Introduction To Economics Assignment | Homework For You
Step 1: Decide if you wish to work on the assignment in a group or on your own
Step 2: If working in a group, the group can be up to 3 students in total
Step 4: Notify me through email the names of the group members
Step 3: Read the questions, answer all of them in the space provided and use your own words to do so
Format and Requirements:
- Any use of direct quotes or paraphrased material must be properly referenced (use either APA or MLA)
- Write your answers in an academically acceptable language and tone
Submission:
- The assignment must be submitted through BlackBoard only. No other submission format will be accepted. If you do not know how to submit an assignment through BlackBoard please get support through Library Services.
- If working in a group, have one group member submit the assignment and ensure all group member names and student numbers appear on the assignment.
- It is the groups’ responsibility to ensure all group member names appear on the assignment when submitted.
- Late assignments, or group members whose names are added after the due date, will be subject to a late penalty of 20% per day including weekends. Except in exceptional cases and in accordance with George Brown College Policy as well as the course Testing and Assignment Policy, no extensions without penalty or name additions without penalty will be given after the assignment due date. Get Economics homework help today
1) Daily production for Pot-Work, a flowerpot maker, varies with the number of workers employed, as shown in the table below:
| Labour (workers per day) | Total Product (pots per day) | Marginal Product (pots per day | Average Product (pots per day) |
| 0 | 0 | ||
| 1 | 100 | ||
| 2 | 280 | ||
| 3 | 510 | ||
| 4 | 560 | ||
| 5 | 550 |
- a)Fill in the Table (3 marks)
- b)In which employment range is marginal product rising? Falling and positive? Negative? c) On one graph plot the Total Product curve. What is meant by diminishing returns and at what point do diminishing returns set in? (4 marks)
- d) On another graph, plot the Marginal Product curve and Average Product curve. (3 marks)
2) The government of Canada has recently imposed a carbon tax, and Canadian Households will be receiving a carbon tax rebate. Using the concept of an Excise Tax (see page 182 in the text, Section 7.3), explain how this carbon tax will help reduce green-house gas emissions, while at the same time providing Canadians with a tax rebate. (Hint: Consider the cost of an excise tax on consumers and businesses). (5 marks). Get Economics homework help today
