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Answer the following from the Problems Appendix in the back of your textbook on pp. 325-326, and upload your answers through Blackboard: I will be doing a plagiarizing check on the assignment.
- Chapter 1: Questions 1, 2, and 4
- Chapter 2: Questions 1, 2, and 4
Your completed Homework assignment should be at least three to four pages in length. All 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.
- Chapter 1 Explain the economic problem of scarce resources and unlimited wants
- 1). What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?
- 2). (Rational Self-Interest) Discuss the impact of rational self-interest on each of the following decisions:
- a. Whether to attend college full time or enter the work force full time
- b. Whether to buy a textbook or a used one.
- c. Whether to attend a local college or an out-of-town college.
- (Describe the forces that shape economics choices. )
- 4). (Marginal Analysis) The owner of a small pizzeria is deciding whether to increase the radius of delivery area by one mile. What considerations must be taken into account if such a decisions is to increase profitability.
- Chapter 2. Describe the relationship between choice and opportunity cost.
- 1). (Sunk Cost and Choice ) Suppose you to a restaurant and buy an expensive meal. Halfway through, despite feeing quite full, you decide to clean your plate. After all, You think, you paid for the meal so you are going to all of it. What’ wrong with this thinking?
- 2). (Opportunity Cost and Choice) You can spend spring break either at home for 80$ prepay for five days or go to Florida for the week. If you stay home, Your expense will total about $100. If you go to Florida, the airfare, hotel, food, and miscellaneous expenses will total about $700. What’s your opportunity cost of going to Florida.
- (Explain how comparative advantage, specialization, and exchange affect economic outcomes (output)
- 4). (Specialization) Provide some examples of specialized markets of retail outlets. What makes the Web so conducive to specialization?