Microeconomics Unit 3- Assignment – APA Format

Unit 3 Assignment Template:

Name:                        –

Course Number:    –

Section Number:    –

Unit Number:           – 3

Date:                          –          

 

———————————-General Instructions for all Assignments———————————–

1. Unless specified differently by your course instructor, save this assignment template to your computer with the following file naming format:

Course number_sectionnumber_LAST_FIRST_ unit number

 

2. At the top of the template, insert the appropriate information: Your Name, Course Number, Section Number and Date

 

3. Insert your answers below, or in the appropriate space provided for in the question. Your answers should follow the APA format with citations to your sources and, at the bottom of your last page, a list of references. Your answers should also be in Standard English with correct spelling, punctuation, grammar, and style (double spaced, in Times New Roman, 12-point, black font).Respond to questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions.

 

4. Provide a list of references at the end of the last page of your assignment.

 

5. Upload the completed assignment to the appropriate dropbox.

 

6. Any questions about the assignment, or format questions, should be directed to your course instructor.

——————————————-Career Competencies —————————————–

 

In this assignment, you will engage in developing the following career competencies:

 

Analyzing Quantitative Data

Analyzing Qualitative Data

Improving Global Awareness

 

——————————————-Assignment——————————————-

 

1. St Atanagio is a remote island in the Atlantic. The inhabitants grow corn and breed poultry. The accompanying table shows the maximum annual output combinations of corn and poultry that can be produced. Obviously, given their limited resources and available technology, as they use more of their resources for corn production, there are fewer resources available for breeding poultry.

 

 

Maximum annual output options	Quantity of Corn(pounds)	Quantity of  Poultry(pounds)
1	1200	0
2	1000	300
3	800	500
4	600	600
5	400	700
6	200	775
7	0	850

Examine the following production possibility frontier graph with corn on the horizontal axis and poultry on the vertical axis illustrating these options and showing points 1–7.

 

 

1. Can St. Atanagio produce 650 pounds of poultry and 650 pounds of corn? Explain. Where would this point lie relative to the production possibility frontier?

 

 

 

1. What is the opportunity cost of increasing the annual output of corn from 800 to 1000 pounds?Please give the amount.

 

 

1. What is the opportunity cost of increasing the annual output of corn from 200 to 400 pounds?Please give the amount.

 

 

 

1. Please explain why the answers to parts b. and c. above are not the same? What does this imply about the slope of the production possibility frontier?Please be sure to cite the material you found in the textbook to support this answer.
2. Suppose that the supply schedule of Belgium Cocoa beans is as follows:

 

Price of cocoa beans(per pound)	Quantity of cocoa beans supplied(pounds)
$40	900
$35	700
$30	500
$25	400
$20	200

Suppose that Belgium cocoa beans can be sold only in Europe. The European demand schedule for Belgium cocoa beans is as follows:

 

Price of Belgium cocoa beans(per pound)	European Quantity of Belgium cocoa beans demanded(pounds)
$40	100
$35	300
$30	500
$25	700
$20	900

 

 

1. Below is the graph of the demand curve and the supply curve for Belgium cocoa beans. From the supply and demand schedules above, what are the equilibrium price and quantity of cocoa beans from Belgium?

 

Now suppose that Belgium cocoa beans can be sold in the U.S. The U.S. demand schedule for Belgium cocoa beans is as follows:

Price of Belgium cocoa beans(per pound)	U.S. Quantity of Belgium cocoa beans demanded(pounds)
$40	200
$35	400
$30	600
$25	800
$20	1000

 

 

1. What is the combined (total) demand schedule for Belgian cocoa beans that European and USA consumers buy? (Complete the table below for this part.)

 

 

Price of Belgium cocoa beans	U.S. Quantity of Belgium cocoa beans demanded	European Quantity of Belgium cocoa beans demanded	Total Demanded
(per pound)	(pounds)	(pounds)	(pounds)
$40	200	100
$35	400	300
$30	600	500
$25	800	700
$20	1000	900

 

Below is the supply and demand graph that illustrates the new equilibrium price and quantity of cocoa beans from Belgium.

 

1. From the supply schedule and the combined U.S. and European demand schedule, what will be the new price at which Belgium plantation owners can sell cocoa beans? (Keep in mind that the new price is the key to determining this answer. Pay close attention to the new demand schedule from part b.)

 

 

 

1. What price will be paid by European consumers?

 

 

 

1. What will be the quantity consumed by European consumers?

 

 

References:

 

 

 

Unit  _3_  PERFORM Assignment Grading Rubric
Content	Percent Possible	Points Possible
Full assignment	100%	80
Overall Writing:	20%	16
correct coversheet information at the top of 1st page		4
APA format for answers		2
correct citations		2
standard English no errors		4
At least ONE, or more, references		4
Answers:  provides complete information demonstrating analysis and critical thinking:	80%	64
Individual Questions:
1. a. – Can this quantity be produced, where does point lie?		7
1. b. – What is Opportunity cost from 800 to 1,000?		7
1. c. – What is opportunity cost from 200 to 400?		7
1. d. – Why are c & d not the same, what shape of curve?		8
2. a. – What is equilibrium quantity and price?		7
2. b. – What is new demand schedule?		7
2. c. – What is new price?		7
2. d. – What price will Europeans pay?		7
2. e. – What quantity will Europeans buy?		7

 

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