questions of Principles of Economics
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Suppose that unexpected low temperatures in the major wine grape producing regions of Tasmania caused a decline in both the supply and quality of grapes used for producing premium Tasmanian wines. Use a supply and demand analysis to predict what effect this will have on the market for premium Tasmanian wines. You must include a detailed graphical analysis as part of your solution. Carefully label and explain your diagram.
The market for wheat has the following demand and supply schedules:
Price ($/tonne) Quantity Demand(100tonnes) Quantity Supplied(100tonnes)
4 135 26
5 104 53
6 81 81
7 68 98
8 53 110
9 39 121
100 0 133
a) What is the equilibrium price and quantity in this market?
b) Suppose a price floor was implemented in this market equal to $8/tonne. Calculate the excess demand or excess supply created by the price floor.
c) Calculate the reduction in consumer surplus caused by the price floor
Suppose that there are four consumers willing to pay the following amounts for haircuts:
Dave: $14; Charlie $4; Alice: $16; Kitty: $10.
Suppose that there are four barbers with the following costs for cutting hair:
Firm A: $6; Firm B: $12; Firm C: $8; Firm D: $4.
In addition, assume that each barber has the capacity to produce only one haircut.
a) How many haircuts should be given to maximize efficiency? Explain.
b) Which Barbers should cut hair? Explain.
c) How large is the maximum possible total surplus?
Suppose that you are thinking about starting a fishing business. The fixed cost of the business is the cost of a fishing rod, which is $15. (Note: the rod cannot be used for anything except fishing.) The variable costs are bait, which is $1 per fish caught and your time. The opportunity cost of your time is $10 per hour. The table shows the relationship between hours spent fishing and number of fish caught.
Hours Number of Fish Caught
a) Suppose that you can sell each fish for $5. How many fish will you catch to maximise profit? Explain.
b) Suppose that you purchase your rod and begin fishing (the resell value of the fishing rod is zero). Suddenly, the price of fish drops to $2.10 each. How many fish will you catch to maximise profits? Explain.
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. 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The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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