Microeconomics Assignment

Microeconomics because it looks at economic problems faced by individual within the overall economy. . The effect of a change in the price of Coke on the purchase of Pepsi Answer to B. Microeconomics because it is the study of decisions that people and businesses make regarding the allocation of resources and prices of goods and services. C. The impact of a war in the Middle East on the rate of inflation in the United States Answer to C. Macroeconomics because it looks at economic problems faced by a nation as a whole. D. Factors influencing the rate of economic growth in Canada Answer to D.
Macroeconomics because it looks at economic problems faced by a nation as a hole. E. Factors influencing the demand for tractors Answer to E. Microeconomics because it looks at economic problems faced by individual units within the overall economy. F. The impact of Federal tax policy on national savings in Canada Answer to F. Microeconomics because it is concerned with the interaction between individual buyers and sellers and the factors that influence the choices made by buyers and sellers g. The effect of pollution taxes on the Canadian lumber industry Answer to G.
Microeconomics because It is mainly interested in the decisions of individuals nickering using their own limited resources for their Cost of Living and the impact of those decisions on the demand and supply of specific goods or services. H. The amount of competition in the Canadian cable television industry Answer to H. Microeconomics because it deals with a small industry and not something that is national. Microeconomics Assignment 1 By odometer I. Macroeconomics because it is dealt within a nation. J. The impact of deregulation on the banking industry Answer to J.

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper

Macroeconomics because it is also dealt nationally. 2. The Consumers Budget Lines: See pages 9 and 10. Suppose you won $15 on a Lotto Canada ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is $0. 75 and the price of peanuts is $1. 50. 20 Marks Total a. Calculate 6 combinations of candies and peanuts you may purchase with $1 5 and Construct a table as shown below showing the alternative combinations of the two products that are available, I. E. The trade-offs.
Check to make sure you send the $15 in each combination. 4 Marks Consumption Table: Calculate 6 Alternative combinations. Plot these combinations. Goods c Candy bars axis(Vertical) 8 12 16 20 Bags of peanuts “X” Axis (Horizontal) 10 6 2 b. Using the 6 combinations points above, plot a graph with axis and “X” axis, and clearly label each point on the graph as per your table. Show it as a budget line on a graph. 4 Mark (See Figure 1. 1 page 9) I. Define the “Slope of a line”. See page 28. What is the value of the slope of the line you have drawn?
Is it a positive or a negative slope? 2 Marks Answer to l. The “Slope of a line” is the ratio of the vertical change (the rise or drop) to the horizontal change (the run) between any two points of the line, or “rise” over “run. It is a negative slope. Candy bar? (You may divide the packages). 2 Marks Answer to II. The opportunity cost of one more candy bar is h of a bag of peanuts. Iii. What is the opportunity cost (what you must give up) to get one more bag of peanuts? 2 Marks Answer to Ill. The opportunity cost of one more bag of peanuts is 2 candy bars. V. Do these opportunity costs rise, fall, or remain constant as each additional unit of the product is purchased? 2 Marks Answer to ‘V. These opportunity costs are constant. Comparing any two of the consumption alternatives for the two goods. C. How, in general, using economics, would you personally decide which specific combinations of candy bars and bags of peanuts to buy? Which one would you choose? (Read about “Purposeful Behavior” and Costs versus Benefits, read pages 3, 4 and 5). 2 Marks Answer to C.
Individuals look for and pursue opportunities to increase their utility, the pleasure, happiness or satisfaction obtained from consuming a good or service. D. Now, suppose that you had won $30 on your ticket, not $15. Show the $30 budget line in your diagram. Why would this $30 budget line be better than the $1 5 budget line? 2 Marks Answer to D. . State the four specific assumptions upon which the production possibilities curve based? 4 Marks Answer to A. B. Based on the above production possibility curve: I. Which points indicate what the economy can currently produce?
Why? Answer to l. Point D it. Which point represents the maximum possible production of tubas? Why? Answer to II. Points Band E. Iii. The economy CANNOT produce at which point or points? Why? Answer to Ill. Points A and C because we do not have enough existing resources. Iv. Which point or points are efficient? Why? Answer to ‘V. Point D. V. Which point or points are inefficient? Why? Answer to V. Points A and C. 10 Marks 3. Impact of events on the Economy: (Read Page 18, and study Figure 1-5, before doing this question. Explain (Using words), AND illustrate (With free-hand drawn production possibilities curves) how each of the following developments would affect the location and movement of a country’s production possibilities curve. In each case show and label the “Current Curve” and the “Future Curve” or “Point” as the case might be (Use Fig. 1-6 as an example). 6 Marks a. The quality of college b. A new technique improves the efficiency of extracting iron from ore. 2 Marks c. A vegetating earthquake destroys numerous factories and other production facilities. 2 Marks Check!
In each case did you provide a drawing? Did you explain using words? You need to do this to get 2 marks for each part of the question! 4. Opportunity Costs: Production Possibilities for Tolland are as follows: Dolls Fire Trucks 300 200 350 450 a. Define “Opportunity Costs”. 2 Marks Answer to A. The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action. B. What is the opportunity cost to Tolland when it increases the reduction of dolls from 200 to 300? 2 Marks Answer to B.
The opportunity cost is 100 Fire Trucks. 5. The Circular Flow Diagram: a. What are the four general categories of economic resources? 2 Marks Answer to A. Markets for Goods and Services, Households, Markets for Factors of Production, and Firms. B. Are economic resources the same as factors of production or inputs to production? 1 Mark Answer to B. Factors of Production, resources, or inputs are what is used in the production process in order to produce output?that is, finished goods. Therefore they are not the same. C. Which arrow shows the flow of goods and revives? Why? Marks Answer to C. Arrow C d. Which arrow shows the flow of spending by households? Why? 2 Marks Answer to e. Which arrow shows the flow of the factors of production? Why? 2 Marks Answer to E. Arrow B f. Which arrow shows the flow of income payments? Why? 2 Marks Answer to F. Arrow A 11 Marks Total 75 Marks + 5 Marks for Neatness (typed) and features as listed below = 80 Marks Features: Cover page with your name and, my name ‘Michael Lindsay’, Date, Assignment No. 1, “Microeconomics – BECK 150 – NON” NOTE: If your work indicates you copied from another student you will get a grade of ZERO!

Fountain Essays
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.