Question Opportunity Costs After reading the chapters from the background materials page, please ad

Opportunity Costs

After reading the chapters from the background materials page, please address the following questions in an essay form:

1.What is the approximate dollar cost of the tuition and other fees associated with this economics course you are taking? Does this dollar cost fully reflect the opportunity cost to you of taking the course?

2.In the Case in Point essay “The Rising Cost of Energy,” (section 1.1 of Chapter 1) what would be some of the things that would be included in an the opportunity cost of preserving part of northern Canada by prohibiting heavy crude oil extraction? Do you think that the increased extraction represents the best use of the land? Why or why not?

3. Could a nation’s production possibilities curve shift outward? Explain what such a shift would mean, and discuss at least TWO events that might cause such a shift to occur.

4. By 1993, nations in the European Union (EU) had eliminated all barriers to the flow of goods, services, labor, and capital across their borders. Even such things as consumer protection laws and the types of plugs required to plug in appliances have been standardized to ensure that there will be no barriers to trade. How do you think this elimination of trade barriers affected EU output?

Case Assignment Expectations:

Use concepts from the modular background readings as well as any good quality resources you can find from the cyberlibrary or other internet search engines. Please be sure to cite all sources within the text and a reference list at the end of the paper.

Length: 4-5 pages double spaced and typed

The following items will be assessed in particular:

Your ability to apply the basic concepts and “big ideas” of economics to the relationship between money and happiness.

Some in-text references to the modular background readings (APA formatting not required).

The essay should address each element of the assignment. Remember to support your answers with solid references including the case readings.

Module 1 SLP

<pstyle=”color: rgb(0,=”” 0,=”” 0);=”” font-family:=”” verdana;=”” font-size:=”” 13px;=”” font-style:=”” normal;=”” font-variant:=”” font-weight:=”” letter-spacing:=”” line-height:=”” orphans:=”” auto;=”” text-align:=”” left;=”” text-indent:=”” 0px;=”” text-transform:=”” none;=”” white-space:=”” widows:=”” word-spacing:=”” -webkit-text-stroke-width:=”” background-color:=”” rgb(255,=”” 255,=”” 255);”=””>Choosing a FirmIn this SLP assignment for this session, you will be asked to examine the decisions of a small business owner. Since microeconomics is the study of individual households, firms, and government, we will take a closer look at the operations of a franchise firm. You will choose ONE franchise to follow for the entire session. You can select ONE firm from a list available from Entrepreneur magazine:

http://www.entrepreneur.com/franchises/rankings/franchise500-115608/2012,-1.html

Important Rule: Your franchise can NOT be in the top 50. Your professor will verify that your firm is acceptable.

This is ranking of the top 500 franchises in the US. Please pick only ONE firm from here. Be sure it is interesting to you since you will analyze this firm for 11 weeks.

For this first assignment, lets take a closer look at the firm of your choice in the context of what you are learning in this module. Write a 2-3 page paper on the following issues:

1. What firm did you pick? Why is it interesting to you?
2. Define positive and normative statements. Give one example of each type of statement that applies to your firm.
3. Think about the three fundamental questions in economics (see Chapter 1 in background reading). Apply each question to your firm.
4. List the three factors of production and explain if and how they are used by your firm.

SLP Assignment Expectations:

Use concepts from the modular background readings as well as any good quality resources you can find from the cyberlibrary or other internet search engines. Please be sure to cite all sources within the text and a reference list at the end of the paper.

Length: 2-3 pages double spaced and typed

The following items will be assessed in particular:

Your ability to apply the basic concepts from this module to different issues in economics.

Describe how these issues in economic affect you.

Some in-text references to the modular background readings (APA formatting not required).

The essay should address each elem

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