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Instructions:
Discussion Questions on Microeconomics
2ND UNIT
This is a written assignment for Unit 2. It necessitates that you conduct library research.
and answer the questions using critical thinking abilities
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Remember to format your paper according to the current APA guidelines.
The length of your final paper, excluding the coversheet and references, should be 3-4 pages.
Page.
2nd Chapter
PROBLEMS
1. Fishing and tourism are two key sectors on Bermuda’s island. According to figures from the United Nations Food and Agriculture Organization and the Bermuda Department of Statistics, Bermuda’s 315 registered fisherman caught 497 metric tons of marine fish in 2014. In addition, hotels employed 2,446 workers, resulting in 580,209 hotel stays (measured by the number of visitor arrivals). Assume that this production point is highly productive. Assume that the potential cost of one more metric ton of fish is 2,000 hotel stays, and that this cost is constant (the opportunity cost does not change).
How many hotel stays might Bermuda produce if all 315 registered fishermen were employed by hotels (on top of the 2,446 persons presently employed by hotels)?
How many metric tons of fish might Bermuda produce if all 2,446 hotel employees become fishermen (in addition to the 315 fishermen presently employed in the industry)?
Draw a production possible frontier for Bermuda, with fish on the horizontal axis and hotel stays on the vertical, and name the year’s actual production point.
2. According to U.S. government data, According to the National Agricultural Statistics Service of the Department of Agriculture, 124 million acres of land in the United States were used for wheat or corn growing in the previous year. Farmers used 50 million acres to grow 2.158 billion bushels of wheat and 74 million acres to cultivate 11.807 billion bushels of maize on the 124 million acres. Assume that wheat and corn growing in the United States is cost-effective. The potential cost of producing 1 additional bushel of wheat at that point is 1.7 less bushels of maize. However, because farmers’ opportunity costs are increasing, extra bushels of wheat have a higher opportunity cost than 1.7 bushels of corn. Determine whether each of the following production points is I feasible and efficient in production, (ii) doable but inefficient in production, (iii) not feasible, or (iv) ambiguous as to whether it is viable.
Farmers produce 1.8 billion bushels of wheat on 40 million acres of land and 9 billion bushels of corn on 60 million acres of land. The remaining 24 million acres are being utilised for other purposes.
Farmers convert 40 million acres of land from maize to wheat production from their original production point. 3.158 billion bushels of wheat and 10.107 bushels of corn are now produced.
Wheat production is reduced to 2 billion bushels, but corn production is increased to 12.044 billion bushels. The opportunity cost of travelling from 11.807 billion bushels of corn to 12.044 billion bushels of corn along the production possibility frontier is 0.666 bushel of wheat per bushel of corn.
3. Only two products are produced in the ancient country of Roma: pasta and meatballs. The Tivoli and the Frivoli are two tribes in Roma. Each month, the Tivoli can make 30 pounds of spaghetti without meatballs, 50 pounds of meatballs without spaghetti, or any combination in between. Each month, the Frivoli can make 40 pounds of spaghetti without meatballs, 30 pounds of meatballs without spaghetti, or any combination in between.
Assume that the boundaries of all manufacturing possibilities are straight lines. Draw a graphic for the Tivoli’s monthly production possibility frontier and another for the Frivoli’s monthly production possibility frontier. Demonstrate how you arrived at your conclusions.
Which tribe has a competitive advantage in the manufacture of spaghetti? In the business of making meatballs?
In the year A.D., The Frivoli discover a new method for manufacturing meatballs that allows them to increase the amount of meatballs they can make each month.
Draw the Frivoli’s new monthly production possibilities frontier.
Which tribe now has an unbeatable advantage in the production of meatballs as a result of the innovation? What role does spaghetti play in the production of pasta? In terms of meatball production, who has the comparative advantage? Are you involved in the production of spaghetti?
4. In July, the United States sold $1 billion worth of aircraft to China while only purchasing $19,000 worth of aircraft. However, during the same month, the US purchased $83 million worth of men’s pants, slacks, and jeans from China but only sold $8,000 worth of the same to China. Answer the following questions using what you’ve learned about how comparative advantage affects trade.
In terms of aircraft production, which country enjoys a competitive advantage? In the manufacture of pants, slacks, and jeans?
Can you figure out which country has a clear advantage in airplane manufacturing? In the manufacture of pants, slacks, and jeans?
5. According to Peter Pundit, an economics writer, the European Union (EU) is raising productivity in all areas at a rapid rate. He says that the EU’s productivity gains are so rapid that the EU’s output in certain industries will soon surpass that of the US, and that the US would no longer benefit from trade with the EU.
Do you believe Peter Pundit is accurate, or do you disagree? If not, what do you think the cause of his blunder is?
What do you believe the items that the EU sells to the United States and the goods that the United States sells to the EU will look like if the EU and the US continue to trade?
6. You’re in charge of assigning members to the baseball and basketball teams in your dorm. You’re down to your last four players, two of whom must go to baseball and two to basketball. The batting average and free-throw average of each player are listed in the table below.
Name
Average at bat
Average of free throws
Kelley
70% of the time
sixty percent
Jackie
fifty percent
fifty percent
Curt
10% of the total
30% of the total
Gerry
Eighty percent
70% of the time
Explain how you would allocate the players using the principle of comparative advantage. Begin by calculating each player’s free throw opportunity cost in terms of batting average.
Why are the other basketball players likely to be dissatisfied with this arrangement whereas the other baseball players are likely to be pleased? Nonetheless, why would an economist claim that allocating players for your dorm’s sports teams in this manner is efficient?
7. Cowry shells are used as money by the residents of Atlantis’ fictional economy. Draw a circular flow diagram with residences and businesses on it. Potatoes and fish are produced by businesses, and potatoes and fish are purchased by households. Households also supply land and labor to businesses. Identify where each of the following affects would occur in the passage of cowry shells or physical items (goods and services, or resources). Explain how this effect extends across the circle.
Many of the potato farms have been flooded by a severe hurricane.
A successful fishing season results in a significant number of fish caught.
Atlanteans find Shakira and spend several days a month attending dance festivals.
8. Colleges and universities, in the words of an economist, produce education by using faculty members and students as inputs. Households are subsequently consumed by education, according to this logic. Construct a circular-flow diagram to depict the college education sector of the economy: colleges and universities are enterprises, and families consume education as well as give teachers and students to universities. In this diagram, what are the relevant markets? In each direction, what is being bought and sold? What would happen if the government decided to subsidize 50% of all college students’ tuition in the diagram?
9. Your dorm roommate, on the other hand, prefers to listen to loud music the majority of the time; you, on the other hand, would prefer more peace and quiet. You advise her to get some headphones. She says that, while she would want to wear headphones, she has a lot of other things she’d rather spend her money on right now. You talk to a friend who is studying economics about the problem. The following conversation occurs:
Friend: What would the cost of headphones be?
You will be charged $15.
Friend: How important is it for you to have some peace and quiet for the remainder of the semester?
You will be charged $30.
Friend: Buying the headphones and giving them to your roommate is a good idea. You gain more than you lose; the advantage outweighs the disadvantage. That is something you should do.
You: It’s just not right that I have to pay for the headphones when I’m not producing the noise.
Which sections of this discourse have positive statements and which have normative statements?
Construct an argument for why you believe your roommate should be the one to modify her ways. Construct an argument from your roommate’s perspective that you should be the one to buy the headphones. Which argument is more likely to succeed if your dorm has a policy that allows residents to play music at any time? Which argument is most likely to succeed if your dorm has a regulation that anyone playing music must cease when a roommate complains?
9. Workers in Asia often labor in sweatshop conditions, earning barely cents an hour, said a representative of the American garment business recently. Workers in the United States are more productive, and as a result, they make more money.
RUBRIC |
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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Discussion Questions on Microeconomics |
Discussion Questions on Microeconomics