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BA 201 (Microeconomics) Entire Course

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BA 201 (Microeconomics) Entire Course BA201 Microeconomics Full 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.

Aluminum

Fire at an oil refinery in the Gulf will not be fixed for a month. Gasoline The Japanese government has decided to subsidize its domestic automobile producers with stimulus money.

Automobiles

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


Grading Criteria Assignments

Maximum Points

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


Grading Criteria Assignments

Maximum Points

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 5

12 75

6

16

7

24

8 9

86 360

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 Number of assemblies (total Price of assemblies resource) product) ($)

1. 2. 3. 1.

0

0

1

15

13

2

30

11

3

40

9

4

55

7

5

58

5

The marginal product of the 3rd pound of plastic is ________. The marginal revenue product of the 3rd pound of plastic is ______. The price of plastic is $135 per pound. To maximize profit, the producer should produce __________________. 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 1. 2. 3. 4. 5. 6.

The graph above shows the demand and supply of socks for the country of Bangladesh. If trade is avoided, Bangladesh consumes _____ pairs of socks at a price of _____ per socks. With free trade, for a world price of $4 per pair of socks, Bangladesh is producing _____pairs of socks. With free trade, for a world price of $4 per pair of socks, Bangladesh is consuming _______ pairs of socks. With free trade, for a world price of $4 per pair of socks, Bangladesh is importing _________pairs of socks. 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. 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


Ba 201 (microeconomics) entire course