Principles of Microeconomics
Principles of Microeconomics
Assignment Instructions: I need help with 2 discussion posts.
Discussion post #1
Prior to beginning work on this discussion forum, review Chapter 1, Economics, Economic Methods, and Economic Policy in your textbook, Principles of Microeconomics.
-Chapter 1-
https://content.uagc.edu/books/Pate.5378.18.1/sections/ch01sec.1.1
With salary and endorsements, LeBron James makes over $100 million a year. Suppose that LeBron is contemplating whether he should mow his own lawn and he is asking you to provide him with sound economic advice about whether he should spend 3 hours of his time mowing his lawn. Based on this scenario, discuss the following in a minimum of 300 words:
-Define opportunity cost in your own words.
-Calculate the opportunity cost if he decides to spend 3 hours of his time mowing his own lawn.
-Discuss if he should mow his own lawn or hire someone to do it based on his opportunity cost and total economic cost of mowing the lawn. Give reasons. [Hint: total economic cost = opportunity cost + direct cost]
-Discuss if your answer will be the same if the person in question was you instead of LeBron James. Give reasons for your answer.
Discussion post #2
Prior to beginning work on this discussion forum, review Chapters 1, 2 and 3 of your textbook, Principles of Microeconomics.
-Chapter 1-
https://content.uagc.edu/books/Pate.5378.18.1/sections/ch01sec.1.1
-Chapter 2-
https://content.uagc.edu/books/Pate.5378.18.1/sections/ch02sec2.1
-Chapter 3-
https://content.uagc.edu/books/Pate.5378.18.1/sections/ch03sec3.1
The demand for plums is highest during summer and lowest during winter. Yet plum prices are normally lower in summer than in winter. Based on this scenario, discuss the following in a minimum of 300 words:
-Discuss what happens to the supply of plums, from winter to summer, for the equilibrium price to fall.
-Include a generic supply/demand graph that shows the equilibrium point for plums during the summer and the winter.
-Discuss the shape of the production possibility curve if the farmer can only plant plums or peaches on his farm. Give reasons
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