Micro week 2

Covering Chapter 7 & 8 (Maximum possible points: 50)

Due: Day 7 (11:59pm)

Suppose we are analyzing the market for oranges in 2017. Graphically illustrate the impact of each of the following events on consumer or producer surplus. See the instruction video, "Week 3_Homework Guideline".

1. In 2017, Wildfires destroyed a majority of orange farms, reducing the orange production substantially, and what would be the impacts on consumer surplus?

(Graphical analysis + written discussions=100 words)

1. The price of apple, orange substitute, decreased in 2017. What would be the impacts on producer surplus?(Graphical analysis + written discussions=100 words)
2. The price of orange in 2018 is expected to rise dramatically compared to 2017. What would be the impacts on consumer surplus or producer surplus?(Graphical analysis + written discussions=100 words)
3. The United States Census Bureau reported that household income dramatically increased in 2017. What would be the impacts on producer surplus?(Graphical analysis + written discussions=100 words)

Note: Scan all graphs and copy them in a word or PDF document. Make sure you include everything in one word or PDF file, and multiple submissions are not allowed. I will return your assignment if you submit multiple submissions (multiple documents).  

• Levels of AchievementCriteriaExemplaryAccomplishedDevelopingBeginning

  Knowledge

  Weight 40.00%

  90 to 100 %

  Demonstrates mastery and accuracy of concepts, terms and theories selected by the student without error

  80 to 89 %

  Demonstrates mastery and accuracy of most of the major concepts, terms, and theories with several errors

  70 to 79 %

  Demonstrates moderate understanding of a few of the concepts, terms and theories, but lacks a mastery of the majority

  0 to 69 %

  Demonstrates basic understanding of the concepts, terms, and theories, but lacks any mastery at all

  Quantitative Skill 

  Weight 40.00%

  90 to 100 %

  Provides graphical analysis and/or calculations with great accuracy without error

  80 to 89 %

  Provides graphical analysis and/or calculations with great accuracy without several errors

  70 to 79 %

  Provides graphical analysis and/or calculations with moderate accuracy with many errors

  0 to 69 %

  Provide no graphical analysis and/or calculations

  Writing & Organization

  Weight 20.00%

  90 to 100 %

  The structure of content is strong and helps readers move through the text smoothly. The content contains effective transitions between paragraphs. Minimum words requirement is met

  89 to 89 %

  The structure of content has a clear organizational structure, and helps readers to understand fairly easy, but slightly lacks effective transitions between paragraphs. Minimum words requirement is met

  70 to 79 %

  The structure of content is understandable, but significantly lacks effective transitions between paragraphs. Minimum words requirement is not met

  0 to 69 %

  The content lacks coherence, and requires readers to reread substantial portions. Minimum words requirement is not met