Microeconomics – Analyzing Quantitative Data Analyzing Qualitative Data Improvin

  

Supply and Demand assignment  Please see the attachment for the questions as all of the work need to be answered on the attached template.BU224 Unit 3 Assignment Template.docx
bu224_unit_3_assignment_template.docx

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Unit 3 Assignment Template:
Name:
Course Number:
Section Number:
Unit Number:
Date:
-3

———————————- 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. 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.
Page 1 of 7
Maximum annual output
Quantity of Corn
Quantity of Poultry
options
(pounds)
(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.
St Atanagio PPF
Quantity of
Poultry
900
800
700
600
500
400
300
200
100
0
0, 850
200, 775
400, 700
600, 600
800, 500
1000, 300
0
200
400
600
800
1000
1200, 0
1200
1400
Quantity of Corn
a. 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?
b. What is the opportunity cost of increasing the annual output of corn from 800 to 1000
pounds?
c. What is the opportunity cost of increasing the annual output of corn from 200 to 400 pounds?
d. Can you explain why the answers to parts c. and d. above are not the same? What does this
imply about the slope of the production possibility frontier?
Page 2 of 7
2. Suppose that the supply schedule of Belgium Cocoa beans is as follows:
Price of cocoa beans
(per pound)
$40
$35
$30
$25
$20
Quantity of cocoa beans supplied
(pounds)
900
700
500
400
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)
$40
$35
$30
$25
$20
European Quantity of Belgium cocoa beans
demanded
(pounds)
100
300
500
700
900
a. 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?
Page 3 of 7
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)
$40
$35
$30
$25
$20
U.S. Quantity of Belgium cocoa beans
demanded
(pounds)
200
400
600
800
1000
b. What is the combined (total) demand schedule for Belgian cocoa beans that European and
USA consumers buy?
Page 4 of 7
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.
c. 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?
d. What price will be paid by European consumers?
e. What will be the quantity consumed by European consumers?
Page 5 of 7
——————————————-References:
Page 6 of 7
Unit _3_ PERFORM Assignment Grading Rubric
Percent
Possible
Content
Points
Possible
Full assignment
100%
80
Overall Writing:
20%
16
correct coversheet information at the top of 1st page
5%
4
APA format for answers
3%
2
correct citations
3%
2
standard English no errors
4%
3
At least ONE, or more, references
5%
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?
10%
8
1. b. – What is Opportunity cost from 800 to 1,000?
10%
8
1. c. – What is opportunity cost from 200 to 400?
10%
8
5%
4
1. d. – Why are c & d not the same, what shape of curve?
2. a. – What is equilibrium quantity and price?
5%
4
2. b. – What is new demand schedule?
10%
8
2. c. – What is new price?
10%
8
2. d. – What price will Europeans pay?
10%
8
2. e. – What quantity will Europeans buy?
10%
8
Page 7 of 7

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