Grantham ECN201 2022 November All Assignments Latest (Full)

ECN201 Microeconomics

Week 1 Assignment

Democracy and Taxes

After reading Special Topic 1 and Special Topic 2, write a 2-page paper answering and describing:  Can democracy survive if a majority of the citizenry pay little or nothing in taxes while benefiting directly from a higher level of government spending?  Why or why not?  Discuss.

 

ECN201 Microeconomics

Week 2 Assignment

Changes to Supply, Quantity Supplied, Demand, and Quantity Demanded

Using the table, for each line item and its associated column, describe how the market for each specific product will be affected by the associated event indicating whether it will rise, fall, or no change.  For example, in the first line item for the market of corn, based upon the event of a severe drought, the price will either rise or fall or no change, demand curve will shift left (fall) or right (rise) or no change, supply curve will shift left (fall) or shift right (rise) or no change, quantity demanded will rise, fall, or no change, and quantity supplied will either rise, fall, or no change.

Event

Market for:

Price

Demand Curve

Supply Curve

Quantity Demanded

Quantity Supplied

A severe drought hits the Midwest corn growers

Corn

The U.S. government reduces taxes on imported lumber

New Home Building

The federal government raises the minimum wage from $7.25 per hour to $11.00 per hour

Minimum wage jobs

Technology improves for automobile assembly

Autos

 

ECN201 Microeconomics

Week 3 Assignment

Housing Collapse Paper

After reading Special Topic 5, write a 2-page paper answering the following:

Why did housing prices rise rapidly during 2002 - 2005?

Why did the mortgage default rate increase so sharply during 2006 and 2007 even before the 2008 - 2009 recession began?

What did the Community Reinvestment Act have to do with the housing bubble and collapse?

Cite your sources as needed.  Use APA formatting.

 

ECN201 Microeconomics

Week 4 Assignment

Causes of the Great Depression

After reading Chapter 7 and Special Topic 6, write a 2-page paper answering the following question:

Contrary to a popular view, the Great Depression was not caused by the 1929 stock market crash.  We have had similar reductions in stock prices to those in 1929 before and after the Great Depression.  What historical events took place that directly led to the prolonged depressed conditions like those of the 1930s?

Cite your sources as needed.  Use APA formatting.

 

ECN201 Microeconomics

Week 5 Assignment

Costs Table

Directions: Fill in the table.

Units of Output

Total Costs

Total Fixed Costs

Total Variable Costs

Average Total Costs

Average Fixed Costs

Average Variable Costs

Marginal Costs

0

 $1,000

 $1,000

 $0

1

1,200

2

1,350 

3

1,550 

4

1,900 

5

2,300 

6

2,750 

7

3,250 

8

3,800 

9

4,400 

 

ECN201 Microeconomics

 

Week 6 Assignment

Firm Profit, Loss, and Shut Down

Based upon the graph, answer the following questions:

1) What is the production level that will maximize the profit for the firm?

2) What is the profit-maximizing price the firm will charge?

3) Will the firm incur an economic gain or economic loss?

4) What will the dollar amount of economic gain or economic loss be?

5) What will be the price and quantity where the firm will shut down?

 

 

ECN201 Microeconomics

Week 7 Assignment

Labor and Wages

The following chart provides information on

 firm that hires labor competitively and sells

its product in a competitive market.

Units of Labor     Total Output     Product Price

1                            14                        $5

2                            26                        $5

3                            37                        $5

4                            46                         $5

5                            53                         $5

6                            58                        $5

a.    How many units of labor would be employed if the market wage rate were $40? Why?

b.    What would happen to employment if the wage rate rose to $50? Explain your answer.

 

ECN201 Microeconomics

Week 8 Assignment

Trade Restrictions - Tariffs

Directions: Answer the questions below based on the graph.

1. How many units will the domestic firms produce without trade?

2. How many units will the domestic firms produce without a tariff if the foreign producer can sell the product at a $4 price?

3. How many units will the foreign firms produce / sell if a government tariff of $2.00 is imposed on foreign goods?

4. What will be the total government revenues if a tariff of $2.00 is imposed on foreign goods?

5. What will be the total deadweight losses if a tariff of $2.00 is imposed on foreign goods?