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donuts
Abdullah loves donuts. The table below reflects the value Abdullah places on each donut he eats:
Value of first donut
$0.60
Value of second donut
$0.50
Value of third donut
$0.40
Value of fourth donut
$0.30
Value of fifth donut
$0.20
Value of sixth donut
$0.10
a. Use this information to construct Abdullah's demand curve for donuts.
b. If the price of donuts is $0.20, how many donuts will Abdullah buy?
c. Show Abdullah’s consumer surplus on your graph. How much consumer surplus would he has at a price of $0.20?
d. If the price of donuts rose to $0.40, how many donuts would he purchase now? What would happen to Abdullah's consumer surplus? Show this change on your graph.
Question Two:
Assume that Japan and Korea can switch between producing cars and producing airplanes at a constant rate.
Hours Needed
to Make 1
Quantity Produced
in 2400 Hours
Car
Airplane
Cars
Airplanes
Japan
30
150
80
16
Korea
50
150
48
16
1 What is Japan’s opportunity cost of one car?
2 Suppose Korea decides to increase its production of cars by 18. What is the opportunity cost of this decision?
3 3 In what product Japan has an absolute advantage? and in what product Korea has an absolute advantage ?
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