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”.
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)
The price of apple, orange substitute, decreased in 2017. What would be the impacts on producer surplus?(Graphical analysis + written discussions=100 words)
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)
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 Achievement
Criteria Exemplary Accomplished Developing Beginning
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
