micro week 2

Covering Chapter 4-6 (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 would have on supply and demand curves. Also show how equilibrium price and quantity would change in each scenario. See instruction video, “Week 2_Homework Guideline.ppsm”. Make sure you provide narrative discussions on each scenario to receive full credits

A. In 2017, Wildfires destroyed a majority of orange farms, reducing orange production substantially

(Graphical analysis + written discussions=100 words)

B. The price of apple, orange substitute, decreased in 2017. 

(Graphical analysis + written discussions=100 words)

C. The price of orange in 2018 is expected to rise dramatically compared to 2017

(Graphical analysis + written discussions=100 words)

D. The United States Census Bureau reported that household income dramatically increased in 2017

(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