Order ID:89JHGSJE83839 Style:APA/MLA/Harvard/Chicago Pages:5-10 Instructions:
Microeconomics Assignment Fall 2020
Problem 1
- You are the manager of a large grocery store. Currently, you have 10 checkout registers in the front of your store. Depending on the time of day, you have between 2 and 10 checkers working up front. You have no automated self-checkout registers but the technology has been improving and they have become cheaper in the last few years.
- Suppose your state enacts a $15 minimum wage, replacing the existing $10 minimum wage. Suppose that many of your current checkers currently earn the minimum wage, so they will each cost you $5 more per hour. How does this change affect your cost-minimizing use of labor and capital?
- Might this be the time to start using automatic checkout registers? What factors would help determine how many you may want to purchase?
- Suppose a new app is created that allows your customers to scan their items with their smartphones as they put them in the cart, pay with a pre-registered credit card, and simply take their groceries out the door without every officially “checking out.” How does this affect the marginal productivity of checkers (L) and automated machines (K)? What might the manager of the grocery store do in this situation?
- Discussion Question: In the model of production as presented in this chapter, labor and capital can both be used to produce output, implying some substitutability between inputs. What about a situation where, to produce output, you need one worker and one machine? Consider a lawn-mowing service that needs one worker operating each lawnmower to mow a lawn. How would an increase in the minimum wage affect a firm like this? What kinds of decisions should the manager consider?
Grading Rubric
Your assignment will be graded based on the following rubric:
Category Unacceptable (0-1) Needs Improvement (2-3) Good (4) Excellent (5) Total Possible Points Organization (x3) There is no apparent organization to the answers. They shows some coherence but ideas lack unity. There is some level of organization though digressions, ambiguities, irrelevance are too many. Transition evident but not used throughout the paper. Answers are coherent and logically organized with transitions used between ideas and paragraphs to create coherence. Overall unity of ideas is present. Answers show high degree of attention to logic and reasoning of points. Unity clearly leads the reader to the conclusion and stirs thought regarding the topic. 15 Content (x3) Answers lack evidence of critical thinking. Writer uses superficial, simplistic, or irrelevant reasons and unjustifiable claims. Makes illogical, inconsistent inference. Answers are primarily opinion without valid support. Little critical thinking is evident. Follows existing evidence to obtain conclusions. Ideas are logical and reasoned, but demonstrate lesser degree of originality. Follows evidence and reason lead to obtain justifiable, logical conclusion. Writer develops logical and reasoned independent ideas that go beyond predictable outcomes or the conclusions of researched materials. Follows where evidence and reason lead in order to obtain defensible, thoughtful, logical conclusions or solutions. 15 Grammar & Mechanics(x2) Sentences are unclear and many grammatical errors in structure make answers virtually unreadable. Spelling, punctuation, capitalization, and vocabulary usage contain major flaws that impede readability. Most spelling, punctuation, and grammar correct allowing reader to progress through the answers. Some errors remain. Answers have few spelling, punctuation, and grammatical errors allowing reader to follow ideas clearly. Very few fragments or run-ons. Answers are free of distracting spelling, punctuation, and grammatical errors; absent of fragments, comma splices, and run-ons. 5 Microeconomics Assignment Fall 2020
RUBRIC
Excellent Quality
95-100%
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.
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.
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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Microeconomics Assignment Fall 2020