Landrum, Alexis, Week_2_Personal_Assignment_answers, Graded (1).docx

Landrum, Alexis, Week_2_Personal_Assignment_answers, Graded (1).docx

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Name: Alexis Landrum BUSN 5620 Current Economics Analysis Week 2 Personal Assignment Well here it is. Finally, an assignment you can complete to demonstrate your command of the material. I know you're anxious but before you begin let me lay down a few ground rules. These assignments are to be completed without the direct benefit of other students, tutors, legal counsel, etc. You may, however, ask questions of substance if they in themselves do not either reveal or seek the actual specific answer. I do, however, like the idea of you asking each other, and myself, questions and will therefore err originally toward tolerance. Any questions should be addressed through the Discussion forum. Please do not ask questions of myself or others via e-mail or in person. This eliminates the potential benefits to other students. I will view the hint of an academic dialog taking place outside the forum between students as indicating illicit collusion. If you have not used Excel to graph charts, there is a tutorial at Graphing Supply and Demand Curves in Excel , which is a great resource . But I do not want you to spend a lot of time learning how to do so because it is not user friendly for supply and demand chart graphing. I would rather you spend that time studying the material of the weekly assignments and hand draw or use another drawing software for graphs. You may submit your complete work online through the Assignment page by submitting the text portion of your assignment in this Word document. You should also imbed your graphs into a Word doc or pdf file and include those files in the assignment as attachments or in the main file. Lastly, make sure you include your name on each page of your work. Problem 1 Draw a production-possibilities curve based on Table 1.1, labeling combinations A-F. (Work shown on scanned back copy) a. What is the opportunity cost of increasing missile production from 50 to 150? Opportunity cost of increasing missile production is the reduction in a house production from 75 to 55 which is a loss of 20 Incorrect. The reduction of houses is from 90 to 55 for an opportunity cost of 35 houses. b. What is the opportunity cost of increasing houses from 0 to 75? Opportunity cost of increasing house is a reduction in mislle production from 250 to 100 which is a loss of 150 Correct. c. Lastly, indicate on your graph a combination that would be unavailable.
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