trident eco201 all modules cae and slp latest 2016 march

INTRODUCTION TO ECONOMICS

Case Assignment

Production Possibilities Curve

After reading the chapters from the background materials page, please address the following questions in an essay form:

1. Define the production possibilities curve in your own words.
2. Could a nation’s production possibilities curve ever shift inward? What are TWO factors that may cause this to occur?
3. How can an economy achieve points that are outside the production possibilities curve?

Use the following graph to address questions 4 and 5 below. Consider a production possibilities curve (PPC) for an economy that produces farm goods and factory goods. It can produce the combinations listed in the table. Notice if the economy produces more farm goods, it will give up factory goods resources.

Point on PPC	Farm goods	Factory goods
b	10	700
c	20	650
e	60	400
f	70	120

1. If the economy wanted to move from point b to c, what would be the opportunity cost of increasing farm production by 10 tons? Your answer should be in terms of factory goods.
2. Compare the movement from b to c and from e to f. What do you notice about opportunity cost? Explain.

Assignment Expectations

Use concepts from the modular background readings as well as any good-quality resources you can find. Be sure to cite all sources within the text and provide a reference list at the end of the paper.

Length: 4–5 pages double-spaced and typed.

The following items will be assessed in particular:

• Your ability to apply the basic concepts to the questions.
• Some in-text references to the modular background readings (APA formatting not required).
• The essay should address each element of the assignment. Remember to support your answers with solid references including the Case readings.

Upload your paper to the Case 1 dropbox when it is completed.

SLP Assignment Expectations

Use concepts from the modular background readings as well as any good-quality resources you can find. Be sure to cite all sources within the text and provide a reference list at the end of the paper.

Length: 2–3 pages double-spaced and typed.

The following items will be assessed in particular:

• Your ability to apply the basic concepts from this module to different issues in economics.
• Some in-text references to the modular background readings (APA formatting not required).
• The essay should address each element of the assignment. Remember to support your answers with solid references including the case readings.

Upload your paper to the SLP 1 dropbox when it is completed.

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Case Assignment

Write a 4- to 5-page essay that addresses the following FOUR questions on the market for milk. (For this Case, keep it simple; don't worry about different brands, etc.)

1. Explain what happens to price and quantity of milk when the following events occur (you do not need to analyze the event itself but rather determine the effect of the event on supply and demand of milk):
1. A scientific study shows that consumption of milk is beneficial for healthy bones.
2. There is an outbreak of mad cow disease.
3. The price of almond milk decreases.
4. In order to promote healthy families, a price ceiling on milk is implemented.
2. Suppose Johnny drinks 4 cups of milk every day no matter what the price. What kind of elasticity does it have?
3. Suppose that when the price of milk increases by 40%, the percentage change in quantity demanded by consumer is reduced by 10%. Calculate the elasticity.
4. Based on your answer to Question 3, What happens to total revenue when the price of milk is increased. Why?

Some helpful suggestions on completing the assignment:

For each event, you must specify how it effects either demand, quantity demanded, supply, or quantity supplied. It is also important to demonstrate how the change will affect the market demand or supply curve. Also, be sure to state any assumption you are making regarding the relationship of the event and milk.

Here is an example of the best way to answer question #1 above:

Event: Price of cereal decreases.

Assume that cereal is a complement for complement. If cereal is cheaper, then the consumer will increase quantity demanded of cereal. If consumers buy more cereal, then there will be an increased demand for milk because it is its complement. This event causes a shift of the demand curve to the right. The shift will cause price and quantity of milk to increase.

Here is also some helpful information on how to address the elasticity questions:

Inelastic goods (goods in which consumers are less responsive to changes in price):

e < |-1|

Elastic goods (goods in which consumers are more responsive to changes in price):

e > |-1|

In this course, we use the absolute value of elasticity. The price elasticity of demand is always calculated as a negative value due to the law of demand (inverse relationship between price and quantity).

Supply and Demand of Your Firm

In this SLP assignment, we will examine the supply and demand of the good or service that your firm produces. Write a 2- to 3-page essay on the following issues:

1. Consider what your firm produces. What are some things that would change the demand for your product? Discuss at least two factors.
2. What are some things that would affect changes in supply? Discuss at least two factors.
3. How can quantity demanded be changed?
4. What kind of demand (elastic or inelastic) does the product that your firm produces have? Explain.

SLP Assignment Expectations

Use concepts from the modular background readings as well as any good-quality resources you can find. Please be sure to cite all sources within the text and a reference list at the end of the paper.

Length: 2–3 pages double-spaced and typed.

The following items will be assessed in particular:

• Your ability to explain the difference between changes in demand and quantity demand using an example of your choice.
• Some in-text references to the modular background readings (APA formatting not required).
• The essay should address each element of the assignment. Remember to support your answers with solid references.

Upload your paper to the SLP 2 dropbox when it is completed.

Case Assignment

1. The following table gives short-run and long-run total costs for various levels of output for a perfectly competitive firm:

Output (Q)	SRTC	AVC	TR
0	350
1	400
2	425
3	465
4	505
5	560
6	635
7	730

Note: AVC is Average Variable Cost

TR is Total Revenue

SRTC is Short Run Total Cost

SRTC = FC + VC (Total Cost = Fixed Cost + Variable Costs)

Please see background material for additional formulas.

1. Suppose the fixed cost (FC) of production is $350 and Price (P) is $55, complete the table above. (Cut and paste the table into a separate document).
2. Suppose you are producing 2 units of output (Q = 2), if you want to produce one extra unit of output (Q = 3), what would be the marginal cost? (Show your work.)
3. If the market price is given as $55, how much output will the perfectly competitive firm produce to maximize profits? (Show your work.)
4. Calculate the profit or loss. (Show your work.)
5. Should the firm always shut down in the short run when it experiences a loss? Explain.

Assignment Expectations

Use concepts from the modular background readings as well as any good-quality resources you can find. Be sure to cite all sources within the text and provide a reference list at the end of the paper.

Format: double-spaced and typed.

The following items will be assessed in particular:

• Show all work for numerical problems.
• Your ability to understand costs and how firms make decisions.
• Some in-text references to the modular background material.
• The assignment should address each element of the assignment. Remember to support your answers with solid references including the Case readings.

Upload your assignment to the Case 3 dropbox when it is completed.

SLP Assignment Expectations

Use concepts from the modular background readings as well as any good-quality resources you can find. Please be sure to cite all sources within the text and a reference list at the end of the paper.

Length: 2–3 pages double-spaced and typed.

The following items will be assessed in particular:

• Your ability to examine inputs of a particular firm.
• Your ability to understand a perfectly competitive firm.
• Some in-text references to the modular background readings (APA formatting not required).
• The essay should address each element of the assignment. Remember to support your answers with solid references.

Upload your assignment to the SLP 3 dropbox when it is completed.

Case Assignment

The Case Assignment focuses on several concepts from the labor market including marginal production, total production, and wage determination. These terms are important in determining how many workers will be hired by a firm.

Write a 4- to 5-page paper that addresses the following questions:

1. Discuss two factors that would increase demand for labor.
2. If the market price of the good or service that a firm produces increases, what happen to the demand of labor? Explain.
3. Suppose that some government-sanctioned licensing requirements are lifted (removed) in a particular industry. What would happen to the wage in this market? Explain.
4. Do some research on your own. In general, do you think the government should intervene in the labor market? (Be sure to cite your references.)

Assignment Expectations

Use concepts from the modular background readings as well as any good-quality resources you can find. Be sure to cite all sources within the text and provide a reference list at the end of the paper.

Length: 4–5 pages double-spaced and typed.

The following items will be assessed in particular:

• Your ability to understand marginal productivity and how firms make decisions.
• Some in-text references to the modular background material (APA formatting not required).
• The essay should address each element of the assignment. Remember to support your answers with solid references including the Case readings.

Upload your paper to the Case 4 dropbox when it is completed.

The Labor Market

Most firms require labor to produce output. The number of workers to hire is often an important decision of the firm because it affects the costs and profits of the firm. Write a 2- to 3-page paper on the following issues:

1. Suppose you are the manager of the firm. What advice would you give the owners to raise the productivity of its labor? Be specific in your proposal.
2. Several cities across the United States have passed legislation to raise the living wage. How would this policy affect your firm?
3. Use the readings from the background page. Make an argument for or against living wages in your city. (Note: the living wage calculator is a useful tool to determine the cost of living where you live).

SLP Assignment Expectations

Use concepts from the modular background readings as well as any good-quality resources you can find. Please be sure to cite all sources within the text and a reference list at the end of the paper.

Length: 2–3 pages double-spaced and typed.

The following items will be assessed in particular:

• Your ability to examine the labor market in a particular firm.
• Some in-text references to the modular background readings (APA formatting not required).
• The essay should address each element of the assignment. Remember to support your answers with solid references.

Upload your paper to the SLP 4 dropbox when it is completed.

Case Assignment

Competition and Market Power

Review the following questions and prepare a 4- to 5-page paper on the following questions:

1. Explain the difference between the demand curve facing a monopoly firm and the demand curve facing a perfectly competitive firm.
2. Which of the following is (are) most likely to be produced under conditions resembling a monopoly: oil, automobiles, diamonds, electricity transmission, and eggs. Defend your answer in economic terms.
3. Name one monopoly firm you deal with. What is the source of its monopoly power? Do you think it seeks to maximize its profits?
4. This module focuses on four types of firms:
1. perfectly competitive
2. monopoly
3. monopolistic competitive
4. oligopoly

Which of the above firms would most likely have zero economic profit in the long run? (It can be more than one type.) Explain.

Assignment Expectations

Use concepts from the modular background readings as well as any good-quality resources you can find. Be sure to cite all sources within the text and provide a reference list at the end of the paper.

Length: 4–5 pages double-spaced and typed.

The following items will be assessed in particular:

• Your ability to understand the differences between perfect and imperfect competition.
• Some in-text references to the modular background material (APA formatting not required).
• The essay should address each element of the assignment. Remember to support your answers with solid references including the Case readings.

When your paper is completed, upload it to the Case 5 dropbox.

Privacy Policy | Contact

SLP Assignment Expectations

Use concepts from the modular background readings as well as any good-quality resources you can find. Be sure to cite all sources within the text and provide a reference list at the end of the paper.

Length: 2–3 pages double-spaced and typed.

The following items will be assessed in particular:

• Your ability to understand an application of imperfect competition.
• Some in-text references to the modular background readings (APA formatting not required).
• The essay should address each element of the assignment. Remember to support your answers with solid references.

Upload your paper when it is done.