Assignment 1: Principles of Economics
Write a two to three (2-3) page paper in which you:
1. Identify a relevant economic article from either the Strayer Library or a newspaper. The article must deal with any course concepts covered.
2. In the first two (2) paragraphs, identify at least four (4) key points that the article highlights.
3. In the next three to five (3-5) paragraphs, apply two (2) of the following economic concepts (supply and demand, market structures, elasticity, and costs of production) to the key points that you highlighted in Question 2.
4. In your concluding paragraph, state whether you agree or disagree with the author's comments. Provide a rationale for the response.
5. Use at least three (3) quality resources in this assignment with one (1) being your article.
The specific course learning outcomes associated with this assignment are:
- Apply the underlying principles of economics and the economic way of thinking to assess market issues and make business decisions.
- Analyze the dynamics of supply and demand to anticipate market equilibrium.
- Analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies
- Describe the impact of various forms of competition on business operations with emphasis on perfect competition.
- Use technology and information resources to research issues in principles of economics.
- Write clearly and concisely about principles of economics using proper writing mechanics.
Assignment 2: The Fiscal and Monetary Policy and Economic Fluctuations
Write a three to four (3-4) page paper in which you:
1. Discuss the current economic situation in the U.S. as compared to five (5) years ago. Include interest rates, inflation, and unemployment rate in your explanation.
2. Explain the changes in interest rates, inflation, and unemployment rates that your research yielded. Explain one reason for each of the changes in interest rates, inflation, and unemployment rates that you identified in Question 1.
3. Identify two (2) strategies based on fiscal and monetary policy that would encourage people to spend money in order to create economic growth.
4. Explain how the two (2) strategies that you identified in Question 3 could affect the unemployment, inflation, and interest rates.
5. Use at least three (3) quality resources in this assignment.
The specific course learning outcomes associated with this assignment are:
- Analyze imperfectly competitive markets - monopoly, monopolistic competition, and oligopoly - to understand their profit-maximizing decisions.
- Explain the factors and mechanisms of growth.
- Explain how governments use monetary and fiscal policy to manage the economy.
- Use technology and information resources to research issues in principles of economics.
- Write clearly and concisely about principles of economics using proper writing mechanics.
Assignment 3: Bottling Company Case Study
Imagine you are a manager at a major bottling company. Customers have begun to complain that the bottles of the brand of soda produced in your company contain less than the advertised sixteen (16) ounces of product. Your boss wants to solve the problem at hand and has asked you to investigate. You have your employees pull thirty (30) bottles off the line at random from all the shifts at the bottling plant. You ask your employees to measure the amount of soda there is in each bottle. Note: Use the data set provided by your instructor to complete this assignment.
|
Bottle Number
|
Ounces
|
Bottle Number
|
Ounces
|
Bottle Number
|
Ounces
|
|
1
|
14.5
|
11
|
15
|
21
|
14.1
|
|
2
|
14.6
|
12
|
15.1
|
22
|
14.2
|
|
3
|
14.7
|
13
|
15
|
23
|
14
|
|
4
|
14.8
|
14
|
14.4
|
24
|
14.9
|
|
5
|
14.9
|
15
|
15.8
|
25
|
14.7
|
|
6
|
15.3
|
16
|
14
|
26
|
14.5
|
|
7
|
14.9
|
17
|
16
|
27
|
14.6
|
|
8
|
15.5
|
18
|
16.1
|
28
|
14.8
|
|
9
|
14.8
|
19
|
15.8
|
29
|
14.8
|
|
10
|
15.2
|
20
|
14.5
|
30
|
14.6
|
Write a two to three (2-3) page report in which you:
1. Calculate the mean, median, and standard deviation for ounces in the bottles.
2. Construct a 95% Confidence Interval for the ounces in the bottles.
3. Conduct a hypothesis test to verify if the claim that a bottle contains less than sixteen (16) ounces is supported. Clearly state the logic of your test, the calculations, and the conclusion of your test.
4. Provide the following discussion based on the conclusion of your test:
a. If you conclude that there are less than sixteen (16) ounces in a bottle of soda, speculate on three (3) possible causes. Next, suggest the strategies to avoid the deficit in the future.
Or
b. If you conclude that the claim of less soda per bottle is not supported or justified, provide a detailed explanation to your boss about the situation. Include your speculation on the reason(s) behind the claim, and recommend one (1) strategy geared toward mitigating this issue in the future.
The specific course learning outcomes associated with this assignment are:
- Calculate measurements of central tendency and dispersal.
- Determine confidence intervals for data.
- Describe the vocabulary and principles of hypothesis testing.
- Discuss application of course content to professional contexts.
- Use technological tools to solve problems in statistics.
- Write clearly and concisely about statistics using proper writing mechanics.