Unit 1 Econ assignment
Instructions
This assignment will give you an opportunity to apply the concepts taught in this unit. You will complete this assignment in two parts.
- Part 1 requires a short written response.
- Part 2 involves working problems based on provided background information. Examples of how to complete these problems can be found in the Unit I Introduction and associated videos presented in the unit.
Both parts of the assignment will be completed using a worksheet on which you will show your work and provide your answers to the questions listed. A link to the worksheet is provided below the instructions.
Part 1
Tyson and Ella work at the Ruby Red Movie Theater in town. After work, they decide to watch a movie. After purchasing their tickets, they stop by the concession stand and purchase popcorn, drinks, and candy. Use the circular flow diagram to describe the purchases that Tyson and Ella made and the services and goods that were provided to them. Your response must be at least 75 words in length.
Part 2
Background information:
As mentioned in Part 1 of this assignment, Tyson and Ella work at the Ruby Red Movie Theater. Tyson can produce 100 bags of popcorn or 50 hot dogs in one hour. His coworker, Ella, can produce 100 bags of popcorn or 30 hot dogs in an hour. Answer the following questions based on this information. Use the worksheet to show your work and provide your answers.
Part A:
If Tyson and Ella attempted to produce both popcorn and hot dogs, how many bags of popcorn and hot dogs could each produce individually per hour? What would be the total number of bags of popcorn and hot dogs produced by the two workers combined? (Show your work.)Part B:
Calculate the opportunity cost of producing bags of popcorn for each worker. (Show your work.)Part C:
Calculate the opportunity cost of producing hot dogs for each person. (Show your work.)Part D:
Determine how many bags of popcorn should be produced by each worker per hour. (Show your work).If each worker should specialize in producing popcorn or hot dogs, explain why; use economic terminology that you have learned in this unit in your explanation. Finally, how many total bags of popcorn and hot dogs will be produced per hour by the two workers combined after specialization? Part E:
What potential ethical issues could arise from making the decision to have both employees specialize in producing popcorn or hot dogs? Name and explain at least two issues.
When you are ready to begin your assignment, access the Unit I Assignment Worksheet in Blackboard. Once you have completed all sections of Parts 1 and 2 of the assignment, you will save and upload the worksheet into Blackboard. Name your file Unit I Assignment Worksheet Your Name (replace YourName with your own name). Make sure you include your name and class section at the top of the worksheet. Any sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA Style.
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