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Kaplan Bu224 week 4 assignment




Question;BU224Unit 4 Assignment Template;Name: -;Course Number: -;Section Number: -;Unit Number: - 4;Date: -;---------------------------------- General Instructions for all Assignments-----------------------------------;1.;Unless specified differently by your course instructor, save this assignment;template to your computer with the following file naming format;Course;number_section number_LAST_FIRST_ unit number;2. At the top of the template, insert the;appropriate information: Your Name, Course Number, Section Number and Date;3.;Insert your answers below, or in the appropriate space provided for in the;question. Your answers should follow the;APA format with citations to your sources and, at the bottom of your last page;a list of references. Your answers should also be in Standard English with;correct spelling, punctuation, grammar, and style (double spaced, in Times New;Roman, 12-point, black font). Respond to;questions in a thorough manner, providing specific examples of concepts;topics, definitions, and other elements asked for in the questions.;4. Provide a list of references at the end of;the last page of your assignment.;5.;Upload the completed assignment to the appropriate dropbox.;6.;Any questions about the assignment, or format questions, should be directed to your;course instructor.;-------------------------------------------;Career Competencies -----------------------------------------;In;this assignment, you will engage in developing the following career;competencies;Analyzing;Quantitative Data;Analyzing;Qualitative Data;------------------------------------------- Assignment -------------------------------------------;1.;For each of the following situations, decide whether the bundle Lakshani is;considering optimal or not. If it is not optimal, how could Lakshani improve;her overall level of utility? That is, determine which good she should spend;more on and which good should she spend less on.;a.Lakshani;has $200 to spend on sneakers and sweaters. Sneakers cost $50 per pair, and;sweaters cost $20 each. She is thinking about buying 2 pairs of sneakers and 5;sweaters. She tells her friend that the additional utility she would get from;the second pair of sneakers is the same as the additional utility she would get;from the fifth sweater.;b.Lakshani;has $5 to spend on pens and pencils. Each pen costs $0.50 and each pencil costs;$0.10. She is thinking about buying 6 pens and 20 pencils. The last pen would;add five times as much to her total utility as the last pencil.;c.Lakshani;has $50 per season to spend on tickets to football games and tickets to soccer;games. Each football ticket costs $10 and each soccer ticket costs $5. She is;thinking about buying 3 football tickets and 2 soccer tickets. Her marginal;utility from the third football ticket is twice as much as her marginal utility;from the second soccer ticket.;2.In the United;States, 2007 was a bad year for growing wheat. And as wheat supply decreased;the price of wheat rose dramatically, leading to a lower quantity demanded (a;movement along the demand curve). The accompanying table describes what;happened to prices and the quantity of wheat demanded.;2006;2007;Quantity;demand (bushels);2.2 billion;2.0 billion;Average price;(per bushel);$3.42;$4.26;a.Using;the midpoint method, calculate the price elasticity of demand for winter wheat.;b.What;is the total revenue for U.S. wheat farmers in 2006 and 2007?;c.Did;the bad harvest increase or decrease the total revenue of U.S. wheat;farmers? How could you have predicted;this from your answer to part a?;3. A recent;study determined the following elasticities for Volkswagen Beetles;Price elasticity;of demand = 2;Income;elasticity of demand = 1.5;The supply of;Beetles is elastic. Based on this information, are the following statements;true or false? Explain your reasoning.;a.A 10%;increase in the price of a Beetle will reduce the quantity demanded by 20%.;b.An;increase in consumer income will increase the price and quantity of Beetles;sold. Since price elasticity of demand is greater than 1, total revenue will go;down.;--------------------------------------------;References;Unit _4;Practice Assignment Grading Rubric;Content;Percent Possible;Points Possible;Full assignment;100%;40;Overall Writing;20%;8;correct coversheet information at the top of 1st page;5%;2;APA format for answers;3%;1;correct citations;3%;1;standard English no errors;4%;2;At least ONE, or more, references;5%;2;Answers: provides complete information demonstrating;analysis and critical thinking;80%;32;Individual Questions;1. a. - Is it the best;choice or should buy more of which good and less of which good;(Sneakers/Sweaters)?;7%;3;1. b. - Is it the best;choice or should buy more of which good and less of which good;(pens/pencils)?;6%;2;1. c. - Is it the best;choice or should buy more of which good and less of which good;(football/soccer tickets)?;7%;3;2. a. - What is price;elasticity of demand for wheat?;10%;4;2. b. - What is total;revenue for wheat?;10%;4;2. c. - Could change;in revenue been predicted from elasticity?;How?;15%;6;3. a. - Supply of;beetles is elastic. (true/false) Why?;10%;4;3.b. - Will total;revenue increase, or decrease??;15%;6


Paper#55566 | Written in 18-Jul-2015

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