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macroeconomics1 - U nit 4 BU204 | Macroeconomics Tabetha...

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Unit 4 [ BU204 | Macroeconomics ] Tabetha Bynum BU204-03 Unit 4 March 4, 2011 Professor Hayfer Kaplan University 1
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Assignment General Instructions: 1. Your assignment should have a cover sheet with the following information: a. your name; b. the course number; c. the section number; and, d. the date, 2. You may either copy and paste the questions and the appropriate graphs into your paper, or you may insert your coversheet, your answers and your references into THIS document, renaming it as required in the instructions. 3. To any graphs, or charts, you may add whatever arrows or other indicators that you feel are necessary to illustrate your analysis. 4. Your answers should follow the APA format by being in double spaced paragraph format, with citations to your sources and, at the bottom of your last page, a list of references). You answers should also be in Standard English with correct spelling and punctuation, grammar and style. 5. Unless specified differently by your instructor, your completed assignment should be saved with the following file name format: course number, an underscore, Section number, an underscore, your LAST name, underscore, your FIRST name, an underscore, and the word “mid”. It will look like this: BU204_xx _LAST_FIRST_mid (where the “xx” is the section number). 6. Respond to the questions in a thorough manner, providing specific examples of concepts, topics, definitions and other elements asked for in the questions. Your paper should be highly organized, logical and focused. 7. Maximum grade on format (total 15 points): a. 3 points = correct filename b. 3 points = correct APA format for answers (coversheet with name, course number, section number, Unit number, date, answers double spaced, in Times Roman black 12 point font) c. 3 points = correct citations within answers d. 3 points = Standard English with no spelling or punctuation errors
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Unit 4 [ BU204 | Macroeconomics ] e. 3 points = correct references at the bottom of the last page. --------------------------------------------------------------------------------------------------------------------- Questions: 1. Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fresh fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced. Obviously, given their limited resources and available technology, as they use more of their resources for potato production, there are fewer resources available for catching fish. Maximum annual output options Quantity of potatoes Quantity of fish (pounds) (pounds) A 1,000 0 B 800 300 C 600 500 D 400 600 E 200 650 F 0 675 a. Examine the Maximum annual output options table above and the resulting Production Possibility Frontier Graph below and answer parts b - f. 3
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Production Possibility Frontier Graph b. Can Atlantis produce 500 pounds of fish and 800 pounds of potatoes? (5 points ) Explain. (5 points ) No, Atlantis cannot produce 500 pounds of fish and 800 pounds of potatoes because the resources are not available.
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