Economics problems

from Economics ,9th edition by William Boyes and Michael Melvin 

Complete chapter 2, exercises 6-7 in the textbook.

Complete chapter 3, exercises 3- 5 in the textbook.

Complete chapter 8, exercise 15 in the textbook.

If a problem instructs you to "illustrate," please use a graph to explain the results.

Place each problem into a separate tab or sheet in an Excel file.6. A doctor earns $250,000 per year, while a professor
earns $40,000. They play tennis against each other
each Saturday morning, each giving up a morning
of relaxing, reading the paper, and playing with
their children. They could each decide to work a
few extra hours on Saturday and earn more income.
But they choose to play tennis or to relax around
the house. Are their opportunity costs of playing
tennis different?

7. Plot the PPC of a nation given by the following
data.
Combination Health Care All Other Goods
A 0 100
B 25 90
C 50 70
D 75 40
E 100 0
a. Calculate the marginal opportunity cost of each
combination.
b. What is the opportunity cost of combination C?
c. Suppose a second nation has the following data.
Plot the PPC, and then determine which nation
has the comparative advantage in which activity.
Show whether the two nations can gain from
specialization and trade.
Combination Health Care All Other Goods
A 0 50
B 20 40
C 40 25
D 60 5
E 65 0

chapter 3 
3. Using the following schedule, define the equilibrium
price and quantity. Describe the situation at a
price of $10. What will occur? Describe the situation
at a price of $2. What will occur?
Price
Quantity
Demanded
Quantity
Supplied
$1 500 100
$2 400 120
$3 350 150
$4 320 200
$5 300 300
$6 275 410
$7 260 500
$8 230 650
$9 200 800
$10 150 975
4. Suppose the government imposed a minimum price
of $7 in the schedule of exercise 3. What would
occur? Illustrate.
5. In exercise 3, indicate what the price would have to
be to represent an effective price ceiling. Point out
the surplus or shortage that results. Illustrate a price
floor and provide an example of a price floor.
chapter 8 
ex 15 
15. Use an aggregate demand and aggregate supply
diagram to illustrate and explain how each of
the following will affect the equilibrium price
level and real GDP:
a. Consumers expect a recession.
b. Foreign income rises.
c. Foreign price levels fall.
d. Government spending increases.
e. Workers expect higher future inflation and
negotiate higher wages now.
f. Technological improvements increase productivity