Examine the following production possibility frontier graph with corn on the horizontal axis and poultry on the vertical axis illustrating these options

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. Unless specified differently by your course instructor

Question

Unit 3 Assignment Template:

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Course Number: –

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Unit Number: –
3

Date: –

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——————————————- Career
Competencies —————————————–

In
this assignment, you will engage in developing the following career
competencies:

Analyzing
Quantitative Data

Analyzing
Qualitative Data

Improving
Global Awareness

——————————————- Assignment ——————————————-

1. St Atanagio is a remote island in the Atlantic. The
inhabitants grow corn and breed poultry. The accompanying table shows the
maximum annual output combinations of corn and poultry that can be produced.
Obviously, given their limited resources and available technology, as they use
more of their resources for corn production, there are fewer resources
available for breeding poultry.

Maximum annual output options Quantity of Corn

(pounds)

Quantity of
Poultry

(pounds)

1 1200 0
2 1000 300
3 800 500
4 600 600
5 400 700
6 200 775
7 0 850

Examine the
following production possibility frontier graph with corn on the horizontal
axis and poultry on the vertical axis illustrating these options and showing
points 1–7.

a. Can St. Atanagio produce 650 pounds
of poultry and 650 pounds of corn? Explain. Where would this point lie relative
to the production possibility frontier?

b. What is the opportunity cost of
increasing the annual output of corn from 800 to 1000 pounds?

c. What is the opportunity cost of
increasing the annual output of corn from 200 to 400 pounds?

d. Can you explain why the answers to
parts b. and c. above are not the same? What does this imply about the slope of
the production possibility frontier?

2.Suppose that the supply schedule of
Belgium Cocoa beans is as follows:

Price
of cocoa beans

(per
pound)

Quantity
of cocoa beans supplied

(pounds)

$40 900
$35 700
$30 500
$25 400
$20 200

Suppose that Belgium cocoa beans can be
sold only in Europe. The European demand schedule for Belgium cocoa beans is as
follows:

Price
of Belgium cocoa beans

(per
pound)

European
Quantity of Belgium cocoa beans demanded

(pounds)

$40 100
$35 300
$30 500
$25 700
$20 900

a. Below is the graph of
the demand curve and the supply curve for Belgium cocoa beans. From the supply
and demand schedules above, what are the equilibrium price and quantity of
cocoa beans from Belgium?

Now suppose that Belgium cocoa beans can be sold in
the U.S. The U.S. demand schedule for Belgium cocoa beans is as follows:

Price
of Belgium cocoa beans

(per
pound)

U.S.
Quantity of Belgium cocoa beans demanded

(pounds)

$40 200
$35 400
$30 600
$25 800
$20 1000

b.
What is the combined (total) demand schedule for Belgian cocoa beans
that European and USA consumers buy?

Price
of Belgium cocoa beans
U.S.
Quantity of Belgium cocoa beans demanded
European
Quantity of Belgium cocoa beans demanded
Total
Demanded
(per
pound)
(pounds) (pounds) (pounds)
$40 200 100
$35 400 300
$30 600 500
$25 800 700
$20 1000 900

Below is the
supply and demand graph that illustrates the new equilibrium price and quantity
of cocoa beans from Belgium.

c.
From the supply schedule and the combined U.S. and European demand
schedule, what will be the new price at which Belgium plantation owners can
sell cocoa beans?

d.
What price will be paid by European consumers?

e.
What will be the quantity consumed by European consumers?

——————————————–

References:

Unit _3_
PERFORM Assignment Grading Rubric/ Instructor Worksheet
Content Percent Possible Points Possible
Full assignment 100% 80
Overall Writing: 20% 16
correct coversheet information at the top of 1st page 5% 4.00
APA format for answers 3% 2.40
correct citations 3% 2.40
standard English no errors 4% 3.20
At least ONE, or more, references 5% 4.00
Answers: provides complete information demonstrating
analysis and critical thinking:
80% 64
Individual Questions:
1. a. – Can this
quantity be produced, where does point lie?
10% 8.00
1. b. – What is
Opportunity cost from 800 to 1,000?
10% 8.00
1. c. – What is
opportunity cost from 200 to 400?
10% 8.00
1. d. – Why are c
& d not the same, what shape of curve?
5% 4.00
2. a. – What is
equilibrium quantity and price?
5% 4.00
2. b. – What is new
demand schedule?
10% 8.00
2. c. – What is new
price?
10% 8.00
2. d. – What price
will Europeans pay?
10% 8.00
2. e. – What quantity
will Europeans buy?
10% 8.00
Sub-total for Individual Questions: 80% 64.00

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