BA
201 Full Course Microeconomics
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BA 201 Week 1 Week 1 “Introduction
to Economics and Thinking Like an Economist”
Taxes
After reading Special Topic 1 and
Special Topic 2, write a 1 to 2 page paper describing the reasons for taxes,
the various costs to government for collecting taxes, and the costs to the
economy for the issuence of them. Cite your sources as needed. Attempt to
use APA formatting.
BA201 Week 2 “Supply and Demand”
Products
|
Event
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Market for:
|
|
Economic growth is expected to improve in the next two
quarters.
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Aluminum
|
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Gasoline
|
|
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The Japanese government has decided to subsidize its
domestic automobile producers with stimulus money.
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Automobiles
|
|
Manufacturers who use plastic as an input have access to
cheaper plastic.
|
Manufactured goods that use plastic as an input
|
Using the table, for each line item,
write a paragraph describing how the market for each specific product will be
affected by the associated event. Describe which curve will shift (demand or
supply or both), what effect it will have on price (rise or fall in price), and
what will happen to quantity (rise or fall in quantity). Each line item
requires a paragraph.
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Grading Criteria Assignments
|
Maximum Points
|
|
Meets or exceeds established assignment criteria
|
40
|
|
Demonstrates an understanding of lesson concepts
|
20
|
|
Clearly presents well-reasoned ideas and concepts
|
30
|
|
Uses proper mechanics, punctuation, sentence structure,
and spelling
|
10
|
|
Total
|
100
|
BA201 Week 3 “Public Sector
Economics and Economics Applied to Political Problems”
Recessions
After reading Special Topic 4, write
a 2-page paper comparing and contrasting the economic viewpoints and theories
of John Maynard Keynes and Friedrich Hayek.
What were each of their views of the
causes recessions and solutions to fixing them?
In each of their views, what place
did government have to improve markets?
Cite your sources as needed. Attempt
to use APA formatting.
|
Grading Criteria Assignments
|
Maximum Points
|
|
Meets or exceeds established assignment criteria
|
40
|
|
Demonstrates an understanding of lesson concepts
|
20
|
|
Clearly presents well-reasoned ideas and concepts
|
30
|
|
Uses proper mechanics, punctuation, sentence structure,
and spelling
|
10
|
|
Total
|
100
|
BA201 Week 4 “Consumer Choice and
Elasticity”
Marginality
After reading chapter 7 and Special
Topic 6, In one page describe the concept of marginality and diminishing
marginality.
What happened to marginal tax rates
of individuals during the Great Depression, and how did that affect
unemployment during that time?
Why do you suppose?
Cite your sources as needed. Attempt
to use APA formatting.
|
Grading Criteria Assignments
|
Maximum Points
|
|
Meets or exceeds established assignment criteria
|
40
|
|
Demonstrates an understanding of lesson concepts
|
20
|
|
Clearly presents well-reasoned ideas and concepts
|
30
|
|
Uses proper mechanics, punctuation, sentence structure,
and spelling
|
10
|
|
Total
|
100
|
BA201 Week 5 “Costs and Firms in Perfectly
Competitive Markets”
Total Cost
Fill in the table. Assume TC stands
for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable Cost, ATC as
Average Total Cost, AFC as Average Fixed Cost, AVC as Average Variable Cost,
and MC as Marginal Cost. Then write a paragraph about which level of output
would be considered the minimum LRATC.
|
Units of Output
|
TC
|
TFC
|
TVC
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ATC
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AFC
|
AVC
|
MC
|
|
0
|
20
|
||||||
|
1
|
1
|
||||||
|
2
|
3
|
||||||
|
3
|
4
|
||||||
|
4
|
12
|
||||||
|
5
|
75
|
||||||
|
6
|
16
|
||||||
|
7
|
24
|
||||||
|
8
|
86
|
||||||
|
9
|
360
|
|
Grading Criteria Assignments
|
Maximum Points
|
|
Meets or exceeds established assignment criteria
|
40
|
|
Demonstrates an understanding of lesson concepts
|
20
|
|
Clearly presents well-reasoned ideas and concepts
|
30
|
|
Uses proper mechanics, punctuation, sentence structure,
and spelling
|
10
|
|
Total
|
100
|
BA201 Week 6 “Firms in Low and High
Barriers to Entry Markets”
Market Demand
The market demand at the beginning
is D1, and its corresponding marginal revenue is MR1. The initial ATC is
ATC1, and the original supply is MC1.
Therefore, the monopolist sells
_____ units at $ _____ per unit, and his/her total profit is approximately
$____________.
After a given time period, due to
investment and technological advances, which cost the monopolist an increase in
TFC, results in a cost of production decrease to ATC2 and its corresponding
supply to MC2. The monopolist, then, in the absence of price regulation by the
government, would like to produce _______ units and charge a unit price of
$__________.
However, due to quality improvements
and effective advertising, the demand increases to D2, while its corresponding
marginal revenue is MR2, with ATC2 and MC2 remaining unchanged. The monopolist,
therefore, produces and sells approximately ______ units at $_______ per unit.
His/her total profit is now approximately $___________.
|
Grading Criteria Assignments
|
Maximum Points
|
|
Meets or exceeds established assignment criteria
|
40
|
|
Demonstrates an understanding of lesson concepts
|
20
|
|
Clearly presents well-reasoned ideas and concepts
|
30
|
|
Uses proper mechanics, punctuation, sentence structure,
and spelling
|
10
|
|
Total
|
100
|
BA201 Week 7 “Market for Productive
Resources; Earnings, Productivity, and the Job Market”
Marginal Revenue Product
Marginal revenue product is defined
as the change in total revenue that results from the employment of an
additional unit of a resource. A producer wishes to determine how the addition
of pounds of plastic will affect its MRP and profits. See the table below, and
answer each of the questions.
|
Pounds of plastic (quantity of resource)
|
Number of assemblies (total product)
|
Price of assemblies ($)
|
|
0
|
0
|
–
|
|
1
|
15
|
13
|
|
2
|
30
|
11
|
|
3
|
40
|
9
|
|
4
|
55
|
7
|
|
5
|
58
|
5
|
1.
The marginal product of the 3rd
pound of plastic is ________.
2.
The marginal revenue product of the
3rd pound of plastic is ______.
3.
The price of plastic is $135 per
pound. To maximize profit, the producer should produce
__________________.
1.
The price of plastic is $135 per
pound. To maximize profit, the producer should buy and use:
________________.
|
Grading Criteria Assignments
|
Maximum Points
|
|
Meets or exceeds established assignment criteria
|
40
|
|
Demonstrates an understanding of lesson concepts
|
20
|
|
Clearly presents well-reasoned ideas and concepts
|
30
|
|
Uses proper mechanics, punctuation, sentence structure,
and spelling
|
10
|
|
Total
|
100
|
BA201 Week 8 “International
Economics”
Bangladesh
The graph above shows the demand and
supply of socks for the country of Bangladesh.
1.
If trade is avoided, Bangladesh
consumes _____ pairs of socks at a price of _____ per socks.
2.
With free trade, for a world price
of $4 per pair of socks, Bangladesh is producing _____pairs of socks.
3.
With free trade, for a world price
of $4 per pair of socks, Bangladesh is consuming _______ pairs of socks.
4.
With free trade, for a world price
of $4 per pair of socks, Bangladesh is importing _________pairs of socks.
5.
If the world price is $4 per sock,
and the government of Bangladesh imposes a tariff of $1, Bangladesh
produces ____________ and imports __________pairs of socks.
6.
If the world price is $4 per pair of
socks, and the government of Bangladesh imposes a tariff of $1, how much
tariff revenue will the Bangladesh government collect? _____ .
|
Grading Criteria Assignments
|
Maximum Points
|
|
Meets or exceeds established assignment criteria
|
40
|
|
Demonstrates an understanding of lesson concepts
|
20
|
|
Clearly presents well-reasoned ideas and concepts
|
30
|
|
Uses proper mechanics, punctuation, sentence structure,
and spelling
|
10
|
|
Total
|
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