Writing Assignment -Business Writer

Possibilities: Economic Analysis 1

In this assignment, you will gain insight into the methods economists use to study economic behavior and the economy. You will also examine production possibilities, the concepts of opportunity costs and increasing opportunity costs, and marginal cost and marginal benefit all vital skills for the global business leader.

Requirements 

This assignment has three parts. Be sure you have completed all three parts before submitting. 

Part I

Below is a production possibilities table for consumer goods (butter) and capital goods (guns).

Production Possibilities

Type of Production Production Alternative A Production Alternative B Production Alternative C Production Alternative D Production Alternative E Production Alternative

 F Production Alternative G  

Butter 0 1 2 3 4 5 6  

Guns 14 13 11 9 7 4 0

Graph the data provided in the table using Excel: 

• Type your data into an Excel spreadsheet. 

• With your mouse, highlight the data only. 

• Go to “insert.” Click on “scatter.”

 • Click on “smooth lines chart.” 

• Select the line chart. Plot data drawing line.

Based on the graph you created, complete the following:

 • Analyze the graphed data to develop assumptions, referencing the possibility curve.  

• Identify the specific assumptions that underlie the production possibilities curve.

 • Determine the cost of more butter, if the economy is at point C. What would be the cost of producing more guns? How does the shape of the production possibilities curve reflect the law of increasing opportunity costs?

 • Suppose this hypothetical economy were producing only 1 item of butter and 10 guns, and this was depicted by this production possibilities table and curve. What conclusions could you draw about this economy’s resource utilization? 

• Determine whether this economy is able to produce outside its current production possibilities. How might technological changes affect the production possibilities curve? How can international trade allow consumption above its production possibilities curve? 

Part II

• Analyze the concept of opportunity cost. 

 • Explain what is meant by opportunity cost.

 • Explain how opportunity cost relates to the definition of economics. 

• Determine if allocating advertising expenditures to boost sales or investing in a new plant and equipment would entail the greater opportunity cost. Explain and support your response. 

Part III

 

• Apply the concept of marginal cost and marginal benefit to real-world decisions.

 • Provide two examples of recent decisions you made in which you, either explicitly or implicitly, weighed marginal cost and marginal benefit.

 Additional Requirements

• Include a title page and reference page. 

• Include 3-4 pages, not counting title page and reference page.

• Use at least two scholarly or professional resources.

• Use APA format for citations and references. 

• Set your assignment in Times New Roman, 12 pt., double spaced. 

Resources 

• Possibilities: Economic Analysis 1 Scoring Guide.

Possibilities: Economic Analysis 1 Scoring Guide

Due Date: End of Unit 1.
Percentage of Course Grade: 5%.

CRITERIA NON-PERFORMANCE BASIC PROFICIENT DISTINGUISHED

Analyze data to
develop
assumptions.
30%

Does not analyze
data to develop
assumptions.

Develops
assumptions that are
not based on an
analysis of data.

Analyzes data to
develop
assumptions.

Analyzes data to develop
assumptions and
includes a thorough
examination of the
variables that can affect
an economy.

Analyze the concept
of opportunity cost.
30%

Does not analyze the
concept of
opportunity cost.

Defines opportunity
cost.

Analyzes the
concept of
opportunity cost.

Analyzes the concept of
opportunity cost in terms
of the relationship to
economics.

Apply the concepts
of marginal cost and
marginal benefit to
real-world decisions.
30%

Does not apply the
concepts of marginal
cost and marginal
benefit to real world
decisions.

Explains the
concepts of marginal
cost and marginal
benefit but does not
apply them to real
world decisions.

Applies the
concepts of
marginal cost and
marginal benefit to
real world decisions.

Applies the concepts of
marginal cost and
marginal benefit to real
world decisions and
includes an analysis of
the outcomes.

Correctly format
citations and
references using
current APA style.
5%

Does not correctly
format citations and
references using
current APA style.

Uses current APA to
format citations and
references but with
numerous errors.

Correctly formats
citations and
references using
current APA style
with few errors.

Correctly formats
citations and references
using current APA style
with no errors.

Write content clearly
and logically with
correct use of
grammar,
punctuation, and
mechanics.
5%

Does not write
content clearly,
logically, or with
correct use of
grammar,
punctuation, and
mechanics.

Writes with errors in
clarity, logic,
grammar,
punctuation, and
mechanics.

Writes content
clearly and logically
with correct use of
grammar,
punctuation, and
mechanics.

Writes clearly and
logically with correct use
of spelling, grammar,
punctuation, and
mechanics; uses relevant
evidence to support a
central idea.

Page 1 of 1Possibilities: Economic Analysis 1 Scoring Guide

1/11/2018https://courserooma.capella.edu/bbcswebdav/institution/MBA/MBA6008/170100/Scoring_Guides…

Possibilities: Economic Analysis 1

In this assignment, you will gain insight into the methods economists use to study economic behavior and the economy. You will also examine production possibilities, the concepts of opportunity costs and increasing opportunity costs, and marginal cost and marginal benefit all vital skills for the global business leader.

Requirements

This assignment has three parts. Be sure you have completed all three parts before submitting.

Part I

Below is a production possibilities table for consumer goods (butter) and capital goods (guns).

Production Possibilities
Type of Production Production Alternative A Production Alternative B Production Alternative C Production Alternative D Production Alternative E Production Alternative F Production Alternative G
Butter 0 1 2 3 4 5 6
Guns 14 13 11 9 7 4 0

Graph the data provided in the table using Excel:

· Type your data into an Excel spreadsheet.

· With your mouse, highlight the data only.

· Go to “insert.” Click on “scatter.”

· Click on “smooth lines chart.”

· Select the line chart. Plot data drawing line.

Based on the graph you created, complete the following:

· Analyze the graphed data to develop assumptions, referencing the possibility curve.

. Identify the specific assumptions that underlie the production possibilities curve.

. Determine the cost of more butter, if the economy is at point C. What would be the cost of producing more guns? How does the shape of the production possibilities curve reflect the law of increasing opportunity costs?

. Suppose this hypothetical economy were producing only 1 item of butter and 10 guns, and this was depicted by this production possibilities table and curve. What conclusions could you draw about this economy’s resource utilization?

. Determine whether this economy is able to produce outside its current production possibilities. How might technological changes affect the production possibilities curve? How can international trade allow consumption above its production possibilities curve?

Part II

. Analyze the concept of opportunity cost.

. Explain what is meant by opportunity cost.

. Explain how opportunity cost relates to the definition of economics.

. Determine if allocating advertising expenditures to boost sales or investing in a new plant and equipment would entail the greater opportunity cost. Explain and support your response.

Part III

. Apply the concept of marginal cost and marginal benefit to real-world decisions.

. Provide two examples of recent decisions you made in which you, either explicitly or implicitly, weighed marginal cost and marginal benefit.

Additional Requirements

. Include a title page and reference page.

. Include 3-4 pages, not counting title page and reference page.

. Use at least two scholarly or professional resources.

. Use APA format for citations and references.

. Set your assignment in Times New Roman, 12 pt., double spaced.

Resources

.

Possibilities: Economic Analysis 1 Scoring Guide

.

Production Possibilities Curve 1 Link: