Microeconomics
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C13Assignment8.docxASSIGNMENT 08
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
Imagine that it is the year 2199. Technology has progressed at an incredible pace. The latest discovery is the plutonium engine, which is capable of converting plutonium, a by-product of nuclear fission, into fuel to power the nuclear reactors in our new form of transportation, the rocket-car. However, because the firm that invented the engine, the Futures Unlimited Corporation, already has a government license to control and distribute the quantity of this certain isotope of plutonium on the market, it is now conceivably in charge of a monopoly on plutonium-fueled transportation.
1. Describe the economic outcome of this single-price monopoly in terms of profit. Provide one (1) supporting fact to support your response.
2. Describe one (1) way that the Futures Unlimited Corporation makes output and price decisions.
Part B
1. Would consumers benefit more from a tariff or a quota on imports? Provide one (1) supporting fact to support your response.
2. Consider the following weekly production possibilities of gloves and hats in Panama and Russia:
|
|
Russia |
Panama |
|
Gloves |
20 |
180 |
|
Hats |
80 |
90 |
a. What is each country's opportunity cost of producing gloves and hats?
b. If the countries could, should they trade? Provide one (1) supporting fact to support your position.
Grading Rubric
Please refer to the rubric on the following page for the grading criteria for this assignment.
CATEGORYExemplarySatisfactoryUnsatisfactoryUnacceptable
15 points 12 points 8 points 5 points
Student provides a clear,
logical description of the
economic outcome of this
single-price monopoly in
terms of profit, with at least
1 clear, logical supporting
fact.
Student provides a mostly
clear, logical description of
the economic outcome of
this single-price monopoly
in terms of profit, with at
least 1 mostly clear, logical
supporting fact.
Student provides a weak or
unclear description of the
economic outcome of this
single-price monopoly in
terms of profit, with at least
1 weak or unclear
supporting fact.
Student provides a poor
description of the
economic outcome of this
single-price monopoly in
terms of profit, with 0-1
poor supporting facts.
15 points 12 points 8 points 5 points
Student provides a clear,
logical description of at least
1 way that the Futures
Unlimited Corporation makes
output and price decisions.
Student provides a mostly
clear, logical description of
at least 1 way that the
Futures Unlimited
Corporation makes output
and price decisions.
Student provides a weak or
unclear description of at
least 1 way that the Futures
Unlimited Corporation
makes output and price
decisions.
Student provides a poor
description of 1 way that
the Futures Unlimited
Corporation makes output
and price decisions.
15 points 12 points 8 points 5 points
Student provides a clear,
logical description of
whether consumers would
benefit more from a tariff or
a quota on imports, with at
least 1 clear, logical
supporting fact.
Student provides a mostly
clear, logical description of
whether consumers would
benefit more from a tariff or
a quota on imports, with at
least 1 mostly clear, logical
supporting fact.
Student provides a weak or
unclear description of
whether consumers would
benefit more from a tariff
or a quota on imports, with
at least 1 weak or unclear
supporting fact.
Student provides a poor
description of whether
consumers would benefit
more from a tariff or a
quota on imports, with 0-1
poor supporting facts.
10 points 5 points 0 points N/A
Student provides the correct
opportunity cost of
producing gloves and hats for
each country.
Student provides the correct
opportunity cost of
producing gloves and hats
for at least 1 of the
countries.
Student provides the
incorrect opportunity cost
of producing gloves and
hats for each country.
N/A
15 points 12 points 8 points 5 points
Student provides a clear,
logical description of
whether or not the countries
should trade, with at least 1
clear, logical supporting fact.
Student provides a mostly
clear, logical description of
whether or not the countries
should trade, with at least 1
mostly clear, logical
supporting fact.
Student provides a weak or
unclear description of
whether or not the
countries should trade, with
at least 1 weak or unclear
supporting fact.
Student provides a poor
description of whether or
not the countries should
trade, with 0-1 poor
supporting facts.
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.
Format (10 Points)
Mechanics (20
Points)
Part B: Opportunity
cost (10 points)
Part B: Trade (15
points)
Part B: Tariff vs.
quota (15 points)
Part A: Economic
outcome (15 points)
Part A: Output/price
decisions (15
points)
