BA201
Full Course Microeconomics
BA
201 (Microeconomics) Entire Course
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
|
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.
|
Automobiles
|
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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.
|
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
|
ATC
|
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
|
100
|
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