- Answer the following from the Problems Appendix in the back of your textbook on pp. 326-328, and upload your answers through Blackboard:
- Chapter 3: Questions 1 and 10
- Chapter 4: Questions 2, 3, 4, and 12
Your completed Homework assignment should be at least three to four pages in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style.
Information about accessing the Blackboard Grading Rubric for this assignment is provided below.
Describe the major sources of income and expenditures for households
1). (Evolution of the Household) Determine whether each of the following would increase or decrease the opportunity costs for mothers who choose not to work outside the home. Explain your answer.
a). Higher levels of education for women
b). Higher unemployment rates for women
c). Higher average pay levels for women
d). Lower demand for labor in the industries that traditionally employ large numbers of women .
Summarize the seven roles of government in an economy.
10). (Tax Rates) Suppose taxes are related to income as follows
$ 1,000 $ 200
$ 2,000 $ 350
$ 3,000 $ 450
a) What percentage of income is paid in taxes at each level?
b) Is the tax rate progressive, proportional, or regressive?
c). What is the marginal tax rate on the first $ 1,000 of income? The second $ 1,000? The third $ 1,000
Explain why a demand curve slopes downward.
2). (Substitues and Complements) for each of the following pair of goods, determine whether the goods are substitutes, complements, or unrelated:
a) Peanut butter and jelly
b) Private and public transportation
c) Coke and pepsi
d) Alarm clocks and automobiles
e) Golf clubs and golf balls
Identify five things which could shift a demand curve to the right or left
3) (Demand Shifters) List five things that are held constant along a market demand curve, and identify the change in each that would shift that demand curve to the right-that is, that would increase demand.
Explain why a supply curve usually slopes upward
4). (Supply) Why is a farm willing and able to increase the quantity supplied as the product price increase?
Predict the impact of a change in demand or supply on the equilibrium price and quantity
12). (Equilibrium) Assume the market for the corn is depicted as in the table that appears below.
a) Complete the table below
b) What market pressure occurs when quantity demand exceeds quantity supplied? explain
c) What market pressure occurs when quantity supplied exceeds quantity demand? Explain
d) What is the Equilibrium price?
e) What could change the equilibrium price?
f) At each price in the first column of the table below, how much is sold?