35 causes rice to drop from 120 to
90)
4. a) See the following table: Table 1.9 (Completed)
Possibility A B C D E F
Cheese 0 30 50 65 75 80
Wine 110 105 95 70 40 0
b) No (If it produced 65 cheese – combination D – the maximum wine would be 70)
c) 30 wine (This would mean going from combination D to E. Production of wine
would drop from 70 to 40, a difference of 30)
d) 15 cheese (This would mean going from combination D to C. Production of cheese
would drop from 65 to 50, a difference of 15)
5. a) 40 wheat (This is half-way between combinations C and D. Half-way between 35
and 45 wheat is 40 wheat)
b) 4 cars (This means going from combination C to D. Car production would drop
from 18 to 14, a difference of 4)
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