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ASSIGNMENT 04 C13 Microeconomics

Directions: Be sure to save an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English, spelling and grammar. Sources must be cited in APA format. Your response should be four (4) double- spaced pages; refer to the "Assignment Format" page located on the Course Home page for specific format requirements.

Part A

Politicians are often heard saying that tuition at state universities should be kept low "to make education equally accessible to all residents of the state, regardless of income."

1. Assuming that state funding for the universities is held constant, describe the conditions that will prevail if tuition is held below equilibrium price. Provide one (1) example to support your response.

2. Will education really be "equally accessible" under these conditions? Provide one (1) example to support your response.

Part B

Using the Internet, research the influenza vaccine, or "flu shot." Use the following to guide your research:

a. Think about the flu shot in the context of a public good. b. What are the economic benefits of the flu shot? c. In what ways has the government become involved in the distribution of flu shots? For what

reasons?

1. Describe one (1) reason why the private market for flu vaccinations would produce an inefficient outcome.

2. Describe one (1) way that government involvement could achieve an efficient quantity of vaccinations.

3. Provide one (1) original example for each of the following: a. a private good b. a public good.

Grading Rubric

Please refer to the rubric on the following page for the grading criteria for this assignment.

CATEGORY Exemplary Satisfactory Unsatisfactory Unacceptable 15 points 12 points 8 points 5 points Student provides a clear, logical description of the conditions that will prevail if tuition is held below equilibrium price, with at least 1 clear, logical example.

Student provides a mostly clear, logical description of the conditions that will prevail if tuition is held below equilibrium price, with at least 1 mostly clear, logical example.

Student provides a weak or unclear description of the conditions that will prevail if tuition is held below equilibrium price, with at least 1 weak or unclear example.

Student provides a poor description of the conditions that will prevail if tuition is held below equilibrium price, with 1 poor example.

15 points 12 points 8 points 5 points Student provides a clear, logical description of whether or not education will be "equally accessible" under the conditions described, with at least 1 clear, logical example.

Student provides a mostly clear, logical description of whether or not education will be "equally accessible" under the conditions described, with at least 1 mostly clear, logical example.

Student provides a weak or unclear description of whether or not education will be "equally accessible" under the conditions described, with at least 1 weak or unclear example.

Student provides a poor description of whether or not education will be "equally accessible" under the conditions described, with 1 poor example.

15 points 12 points 8 points 5 points Student provides a clear, logical description of at least 1 reason why the private market for flu vaccinations would produce an inefficient outcome.

Student provides a mostly clear, logical description of at least 1 reason why the private market for flu vaccinations would produce an inefficient outcome.

Student provides a weak or unclear description of at least 1 reason why the private market for flu vaccinations would produce an inefficient outcome.

Student provides a poor description of 1 reason why the private market for flu vaccinations would produce an inefficient outcome.

15 points 12 points 8 points 5 points

Student provides a clear, logical description of at least 1 way that government involvement could achieve an efficient quantity of vaccinations.

Student provides a mostly clear, logical description of at least 1 way that government involvement could achieve an efficient quantity of vaccinations.

Student provides a weak or unclear description of at least 1 way that government involvement could achieve an efficient quantity of vaccinations.

Student provides a poor description of 1 way that government involvement could achieve an efficient quantity of vaccinations.

10 points 8 points 5 points 2 points

Student provides a clear, logical description with at least 1 example of a private good and at least 1 example of a public good.

Student provides a mostly clear, logical description with at least 1 example of a private good and at least 1 example of a public good.

Student provides a weak or unclear description with at least 1 example of a private good and at least 1 example of a public good.

Student provides a poor description with at least 1 example of a private good and at least 1 example of a public good, or fails to provide examples.

20 points 15 points 10 points 5 points Student makes no errors in grammar or spelling that distract the reader from the content.

Student makes 1-2 errors in grammar or spelling that distract the reader from the content.

Student makes 3-4 errors in grammar or spelling that distract the reader from the content.

Student makes more than 4 errors in grammar or spelling that distract the reader from the content.

10 points 8 points 5 points 2 points The paper is written in proper format. All sources used for quotes and facts are credible and cited correctly.

The paper is written in proper format with only 1-2 errors. All sources used for quotes and facts are credible and most are cited correctly.

The paper is written in proper format with only 3-5 errors. Most sources used for quotes and facts are credible and cited correctly.

The paper is not written in proper format. Many sources used for quotes and facts are less than credible (suspect) and/or are not cited correctly.

Part A: Conditions (15 points)

Part A: Equally accessible (15 points)

Format (10 Points)

Part B: Private market (15 points)

Mechanics (20 Points)

Part B: Government involvement (15 points)

Part B: Private/public goods (10 points)