Microeconomic Assignment

  

Unit 1AssignmentTemplate.docx
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BU224 Unit 1 Assignment Template:
Name:
Course Number:
Section Number:
Unit Number:
Date:
-1

———————————- 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_section number_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. Liza needs to buy a textbook for the next economics class. The price at the college bookstore
is $65. One online site offers it for $55 and another site, for $57. All prices include sales tax. The
accompanying table indicates the typical shipping and handling charges for the textbook ordered
online.
Page 1 of 3
Shipping method
Standard shipping
Second-day air
Next-day air
Delivery time
3–7 days
2 business days
1 business day
Charge
$3.99
$8.98
$13.98
a. What is the opportunity cost of buying online instead of at the bookstore? Note that if you
buy the book online, you must wait to get it.
b. Show the relevant choices for this student. What determines which of these options the student
will choose?
2. In August 2007, a sharp downturn in the U.S. housing market reduced the income of many
who worked in the home construction industry. A Wall Street Journal news article reported that
Wal-Mart’s wire-transfer business was likely to suffer because many construction workers are
Hispanics who regularly send part of their wages back to relatives in their home countries via
Wal-Mart. With this information, use one of the principles of economy-wide interaction to trace
a chain of links that explains how reduced spending for U.S. home purchases is likely to affect
the performance of the Mexican economy.
3. During the Great Depression, food was left to rot in the fields or fields that had once been
actively cultivated were left fallow. Use one of the principles of economy-wide interaction to
explain how this could have occurred.
——————————————-References:
Page 2 of 3
Unit _1_ Practice Assignment Grading Rubric
Percent
Possible
Content
Points
Possible
Full assignment
100%
40
Overall Writing:
20%
8
correct coversheet information at the top of 1st page
5%
2
APA format for answers
3%
1
correct citations
3%
1
standard English no errors
4%
2
At least ONE, or more, references
5%
2
Answers: provides complete information demonstrating
analysis and critical thinking:
80%
32
Individual Questions:
1.a. – Identify the relevant opportunity costs
20%
8
1. b. – Identify relevant choices and explain the decision
process
30%
12
2. – Explain how a downturn in the American economy
affects the Mexican economy
15%
6
3. – Explain why food rotted in the field during the Great
Depression
15%
6
Page 3 of 3

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