Directions:
The problem set answers should only contain answers. Do not retype the questions.
Answers for the problem set have to be typed using 12 point black font and double spaced.
All answers are to be black font, typed, including any calculations.
Answers should be given in a paragraph form that provides a thorough explanation. A one sentence answer is not adequate. Even in the case of calculations, they should be explained.
Graphs are to be neatly hand drawn.
Graphs are to be clearly labeled
Graphs are to be inserted into the paragraph of the answer
All answers must be submitted through Safe Assign, which checks for plagerism. You should be doing your own work.
All problem set answers have a one time submit through Safe Assign. Be sure you submit your final problem set answers. (Papers are not accepted through email)
The problem set answers must have the ability to open in order to be graded. A Word document is the safest option. Please note, Google Docs is not always compatible with Blackboard.
The problem set answers should be considered a formal paper and should be treated as such. Failure to follow the directions can result in a reduction of points.
Questions: ( Each question is worth 25 points, Format is 25 points)
1. “The price of T-shirts keeps rising and rising and people keep buying more and more. T-shirts must have an upward sloping demand curve.” Is the statement correct? Why or why not? Explain.
2. Suppose the economy can produce computers and candy only. Write 5 attainable combinations of the two goods that represent increasing opportunity costs. Be sure to show the math for each point. Draw the PPF for the points provided.
3. True or False. If the price of candy increases then the supply for candy increases. Explain your answer.
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