04: Instructor-Graded Synthesis: Lessons 1-3

  • Due No Due Date
  • Points 100
  • Submitting a file upload

Points Possible: 100

Instructions for This Assignment

  • Most of this assignment can be completed using a word processing program such as Microsoft Word. If some parts of this assignment require you to draw a graph,  you must complete it by hand, using pencil (or pen) and paper.
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  1. Opportunity Cost

    What is the opportunity cost of your going to college? List components of the opportunity cost. Be sure to include all costs, including the value of what you might otherwise have done with your time (including forgone leisure time, working) as well as the price of tuition, books, et cetera. [You do not have to turn in money amounts, but it may be useful for you to consider the value of your leisure time, forgone work, and so on.] What is the approximate percent of the opportunity cost each? What is the greatest cost of college?

  2. Incentives

    Pick one of the behaviors below and explain what might act as incentives and disincentives. You can use the suggested Web site to do research. You may also refer to other sources of information as necessary.

    A. For a seamstress to produce 15 dresses an hour instead of 10 dresses an hour
    B. For a company to invest $1 billion in research on an anticancer drug
    C. For a rancher in Wyoming to protect the local environment (refer to Sierra Club)
    D. For an energy consumer to conserve electricity
  1. Comparative Advantage

    These graphs illustrate the production possibilities available to Barney and Betty with 8 hours of labor in their bakery.



    A. According to the graph, what is the opportunity cost of 1 loaf of bread for Barney?
    B. According to the graph, what is the opportunity cost of 1 pie for Betty?
    C. Who has the absolute advantage in pie production? What about bread production?
    D. Who has comparative advantage in pie production? Who has comparative advantage in bread production?

 

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