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BU/224 BU224 BU 224 UNIT 3 ASSIGNMENT

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BU 224 UNIT 3 ASSIGNMENT Assignment Learning Activity It is strongly recommended that you complete this Learning Activityafter completing all the unit Readings and before beginning your Assignment. This will help you practice important concepts related to skills needed for the Assignment. Assignment Download your Assignment Template, instructions and grading rubric document from Doc Sharing. Look for the document entitled: BU224 Unit 3 Assignment Template.docx Before you submit your Assignment, you should save your work on your computer in a location that you will remember, using the naming convention specified in the Assignment template. Make sure your Assignment is in the appropriate format (Word, Excel, PowerPoint, or other), then, when you are ready, you may submit on the Dropbox page. Unit 3 Assignment:Supply and Demand Name: Course Number and Section:AB224–0X Date: General Instructions for all Assignments 1. Unless specified differently by your course instructor, save this assignment template to your computer with the following file naming format: Course number_section number_Last_First_unit number 2. At the top of the template, insert the appropriate information: Your Name, Course Number and Section, and the Date 3. Insert your answers below, or in the appropriate space provided for in the question. Your answers should follow APA format with citations to your sources and, at the bottom of your last page, a list of references. Your answers should also be in Standard English with correct spelling, punctuation, grammar, and style (double spaced, in Times New Roman, 12–point, and black font). Respond to questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions. 4. Upload the completed Assignment to the appropriate Dropbox. 5. Any questions about the Assignment, or format questions, should be directed to your course instructor. Assignment In this Assignment, you will demonstrate your understanding of the Production Possibility model, marginal opportunity costs, and the differences in marginal opportunity costs. Additionally, you will demonstrate a clear understanding of the crucial concept of supply and demand, and the impact on the original group caused by achange in demand. In this Assignment, you will be assessed on the following outcome: AB224-1: Examine how various supply and demand scenarios affect the way prices and quantities are set by market interactions in perfectly competitive markets. Questions 1. In ancient days a tribe of natives on the mythical continent of Atlantis was able to produce two commodities to eat. They could harvest fish from the sea and they could grow a form of wild oats.Table 1.a. and Graph 1.a. both show the maximum annual output combinations of fish and wild oats that could be produced by the natives of Atlantis. Table 1.a. Maximum annual output options Kilograms of fish Bushels of wild oats 1 7,000 0 2 6,000 300 3 5,000 500 4 4,000 625 5 3,000 710 6 2,000 775 7 1,000 825 8 0 850 a. Could the Atlantis tribe have produced800 bushels of wild oats and 5,000 kilograms of fish at the same time? Explain your answer. Where would this point lie relative to the production possibility frontier? b. Using Table 1.a., what would have been the marginal opportunity cost of increasing the annual output of wild oats by 200 bushels, from 300 bushels up to 500 bushels? c. Using Table 1.a., what would have been the marginal opportunity cost of increasing the annual output of wild oats by 200 bushels, from 625 bushels up to 825 bushels? d. Whyare the marginal opportunity costs for two similar batches of 200 bushels of wild oats not the same? Explain. What does this difference imply about the shape of the Atlantis tribe’s production possibility frontier curve? 2. In the neighboring groups of New Y

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