Unit 3 Assignment: Supply and Demand
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General Instructions for all assignments:
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Before attempting to complete the Unit 3 Assignment, it is strongly recommended that you complete the TWO Learning Activities associated with this assignment. The links to the learning activities are found within the course by selecting “Content”, then on “Unit 3”, then on “Assignment”, and then on “Unit 3 Assignment.” The links appear within the paragraph entitled “Learning Activity.”
In this assignment, you will demonstrate your understanding of the Production Possibility Frontier model, marginal opportunity costs, and the differences in marginal opportunity costs. You will also demonstrate your understanding of the differences between Absolute Advantage and Comparative Advantage in different situations. Additionally, you will demonstrate a clear understanding of the crucial concept of supply and demand, and the impact on the original group caused by a change in demand.
In this assignment, you will be assessed based on the following Outcome:
BU224-1: Examine how various supply and demand scenarios affect the way prices and quantities are set by market interactions in perfectly competitive markets.