Expert Answer:In 3–4 pages, graph a set of data and analyze th

  

Solved by verified expert:RequirementsThis assessment has three parts. Be sure to complete all three parts before submitting.Part 1Below is a production possibilities table for consumer goods (butter) and capital goods (guns).Production PossibilitiesType of ProductionProduction Alternative AProduction Alternative BProduction Alternative CProduction Alternative DProduction Alternative EProduction Alternative FProduction Alternative GButter0123456Guns1413119740Graph the data provided in the table using Excel. (Hints: Type your data into an Excel spreadsheet. With your mouse, highlight the data only. Go to insert. Click on scatter. Click on smooth lines chart. Select the line chart. Plot data drawing line.)Once you have graphed the data, please copy and paste your graph into a Word document so you can complete the rest of the assessment.Based on the graph you created, complete the following:Analyze the graphed data to develop assumptions, referencing the possibility curve. Identify the specific assumptions that underlie the production possibilities curve.Determine the cost of more butter, if the economy is at point C. What would be the cost of producing more guns?How does the shape of the production possibilities curve reflect the law of increasing opportunity costs?Suppose this hypothetical economy were producing only 1 item of butter and 10 guns, and this was depicted by this production possibilities table and curve. What conclusions could you draw about this economy’s resource utilization?Determine whether this economy is able to produce outside its current production possibilities. How might technological changes affect the production possibilities curve? How can international trade allow consumption above its production possibilities curve?Part 2Analyze the concept of opportunity cost. Explain what is meant by opportunity cost.Explain how opportunity cost relates to the definition of economics.Determine if allocating advertising expenditures to boost sales or investing in a new plant and equipment would entail the greater opportunity cost. Explain and support your response.Part 3Apply the concept of marginal cost and marginal benefit to real world decisions. Provide two examples of recent decisions you made in which you, either explicitly or implicitly, weighed marginal cost and marginal benefit.Additional RequirementsInclude a title page and reference page.Number of pages: 3–4, not including title page and reference page.Number of resources: At least 2.APA format for citations and references.Font and spacing: Times New Roman, 12 point; double-spaced.PLEASE REFER TO SCORING GUIDE TO ENSURE ALL CRITERIA/COMPETENCIES ARE MET! THANKS!
possibilities__economic_analysis_1_scoring_guide.pdf

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Possibilities: Economic Analysis 1 Scoring Guide
CRITERIA
NON-PERFORMANCE
BASIC
PROFICIENT
DISTINGUISHED
Analyze data to
develop
assumptions.
Does not analyze
data to develop
assumptions.
Develops
assumptions that are
not based on an
analysis of data.
Analyzes data to
develop
assumptions.
Analyzes data to develop
assumptions and includes a
thorough examination of the
variables that can affect an
economy.
Analyze the concept
of opportunity cost.
Does not analyze
the concept of
opportunity cost.
Defines opportunity
cost.
Analyzes the
concept of
opportunity cost.
Analyzes the concept of
opportunity cost in terms of
the relationship to economics.
Apply the concepts
of marginal cost and
marginal benefit to
real world decisions.
Does not apply the
concepts of
marginal cost and
marginal benefit to
real world decisions.
Explains the concepts
of marginal cost and
marginal benefit but
does not apply them
to real world
decisions.
Applies the
concepts of
marginal cost and
marginal benefit to
real world
decisions.
Applies the concepts of
marginal cost and marginal
benefit to real world decisions
and includes an analysis of
the outcomes.
Correctly format
citations and
references using
current APA style.

Does not correctly
format citations and
references using
current APA style.
Uses current APA
style to format
citations and
references but with
numerous errors.
Correctly formats
citations and
references using
current APA style
with few errors.
Correctly formats citations
and references using current
APA style with no errors.
Write content clearly
and logically with
correct use of
grammar,
punctuation, and
mechanics.
Does not write
content clearly,
logically, or with
correct use of
grammar,
punctuation, and
mechanics.
Writes with errors in
clarity, logic,
grammar,
punctuation, and/or
mechanics.
Writes content
clearly and
logically with
correct use of
grammar,
punctuation, and
mechanics.
Writes clearly and logically
with correct use of spelling,
grammar, punctuation, and
mechanics; uses relevant
evidence to support a central
idea.

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