What do you notice about opportunity cost?
Module 1 – Case
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
4.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. 5.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.
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Module 1 – SLP
Introduction to Economics
Choosing a Firm
In this SLP assignment for this session, you will be asked to examine the decisions of a small business owner. Since microeconomics is the study of individual households, firms, and government, we will take a closer look at the operations of a franchise firm. You will choose ONE franchise to follow for the entire session. You may select ONE firm from a list available from Entrepreneur magazine:
http://www.entrepreneur.com/franchises/fastestgrowing/index.html
Important Rule: Your franchise must NOT be in the top 50. Your professor will verify that your firm is acceptable.
This is a ranking of the fastest growing 500 franchises in the United States. Please pick only ONE firm from here. You must reference this firm for all SLP assignments (Modules 1–5). Be sure the firm is interesting to you since you will analyze it for the entire session.
For this first assignment, let’s take a closer look at the firm of your choice in the context of what you are learning in this module. Write a 2- to 3-page paper on the following issues: 1.What firm did you pick? Why is it interesting to you? 2.What are some opportunity costs of starting your own franchise? 3.Think about the three fundamental questions in economics. Apply each question to your firm. 4.List the three factors of production and explain if and how they are used by your firm.
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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