ECN 2110 Week 1 Assignment | Baker College
- Baker College / ECN 2110
- 17 Apr 2021
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- Accounting & Economics Assignment Help / Microeconomics
ECN 2110 Week 1 Assignment | Baker College
ECN 2110
Principles of Microeconomics
Graphing
Rationale
Throughout this course you will be introduced
to economic variables and economic models explaining their
relationships to each other. Economists use these models to explain past or
current economic conditions, or predict future developments. Economic
models can be expressed in a variety of ways, including graphs.
Several of your assignments, including the six Current Events, ask
you to use graphs to support your discussions and analyses.This graphing
assignment is designed to provide you with an overview of the types of graphs used
in this course and tools you can use to build your own graphs.
This assignment meets the following SLOs:
1. Analyze economic
data and indicators
a. Interpret
economic graphs
b. Graph supply
and demand
c. Apply
graphical information
Questions
Answer both of the
following questions.
1. Using the data in the table below, explain the equilibrium
quantity and equilibrium price for widgets.Draw a graph to show equilibrium price and output. (10 points)
|
Price (dollars per widget) |
Quantitydemanded
(thousands) |
Quantity supplied (thousands) |
|
150 |
20 |
100 |
|
125 |
45 |
85 |
|
100 |
70 |
70 |
|
75 |
85 |
45 |
|
50 |
100 |
20 |
Show
the effect of these changes on the graph. (10 points)
Instructions
There are two components to
answering each question: (a) provide an explanation; and (b) draw a graph. You
should familiarize yourself with the assessment rubric (below) so that you
understand the required scope of your answers.
Resources
Question 1: See Greenlaw& Shapiro (2nd
ed. 2018), pp. 50-51.
Question 2: See Greenlaw& Shapiro (2nd ed. 2018), pp.
64-67.
There are several free graphing tools to create what you need:
Create a
chart from start to finish
Assessment
Each of your answers will be assessed using the following rubric:
|
AssessmentCriteria |
Points Available |
|
Explanation
·
The explanation exhibits a clear understanding of the material and
addresses the question coherently. ·
The explanation connects theoretical perspectives
to the examples and uses technical vocabulary correctly. ·
The explanation is substantive, cites the course
text and other academic sources, and includes sufficient references in APA
format. ·
The discussion exhibits sound communication
skills (grammar, punctuation, and spelling are correct).
|
10
|
|
Graph
·
The graph is constructed correctly and all parts of the graph
are labelled accurately. ·
The graph illustrates the answer correctly.
|
|
USA 
India