# 2 assignments due in a week. Written by hand and take pictures go through the instructions before you start EVERYTHING MUST BE FROM TEXTBOOK AND USE CRITICAL AND LOGICAL THINKING

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3 assignments

due in a week. Written by hand and take pictures

go through the instructions before you start

EVERYTHING MUST BE FROM TEXTBOOK AND USE CRITICAL AND LOGICAL THINKING

2 assignments due in a week. Written by hand and take pictures go through the instructions before you start EVERYTHING MUST BE FROM TEXTBOOK AND USE CRITICAL AND LOGICAL THINKING

Assignment 2 – Due: ______________ Do chapter 3 summary, done by hand with diagrams included if not already completed. Answer these questions briefly. Use diagrams where appropriate. What are (factor) endowments? What are some examples? What is comparative advantage? How do we know if it exists? What are some of the sources of comparative advantage? What is absolute advantage? How do we measure it? What is specialization? Why does it increase productivity? What are gains from trade? Give an example to show you understand what they are. How could comparative advantage be “acquired”? Answer these problems Do questions 2.3 page 54 of the text. Note that there is in an error in the question as it relates to the Figure 2.4 on page 43, not page 37. Do question 2.6 page 55 from the textbook. Draw the PPF for each country on a graph in answering your question. Also draw a combined PPF for the two countries. Why would a trading agreement, such as the TransPacific Partnership (TPP), be of benefit to all the countries, even though they have very different levels of productivity and economic structures? 1 ECON 2100 Homework

2 assignments due in a week. Written by hand and take pictures go through the instructions before you start EVERYTHING MUST BE FROM TEXTBOOK AND USE CRITICAL AND LOGICAL THINKING

Assignment 1 – Due ____________________ I. Purchase textbook. Hubbard et al MicroEconomics 3rd Canadian edition II. Do chapter summaries for 1-2 done by hand with diagrams included. If you have time, begin to work on Chapter 3, although it is not yet due. Answer these questions briefly. Use diagrams where appropriate. Explain the primary features of capitalism. How does it “answer” the fundamental economic questions? What if productive efficiency? What is allocative efficiency? How does scarcity occur? Can any economy eliminate scarcity? Explain. Explain how scarcity leads to choice which leads to opportunity cost. What is a model? How do we know if a model is useful? Why is the ceteris paribus assumption (“all else equal”) useful in our models? What is normative analysis? What Positive Analysis? Chapter 2 questions (based on the book up to Section 2.2) What is the interpretation of a bowed-out (concave to the origin) production possibilities curve? What is the interpretation of a straight line production possibilities curve? How does the negative slope of the production possibilities curve relate to opportunity cost? How is growth illustrated on your production possibilities curve? What causes this growth? Answer these problems 11. Below is the production possible for Robinson Crusoe: Hours Fish (kg) Hours Fruit 1 4 1 8 2 7.5 2 15 3 10.5 3 21 4 13.0 4 26 5 15.0 5 30 6 16.5 6 33 7 17.5 7 35 8 18 8 36 a. Create and draw the Production Possibilities Frontier for Robinson Crusoe, assuming he can only work 8 hours per day. b. Which of the following combinations (in kg) are attainable and which are unattainable? (i) 10 fish and 30 fruit, (ii) 13 fish and 26 fruit (iii) 20 fish and 21 fruit? If not attainable, how many more hours would be needed (approximately) to attain that combination? Plot these unattainable points on your graph. c. Which combinations use all of Crusoe’s available hours? (i) 15 fish and 21 fruit, (ii) 7 fish and 30 fruit, (iii) 18 fish and 0 fruit? d. Which combinations have an opportunity cost for Crusoe (i.e. he must give up fish) when he increases fruit by 1 kilogram: (i) 18 fish and 0 fruit (ii) 15 fish and 15 fruit (iii) 13 fish and 26 fruit? e. Assume Crusoe initially spends 8 hours per day on fruit picking. What is the opportunity cost, in fruit, for if he chooses to spend time fishing (to the maximum of 8 hours)? List the cost for every hour that he switches his production. 12. Outline the opportunity cost you have incurred to come to school. Some of those costs will be financial (i.e. $ actually spent) and some will be non-financial (e.g. time). Calculate approximately any numbers that you can, and explain the differences between the two types of costs. (You can fudge the figures if you don’t want to give that information out to me, but be sure to explain which figures you actually have information for and which you are only guessing at). What financial costs are incurred during a school year that are NOT opportunity costs? Why? 3 ECON 2100 Homework

2 assignments due in a week. Written by hand and take pictures go through the instructions before you start EVERYTHING MUST BE FROM TEXTBOOK AND USE CRITICAL AND LOGICAL THINKING

Assignment 3 – Due ___________ Do chapter 4 summaries, done by hand with diagrams included. Answer these questions briefly. Use diagrams where appropriate. Explain with a diagram the difference between demand and quantity demanded. Explain with a diagram the difference between an “increase in demand” and an “increase in quantity demanded.” How do you know if a good is a normal good or an inferior good? How do you know if two goods are complements or substitutes? Give an example of an expectation that would cause you to increase demand in a normal good. Give an example of an expectation that would cause you to decrease demand in a normal good. What is the relationship between quantity supplied and price? What explains this relationship? Explain with a diagram the difference between a shift in the demand curve and a movement along the demand curve. If supply increases would this be known as a shift in supply or a movement along the supply curve? Explain. Lab Exercise #3 Supply and Demand Problems 1. a. Graph the points and construct a demand/supply curve from the following data: Market for Hamburger Price Demand Supply 20 8000 16 2000 7000 12 4000 6000 6000 5000 8000 4000 b. Determine the (approximate) equilibrium price and quantity that will result. ** c. Explain why this point you have is the equilibrium price and quantity, and why $12 would not be an equilibrium price. 2. This question relates to the effect of each of six events on the market for beef. Each event is to be considered as separate and distinct from the other events. ** Only one of the demand or supply curves should shift. Factors of production (resources) cannot be shifted from beef to pork production or vice versa. The headings of the four columns are to be interpreted as follows: D = change in the demand schedule for beef S = change in the supply schedule for beef P = change in the equilibrium price of beef Q = change in the quantity of beef exchanged at the new equilibrium price a. Draw a diagram and EXPLAIN YOUR ANSWER for each of the situations below for the appropriate markets to help with your answers. Be sure to label the graphs appropriately, showing changes in the supply or demand curves (only ONE curve will shift.) Remember that you must tell me which non-price determinant category you are using in your explanation. b.. In the blanks under the first two columns (D & S), insert a ‘+’ for a shift to the right, ‘-‘ for a shift to the left, and 0 for no shift, in demand or supply. In the blanks under the last two columns (Pe & Qe), insert + for a rise and – for a fall in the equilibrium price or equilibrium quantity, and a “?” when the outcome cannot be determined (note: a 0 will not occur in the last two columns). D S Pe Qe a) Because of a plague which attacks the hog population, the sale of pork is banned. Cattle are not affected by this disease. ____ ____ ____ ____ b) The development of a new feed reduces the cost of feeding cattle. ____ ____ ____ ____ c) A $0.15 per pound subsidy is granted to the producers of pork. ____ ____ ____ ____ d) There is a rise in wage rates paid by ranchers to their workers. ____ ____ ____ ____ e) Medical findings establish that beef is the source of a vitamin that extends peoples life spans. ____ ____ ____ ____ f) A severe winter kills a large number of steers. ____ ____ ____ ____ ** (more difficult) Hint: What does it mean to “shift factors of production” in farming? In particular, how would your answers to a) and c) parts be altered if we allow that resources could be shifted easily from beef to pork?

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