BA 206 BU The Output of The Chosen Item in The World of Today Question

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Economics

BA 206

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Week 1 Homework Assignment BA 206: Microeconomics Name_________________________________________________________________ Instructions: Please answer each question with sufficient detail. Relevant detailed responses are highly rewarded. If you consult any sources, then you should provide both in-text citations and references at the end for each response. You need to make sure to at least consult your textbook for your responses, and cite the textbook using APA format. 1. What is an opportunity cost? How does the idea relate to the definition of economics? (10% of grade) 2. Cite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit. In all cases or examples, make sure to clearly identify the cost and benefit. Please also make sure to explain how you arrived at your decision. Do you think you made a rational choice in each case? Explain. (20% of grade) 3. What are economic resources? What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs? (20% of grade) 4. Why is money not considered to be a capital resource in economics? Why is entrepreneurial ability considered a category of economic resource, distinct from labor? What are the major functions of the entrepreneur? Make sure to address each part of the question. (20% of grade) 5. Studies indicate that married men on average earn more income than unmarried men of the same age and education level. Why must we be cautious in concluding that marriage is the cause and higher income is the effect? (Hint: Review the distinction between causation and correlation) (10% of grade) Problem Life is Good is a remote island in the Atlantic. The inhabitants grow wheat and breed poultry. The accompanying table shows the maximum annual output combinations of Wheat and poultry that can be produced. Obviously, given their limited resources and available technology, as they use more of their resources for wheat production, there are fewer resources available for breeding poultry. Maximum annual output options 1 2 3 4 5 6 7 Quantity of wheat (pounds) 1200 1100 900 600 400 200 0 Quantity of Poultry (pounds) 0 300 450 600 725 775 850 1. What is the opportunity cost (in terms of poultry given up) of increasing the annual output of wheat from 900 to 1100 pounds? (10% of grade) 2. What is the opportunity cost (in terms of poultry given up) of increasing the annual output of wheat from 200 to 400 pounds? (10% of grade)
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Submission date: 17-May-2020 11:03PM (UTC+0300)
Submission ID: 1326393374
File name: Responses_to_Business_Questions.docx (127K)
Word count: 1086
Character count: 5559

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Running Head: RESPONSES TO ECONOMICS QUESTIONS

Responses to Economics Questions
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RESPONSES TO ECONOMICS QUESTIONS

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Response One
Opportunity Cost refers to the sacrifice a consumer, group of strategists and society make
to forego the next best thing in a list in order to maximize the output of the chosen item or
product (Marshall, 2016). In most cases, the option takes the form of either money or time. On
the contrary, economics is the social science that is principally concerned with the realms of
making optimal choices from the midst of the available resources. Human wants are usually
unlimited, but the production resources to fulfil them are limited.
In the world of today, every good thing or th...


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