ECON1034 Introduction to Economics Assignment. Answer the questions
ECON 1034 Introduction to Economics
Assignment (Group Work)(10%) InstructionsStep 1: Form a Group of 2-3 studentsStep 2: Review the questions and answer all of them.Step 3: Self-assess your work using the evaluation criteria.Step 4: Submit you work and evaluation criteria to your professor for evaluation and feedback.Step 5: The maximum length of the assignment should be 2 ½ pages (double spaced)Format and Requirements:1. Reference all your sources.2. Write your report in an academically accepted language and tone.3. Except in exceptional cases, no extensions will be given after the due date.
ECON 1031 - Assignment (Group Work)
1. What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greater opportunity cost: Allocating a square block in the heart of Toronto for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain. (Chapter 1)2. What are the determinants of demand? What happens to the demand curve when any of these determinants change? Distinguish between a change in demand and a change in the quantity demanded, noting the cause (s) of each. (Chapter 2) 3. Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college? (Chapter 4)4. Why is the equality of marginal revenue and marginal cost essential for-profit maximization in all market structures? Explain why price can be substituted for marginal revenue in the MR = MC rule when an industry is perfectly competitive. (Chapter 5)5. Explain price ceiling and price floor. Outline their economic effects. (Chapter 7)
Rating Scale
1. Does not meet the criterion, makes a number of critical errors.2. Demonstrates minimum skills in meeting the criterion but improvement is necessary.3. Demonstrates moderate skills in meeting criterion4. Demonstrates above average skills in meeting criterion5. Demonstrates mastery, answers and references reflect mastery of the course content.
Scoring Guide
1 Cover Page & Reference Page - You provide a cover page with the title of the topic, course, your name and the name of your professor. You provide a reference page showing the resources you used. 5 4 3 2 12 Questions - You answer question ‘1’ in full, by applying your knowledge from the course 5 4 3 2 13 Questions - You answer question ‘2’ in full, by applying your knowledge from the course 5 4 3 2 14 Questions - You answer question ‘3’ in full, by applying your knowledge from the course 5 4 3 2 15 Questions - You answer question ‘4’ in full, by applying your knowledge from the course 5 4 3 2 16 Questions - You answer question ‘5’ in full, by applying your knowledge from the course 5 4 3 2 17 You try to illustrate your answers with diagrams wherever applicable. 5 4 3 2 18 Your answers are written clearly and coherently. 5 4 3 2 1
Total Points _____________]
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Economics Assignment
Question 1
Opportunity cost: It is the value sacrificed when another decision is made (or another alternative is chosen).
Opportunity cost relates economics through the economic problem that assumes that economic agents must continually make choices. Given that human wants are unlimited and economic resources are limited, making choices for decision-makers is inevitable as they strive to maximize their own utility. Therefore, scarcity creates opportunity cost.
Allocating a square block within Toronto entails the more significant opportunity cost because the alternatives for a square block within the city are more valuable compared to opportunities derived at the edge of a typical suburb.
Question 2
An important determinant of demand is the price of the product. Changes in product prices cause movement on the demand curve. This movement is referred to as the change in quantity demanded. A decrease in price causes a movement down the demand curve, representing an increase in the quality demanded, and vice versa.
Other factors cause a shift in the demand curve, representing a change in demand. They include income, price of other products, number of buyers, consumer preferences, and expectations. The following will lead to a decrease in demand: fewer buyers, reduced desire for the commodity, lower incomes (for a normal good) and higher incomes (for an inferior good), lower prices for substitute products, and an increase in the price of the complements.
A reduction in the demand will cause the entire demand curve to shift to the left. The entire demand curve will shift to the right, representing an increase in demand, if all the factors above reverse.
Question 3
Explicit costs are payments that a company must make for inputs to resource suppliers outside the business. For example, salaries and wages are explicit costs paid to emp...
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