# I need this work in 24 hours (Principles of Microeconomics)

**Question description**

**Any answer without clear and precise explanation
will not receive any credit. **

1.Betty can make either “120 bottles of wine and 0 boxes of chocolates” or “0 bottles of wine and 960 boxes of chocolates” or a combination of wine and chocolates. For parts (a) through (c) of this question assume that Betty’s Production Possibility Frontier (PPF) reflects the property of constant opportunity costs.

a. [10 points] Draw Betty's PPF.

b.
[10
points] Find Betty's opportunity cost of **a bottle of wine in terms of box
(es) of chocolates**.

2.c. [10 points] Suppose Betty takes a course called WINE 103.
After the semester is over she realizes that she can now make either “288
bottles of wine and 0 boxes of chocolates” or “0 bottles of wine and 960 boxes
of chocolates” or a combination of wine and chocolates. Find Betty's new
opportunity cost of **a box of chocolate in terms of bottle(s) of wine**.

3.[20 points] Find the equilibrium price, quantity and revenue in a market characterized by the following information:

Demand:
**Qd = 500 - 2P **Supply: **Qs = 3P **

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