This Assignment Is An Individual Assignment Students AreEncо ✓ Solved

This Assignment Is An Individual Assignmentstudents Are Encouraged T

This assignment consists of three questions related to economic concepts and decision-making processes. It requires students to analyze production possibilities, opportunity costs, and the scientific nature of economics. Students should support their answers with appropriate economic theories, principles, and scholarly references, adhering to academic and APA formatting standards. The responses should be between 4 to 5 pages, excluding the title page, abstract, and references.

Students are encouraged to utilize course materials, textbook concepts, and at least two peer-reviewed journal articles to substantiate their answers. It's essential to properly cite all references to avoid plagiarism. Prior to submission, students are advised to use the Safe Assignment Originality Check to ensure the originality of their work.

Sample Paper For Above instruction

Question 1: Production Possibility Frontier and Opportunity Cost Analysis

Part a: Graph the production possibility frontier (PPF) based on the provided data points showing the production of cars (in thousands per year) versus milk (in thousands of gallons per year). Each point on the graph represents a different combination of these two goods that CAF Inc. can produce given its resources and technology.

Part b: The PPF is downward sloping because of the fundamental economic principle of opportunity cost. As resources are reallocated from producing one good to another, the opportunity cost of producing additional units of a good increases. This slope illustrates trade-offs; producing more cars means producing fewer units of milk, reflecting scarce resources and the need to balance production priorities. This trade-off results in the concave (bowed-out) shape of the PPF, emphasizing increasing opportunity costs as resources are shifted.

Part c: Considering the current production levels of 2000 cars and 30,000 gallons of milk, increasing milk production by 20,000 gallons would entail sacrificing some cars. To calculate the opportunity cost, compare the change in car production associated with this increase in milk. If, for instance, the production data indicates that for every 1000 gallons of milk produced, 0.67 cars are sacrificed, then the opportunity cost would be approximately 13.4 cars (since 20,000 gallons divided by 1000 equals 20, times 0.67).

Part d: An everyday example of opportunity cost is choosing between leisure and work. If an individual spends time working to earn wages, the opportunity cost is the leisure time they forgo. Conversely, selecting leisure over work sacrifices earning potential, illustrating the concept of opportunity cost in daily life.

Question 2: Opportunity Cost and Team Production Decisions

Part a: To find total data entries per day when all team members are engaged in data entry, sum each member's output: Amna (400 entries), Zeba (1200 entries), and Ibraheem (900 entries). The total data entries entered in a day would be 400 + 1200 + 900 = 2,500 entries.

Part b: To decide which team member should be assigned to poster-making, consider their efficiency in creating posters. Ibraheem, who can make three posters per day, is the most productive in this task. Therefore, I would assign Ibraheem to make posters due to his higher productivity in that area, allowing others to focus on data entry.

Part c: The opportunity cost of making one poster is the number of data entries foregone. For Ibraheem, producing one poster means not making 900 data entries, as his daily capacity is 900 entries or three posters. Therefore, each poster costs 900 data entries.

Part d: When fewer data are remaining, it makes sense to assign the next most efficient data entry worker, Zeba, who can make two posters or 1200 entries per day. Assigning Zeba to poster production will maximize output. The opportunity cost of an additional poster made by Zeba is the data entries she forgoes, which is 1200 entries, highlighting the trade-off between data entry and poster creation.

Question 3: Is Economics a Science?

Economics can be considered a social science because it systematically studies human behavior, decision-making, and resource allocation. A science is generally defined as a discipline that employs empirical methods, formalized theories, and systematic observation to understand phenomena. Economics utilizes economic models, statistical analysis, and experimental methods to analyze individual, firm, and government behavior, aiming to develop predictive theories and policy recommendations.

However, unlike natural sciences such as physics or chemistry, economics deals with complex, variable human behaviors that are less predictable and often influenced by subjective factors like preferences, beliefs, and cultural norms. Despite these differences, economics shares key scientific attributes: it develops hypotheses, tests them against data, and refines theories based on empirical evidence.

Since economics employs scientific methods to analyze and predict real-world phenomena, it qualifies as a social science. Its goal is to understand economic behavior and improve decision-making through empirical research and theoretical modeling, confirming its status as a scientific discipline with distinctive challenges due to the social and subjective nature of its subject matter.

References

• McCloskey, D. (1998). The rhetoric of economics. University of Wisconsin Press.
• Samuelson, P. A., & Nordhaus, W. D. (2010). Economics (19th ed.). McGraw-Hill Education.
• Pindyck, R. S., & Rubinfeld, D. L. (2018). Microeconomics (9th ed.). Pearson.
• Friedman, M. (1953). Essays in positive economics. University of Chicago Press.
• Varian, H. R. (2014). Intermediate microeconomics: A modern approach (9th ed.). W.W. Norton & Company.
• Smith, A. (1776). The wealth of nations. Methuen & Co., Ltd.
• Kuhn, T. S. (1962). The Structure of Scientific Revolutions. University of Chicago Press.
• Hodgson, G. M. (2004). The evolution of economic institutions: A review of the literature. Cambridge Journal of Economics, 28(3), 334–350.
• Fisher, I. (1933). The role of theories in economics. The Yale Review, 22(4), 529–547.
• Kalleberg, R. (2000). How do we decide to use the scientific method? Science & Education, 9(2), 115–138.