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Unit I Assignment Instructions This assignment will give you an  opportunity to apply the concepts taught in this unit. You will complete  this assignment

Unit I Assignment Instructions
This assignment will give you an  opportunity to apply the concepts taught in this unit. You will complete  this assignment

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Unit I Assignment Instructions
This assignment will give you an  opportunity to apply the concepts taught in this unit. You will complete  this assignment in two parts. 

Part 1 requires a short written response. 

Part 2 involves working problems based on provided background  information. Examples of how to complete these problems can be found in  the Unit I Introduction and associated videos presented in the unit. 

Both parts of the assignment will be  completed using a worksheet on which you will show your work and provide  your answers to the questions listed. A link to the worksheet is  provided below the instructions. 
Part 1
Tyson and Ella work at the Ruby Red  Movie Theater in town. After work, they decide to watch a movie. After  purchasing their tickets, they stop by the concession stand and purchase  popcorn, drinks, and candy. Use the circular flow diagram to describe  the purchases that Tyson and Ella made and the services and goods that  were provided to them. Your response must be at least 75 words in length. 
Part 2
Background information:
As mentioned in Part 1 of this  assignment, Tyson and Ella work at the Ruby Red Movie Theater. Tyson can  produce 100 bags of popcorn or 50 hot dogs in one hour. His coworker,  Ella, can produce 100 bags of popcorn or 30 hot dogs in an hour. Answer  the following questions based on this information. Use the worksheet to  show your work and provide your answers.  
Part A:
If Tyson and Ella  attempted to produce both popcorn and hot dogs, how many bags of popcorn  and hot dogs could each produce individually per hour? What would be  the total number of bags of popcorn and hot dogs produced by the two  workers combined? (Show your work.)      Part B:
Calculate the opportunity cost of producing bags of popcorn for each worker. (Show your work.)      Part C:
Calculate the opportunity cost of producing hot dogs for each person. (Show your work.)      Part D:
Determine how many bags of popcorn should be produced by each worker per hour. (Show your work).      If each worker should specialize in  producing popcorn or hot dogs, explain why; use economic terminology  that you have learned in this unit in your explanation.  Finally, how many total bags of popcorn and hot dogs will be produced per hour by the two workers combined after specialization? Part E:
What potential ethical  issues could arise from making the decision to have both employees  specialize in producing popcorn or hot dogs? Name and explain at least  two issues.     
When you are ready to begin your assignment, access the  Unit I Assignment Worksheet in Blackboard                .  Once you have completed all sections  of Parts 1 and 2 of the assignment, you will save and upload the  worksheet into Blackboard. Name your file “Unit I Assignment  Worksheet_YourName” (replace “YourName” with your own name). Make sure  you include your name and class section at the top of the worksheet. Any  sources used, including the textbook, must be referenced; paraphrased  and quoted material must have accompanying citations. All references and  citations used must be in APA Style. Unit I Assignment Worksheet

You will complete this assignment in two parts.

· Part 1 requires a short written response.

· Part 2 involves completing a worksheet on which you will show your work and provide your answers to the questions listed below.

Examples of how to complete these questions can be found in the Unit I Introduction and associated videos.

All components of Parts 1 and 2 of the assignment will be completed using this worksheet, on which you will show your work and provide your answers to the questions listed. Once you have completed all components of the assignment, save and upload this worksheet into Blackboard. Name your file “Unit I Assignment Worksheet–YourName” (replace “YourName” with your own name). Make sure you include your name and class section at the top of this worksheet.

Part 1

Tyson and Ella work at the Ruby Red Movie Theater in town. After work, they decide to watch a movie. After purchasing their tickets, they stop by the concession stand and purchase popcorn, drinks, and candy. Use the circular flow diagram to describe the purchases that Tyson and Ella made and the services and goods that were provided to them.

Your response must be at least 75 words, which you can provide in the space below. Once you have completed Part 1, please complete Parts 2A–2E, which begin on the next page.

Part 2

Note: An example of how to make these calculations is provided in the Unit I videos Opportunity Cost and Law of Comparative Advantage.

Background Information

As mentioned in Part 1 of this assignment, Tyson and Ella work at Ruby Red Movie Theater. Tyson can produce 100 bags of popcorn or 50 hot dogs in one hour. His coworker, Ella, can produce 100 bags of popcorn or 30 hot dogs in an hour. Answer the following five questions based on this information. Remember to show your work.

Production By

Hourly Production

Tyson

Ella

Bags of Popcorn

Or

100

100

Hot Dogs

50

30

Part 2A

If Tyson and Ella attempted to produce both popcorn and hot dogs, how many bags of popcorn and hot dogs could each produce individually per hour? What would be the total number of bags of popcorn and hot dogs produced per hour by the two workers combined? (Show your work below.)

 

 

Each Trying to Produce Both

 

 

Production of Popcorn

 

Production of Hot Dogs

Tyson

 

 

Ella

+

+

Total

 

 

Part 2B

Calculate the opportunity cost of producing bags of popcorn for each worker. (Show your work.)

Opportunity Cost of Popcorn

Tyson:

 

 

 

 

 

 

 

 

Hot Dogs Made

 

 

 

 

÷

Bags of Popcorn Made

 

 

 

=

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For every 1 bag of popcorn Tyson makes, he sacrifices

hot dogs.

Ella:

 

 

 

 

 

 

 

 

Hot Dogs Made

 

 

 

 

÷

Bags of Popcorn Made

 

 

 

=

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For every 1 bag of popcorn Ella makes, she sacrifices

hot dogs.

 

 

Opportunity Cost of Producing Popcorn

Tyson

 

Ella

 

Question

Answer

(Tyson or Ella)

Who has lowest opportunity cost of producing popcorn?

 

Part 2C

Calculate the opportunity cost of producing hot dogs for each worker. (Show your work.)

Opportunity Cost of Hot Dogs

Tyson:

 

 

 

 

 

 

 

 

Bags of Popcorn Made

 

 

 

 

÷

Hot Dogs Made

 

 

 

=

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For every 1 hot dog Tyson makes, he sacrifices

bags of popcorn.

Ella:

 

 

 

 

 

 

 

 

Bags of Popcorn Made

 

 

 

 

÷

Hot Dogs Made

 

 

 

=

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For every 1 hot dog Ella makes, she sacrifices

bags of popcorn.

 

 

Opportunity Cost of Producing Hot Dogs

Tyson

 

Ella

 

Question

Answer

(Ella or Tyson)

Who has lowest opportunity cost of producing hot dogs?

 

Part 2D

Determine how many bags of popcorn should be produced per hour by each worker. (Show your work).

Who should specialize in producing popcorn?

Who should specialize in producing hot dogs?

 

 

 

Specialization

 

 

 

Production of Bags of Popcorn

 

Production of Hot Dogs

Tyson

 

 

 

Ella

 

 

 

Total Production With Specialization

Total Without Specialization

 

Difference

 

 

Part 2E

What potential ethical issues could arise from making the decision to have both employees specialize in producing popcorn or hot dogs? Name and explain at least two issues.

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