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Economics Department Paper: Helpful Example Problem:
You are given the following supply and demand equations QD = 100 – 2P
QS = 10 + P
a) What will be the quantity demanded at a price of \$20 ?
b) What will be the quantity supplied at the price of \$30 ?
c) What is the equilibrium price and equilibrium quantity ?
———————————————————————————-Solution:
a) To solve for quantity demand at a price of \$40QD=100-2(P)
QD=100-2(20)
QD=100-40
QD=60
b) To solve for quantity supplied at a price of \$30 QS=10+ (30)
QS=40
c) To solve for equilibrium price QD = QS
100-2P = 10+P
-10
-10
90-2P=P
+2P +2P
90=3P
3
\$30 = P = Equilibrium Price
To solve for equilibrium quantity QD=100-2(30)
QD=100-60
QD = 40, then cross checking …
QS = 10 + P
QS = 10 + 30
QS = 40 = Equilibrium Quantity
I. GENERAL REQUIREMENTS FOR THE DISCUSSION – ECON 2301
The purpose of the Discussion Board (DB) is for each person to be productively engaged
with their fellow students in the learning process. Each semester the Discussion Board
will relate to an economic problem or issue within the “real world” of Macroeconomics.
based upon Item (1) the quality of your Initial Contribution to the DB in accordance
with Instructor requirements (0 to 60 points) and Item (2) – the quality of Your
Responses to other students’ postings in accordance with Instructor requirements (0 to
60points). See next paragraph …
———————————————————————————————————–Regarding Item (1) (0 to 60 points) – A strong Initial Contribution is one that: a) is
well thought-out in compliance with the “Specific Requirements”, Section II below, b) is
between 500 and 550 words in length (about one page, single space, Arial 11 font ), and
c) contributes in a legitimate way to the class’ overall learning process.
Your Initial Contribution (IC) should employ the concepts described in the Course
Theme outlined in the PREFACE of your text and/or e-text. The Course Theme is
“Making Good Choices” (in the Webcom e-text see the sequence: Lesson Units /
Introduction/ PREFACE). Print this Course Theme if you haven’t already done so and
keep it in your course folder … OR use it as a bookmark in your hardcopy textbook.
NOTE: Your IC should also employ some of the additional concepts covered in Lessons
1 through 4 of the course.
———————————————————————————————————–Regarding Item (2) (0 to 60 points total) – Your four (4) Quality Responses to other
students’ postings (to their primary IC or to any of their QR’s) should include references
to “real life events” (current events, historical events, your personal experiences, etc.) as
well as references to our Course Theme. You should also include references to
additional concepts covered in the course as we proceed with Lessons 5 through 11.
Your responses should be well thought out and contribute in a legitimate way to the
learning process. Each of your four (4) Quality Responses is worth up to 15 points.
Regarding both Items (1) and (2) above – Tell why you hold a certain opinion and why
you agree or disagree with another student’s “Initial Contribution” or a particular
“Response” that a student has posted. Try to make your dialogue easy to follow. If you
are asked a question, please respond in a timely manner. NOTE – The rules of civility
are very important in these postings. Always be respectful and appropriate with your
———————————————————————————————————-II. SPECIFIC REQUIREMENTS FOR THIS SEMESTER’S DISCUSSION
Consider the concepts and data in Lesson 4 that describe the Personal Distribution of
Income in our society. Also perform an internet search using that key term to obtain the
most recent data … and to obtain various “normative” points of view regarding this topic.
The assignment for the Initial Contribution (Item 1) is to post your basic view on this
topic. Your initial posting on this topic should be approximately 500 to 600 words. This
is equivalent to approximately one page (single space) in an 11 Font / Arial / MSWORD
document. It is a good idea to rough draft your Initial Contribution in MSWORD,
evolve your final draft, then copy and paste it to the DB.
Questions to consider (an average of 100 to 120 words on each question below with
perhaps a little less on the first four questions and a little more on the last question ) –
1. In what primary way is the current Distribution of Income a BENEFIT to our
economy and to our society ? Why do you think so?
2. In what primary way is the current Distribution of Income a COST to our
economy and to our society ? Why do you think so?
3. Should the Federal Government make a CHOICE to try to influence the
Distribution of Income through tax policy and social programs ? Should the goal
be: a) an exactly equal distribution, b) a somewhat more (or less) equal
distribution, c) a slightly more (or less) equal distribution … or d) the government
should not try to influence the distribution at all ?
4. In your view, what is the primary UNCERTAINTY and the primary RISK of
a Federal Government choice to try (or not to try) to influence the present
Distribution of Income ?
5. What is your interpretation of Figure 4.6 on Page 77 of our textbook and how
would you change those figures if you had the power to do so ? What would be
the Benefit, the Cost, the primary Uncertainty and the primary Risk of the
changes that you would make ?
———————————————————————————————————-III. SUMMARY
Your Initial Contribution (0 to 60 points) needs to be between 500 and 550 words
(about one page) and will be posted under the DISCUSSION BOARD button on
ecampus (not Webcom). For your fellow students, it would be good to provide a link
to at least one article that supports your position on any of the five questions above.
Up to four (4) Quality Responses to postings by fellow students (125 to 150 words each,
about one-quarter page, single space, Arial 11 font, up to15 points each) need to be
posted. As much as possible, these should be spread out during your coverage of
Lessons 5 through 11. In concept, this means adding one new response on the DB for
every one-and-a-half lessons that you cover during that span. This approach provides
some time for you to “digest” different points of view on the topic as well as some time
to absorb new concepts in those six Lessons that may cause your views on this topic to
“evolve”.
You can contribute to the Discussion Board until the deadline stated on Page 4 of your
Syllabus (that deadline date is indicated several times on that page). This deadline date
applies to ALL students, Flex as well as Regular and Short semester students.
I hope you will find this “evolving” discussion with your fellow students to be an
engaging and meaningful part of the course.
2301 Economics
Writing Assignment
.
Read the following and do the following:

Calculate the equilibrium price and equilibrium quantity based on the equations given.

Indicate what happens to demand, supply, equilibrium quantity, and equilibrium price in a
competitive market.

The answer describing the change must be 1 to 1 ½ typed pages with 1 inch margins. The font
must be Times New Roman, 12 pt.

Provide a separate graph for the event (i.e. beginning at equilibrium, and then moving to illustrate
the change), note that the graph is not included in the 1 to 1 ½ pages for the written answer. A
short paragraph describing the graph should be included on the same page as the graph. The
paragraph must be typed, Times New Roman, 12 pt.

The total length of the paper should be 2 to 2 ½ pages. ( equations = ½ a page, answer = 1 to 1 ½
pages, and graph ½ a page) for part 1 and at least 1 page for part 2 (include a graph)

Graphs can be hand drawn, scanned and uploaded OR cut and pasted from Excel

You must show all equations that are used to solve this problem and explain your thought process
clearly

Do BOTH parts for full credit!

Use citations to avoid plagarism

The assignment is to be turned in on Ecampus using SafeAssign

the last minute to turn this in! If you wait till the last minute and have problems uploading it or
understanding SafeAssign that will NOT be an excuse- remember NO LATE WORK IS
ACCEPTED!!
Written Assignment:
1. The market for Kombucha is represented by the following equations:
Qd= 90-2P
Qs=P
a. Find the equilibrium price and quantity
b. What if the price is \$20? What will Qd and Qs be?
c. If the market price was \$20, would there be a surplus or a shortage in the market? Illustrate
your answer in a graph showing a demand curve, a supply curve and the market price and effect
of that price. Be sure to specific if there are changes in DEMAND or QTY DEMANDED,
SUPPLY or QTY SUPPLIED and show the changes on the graph to match your answers.
d. Given your answer in part c, would you expect the price to rise or fall in order to find
e. On the same graph or a new one if you prefer, show what would happen if medical testing
showed that drinking Kombucha caused excessive weight gain and terrible breath too. Point out
what you think would be the end result in regards to price and quantity. For this, I expect you to
show and tell if either demand/supply/quantity demanded/quantity supplied would change and if
there would be a change in equilibrium price and/or quantity.
2. Immigration is a hot topic, not only in the U.S. but in Europe as well. Explain in words and by
using a graph, how the influx of immigrants can help or hurt the economy. Use at least 2 sources
that should be corrected CITED at the end of your argument. These sources must be scholarly
in nature, not Wikipedia! There is not a right or a wrong answer, as long as you make your point
clearly and have the evidence to back it up. Remember to use POSITIVE statements, not
NORMATIVE ones.