1.

2.

3.

Signature Date

Oprah just inherited a house with a market value of $ , and she does not expect the market value to change. Each year, she will pay $ for utilities and $ in taxes. She can earn percent interest on money in a bank account. Her cost of living in the house for the year is $ . (Enter your response rounded to the nearest dollar.)

100,000 300 1,000 4

How Many Pints of Blackberries? The pleasure you get from your first pint of freshly picked blackberries is $2.00. Your pleasure decreases by $0.20 for each additional pint ($1.80 for the second, $1.60 for the third, and so on). It takes you 12 minutes to pick the first pint, and each additional pint takes an additional 2 minutes (14 minutes for the second pint, 16 minutes for the third pint, and so on). The opportunity cost of your time is $0.10 per minute.

1.) Use the line drawing tool to draw the marginal benefit line given the above data. Label this line 'MB'.

2.) Use the line drawing tool to draw the marginal cost line given the above data. Label this line 'MC'.

Carefully follow the instructions above, and only draw the required objects.

How many pints of blackberries should you pick?  

(1) True False

Changes in Wages and Consumer Prices. The following table shows for 1980 and 2004 the cost of a standard basket of consumer goods (a standard bundle of food, housing, and other goods and services) and the nominal average wage (hourly earnings) for workers in several sectors of the economy.

Complete the table by computing the percentage changes of the cost of the basket of consumer goods and the nominal wages. (Enter all values as percentages rounded to one decimal place.)

Year

Cost of consumer

basket Nominal wage: Manufacturing

Nominal wage: Professional

services

Nominal wage: Leisure and hospitality

Nominal wage: Information

1980 $82 $7.52 $7.48 $4.05 $9.83 2004 189 16.34 17.69 9.01 21.70 % change 1980 to 2004 % % % % %

The professional services sector was the only sector to experience an increase in real wages. (1)

Assignment 1

CRN: ________________Student: _____________________

Course: MICROECONOMICS (ECON 101)

ID: _______________________

I pledge that I will neither givenor receive any aid from any other person during this assignment, and that the work presented here is entirely my own.

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Instructional Strategies for ELLs

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Justification

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Reading

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Basic Instructional Strategies

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Intermediate Instructional Strategies

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