Career and Life Choices

I have completed the previous sections myself, and the last one needs to combine with the information I wrote earlier. Complete the first assignment as requested and combine my personal experience.
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End of Semester Writing Assignment
Economics 222
This is your end of semester writing assignment. You have now uploaded five (5) different final
writing assignment packets over the course of this semester. Those materials are a major portion
of the resources that you can refer to in completing this assignment. This assignment is an
introspective consideration and application of economics and your plans of a future career and
concentration in your degree program. In other words, apply what you have learned to YOU.
Layout of your writing assignment (final submission in Microsoft Word document format):
1.
2.
3.
4.
Not less than six (6) and not more than ten (10) pages, not including the title page
All pages are to be double spaced
Page one – Title page
Page two –Brief description of your topic, what is it that you are writing about; what did
you do; where did it lead you? (a single paragraph – not more than 100 words.)
Considerations in the assignment (think about these things):
1. A description of your “plans for the future” – what are you plans for an occupation, what
is it you intend to do for a living?
2. If you didn’t do “that” for a living, what would be your other career choice?
3. Why? Why are these your two choices? Describe how a production possibilities curve
resulted in you putting them in this order. (this is the What question in chapter 1 of our
textbook)
4. How are you going to move into that career? An undergraduate degree; a graduate
degree; doctoral studies; licensing; certification; working under the guidance of another
after graduation? (this is the How question in chapter 1 of our textbook)
5. Is there a market for you? What is the demand for you?
6. Where will you live, do you have to move to another area; are you going to stay where
your “family” is located? Will those choices have an influence on your income?
(remember economics is about making choices – what are the choices you are making
right now; what are the choices you will make later)
7. Do you expect your wages to flex upward or downward? What is the elastic condition of
the market for you based upon the materials that you gathered.
8. What will you make in terms of income? Is it what you expected?
9. What is your personal “currency”? Remember we talked about your “deal breaker” the
thing that matters to you the most. It may be more than money. How does that thing that
you value the most influence the other “choices” that you make in the process of building
a career?
10. Will you end up being a monopoly, an oligopoly, a small proprietorship, an individual?
What will be your influence in the micro market that you serve? Could you be a tiny
monopoly? Are you already? Will you be in a small community/a big city, where?
11. What is your conclusion about your degree; your plans for the future
12. Answer the question “Why” six times as you put this assignment together.
13. This is economics – it is about making choices, it is about opportunity costs, margins and
profits. What are the margins and what are the profits? Money or your personal currency?
14. End with a final conclusion paragraph. Wrap it up. Did the interview change things?
The purpose of this assignment is to have you apply microeconomic principles in examination of your
career and studies as you move towards those objectives. Can these methods help you direct choices that
you make in study, final job choices, location choices and focus your aim? Now, let’s go.
Rui Wang
ECON 222
Packet 2
1. Draw a production possibilities curve
2. Label each leg of the curve as two things that are your priorities, your career
choice at the moment and any other career choice that you would seriously
consider.
Two things are people living space, or population.
3. Where are you right now, inside the curve, on the curve, outside the curve,
where?
I am at the point C.
4. Are you making full use of your resources?
Yes
5. Regarding answer 3, is your point on one leg or the other of the curve drawi
ng or is it on the curve itself, somewhere else? Where and why? Now that y
ou have answered why, I want to know why regarding your answer to the fi
rst why.
Point C is on the curve. At this time people’s housing area with the population
of the most ideal state. Inside the curve is in efficient, outside the curve is on
attainable.
Rui wang
ECON 235 SP17
5/16/2017
QUESTION 3.67:
a:
Y: sales
Gaps between Movies Showings
3000.00
2500.00
2000.00
1500.00
1000.00
500.00
0.00
0
5
10
15
20
25
30
35
X: Time Gaps (Minutes)
b: According to the diagram, I think there are no relationship between
the time gaps between movie showings and sales.
QUESTION 4.135:
The following questions require solid responses supported by definition and
explanation. Give me your logic. Common language may be used but the technical
basis in wording specific as you will find in the lecture and text materials for this
course. You may use your text for reference, PowerPoint and class notes.
Remember to use accurate detail to the definition(s) found in the materials used in
this class in Chapters 10, 11 and 12. Unsupported general commentary or opinion
will not be adequate for complete point count. Take your time and good luck.
Chapter 10 questions:
1. A construction project in Congressman Foghorn’s district is unfinished.
Foghorn has asked that a new appropriations bill include funds to complete
the project, despite a report by an independent agency that the project is a
waste of taxpayer money. Foghorn’s project is a bridge that crosses a river
between two cities in his district. The press has criticized Foghorn and
dubbed the project “a bridge too far” since another bridge, located closer to
the same two cities Foghorn’s bridge will connect, already exists and can
accommodate all traffic between the two cities. Foghorn argues that if the
bridge project is not completed, the $50 million already spent will have been
wasted. Is Foghorn’s argument economically rational? Explain your answer.
2. What is an indifference curve? Why can indifference curves never
cross? (Be detailed and give a theoretical basis referenced in the
book. A single statement won’t be enough.)
3. Farah has $100 to spend each month on bread and chicken. Suppose the price of
bread is $4 a loaf and the price of chicken is $5 per pound.
a. Draw her budget constraint and label it BC0. Put bread on the horizontal axis
and chicken on the vertical axis. Be sure to identify the intercept values.
b. Suppose Farah is a utility maximizer and she consumes 10 loaves of bread and
12 pounds of chicken. On the same graph you drew in part (a), draw an
indifference curve to identify her optimal bundle. Label this bundle “E.”
c. Is her budget exhausted? Verify your answer.
d. Now suppose Farah’s income falls to so that she can now devote $80 to the two
goods. Prices however remain unchanged. In the same diagram, graph her new
budget constraint and label it BC1. Be sure to identify any new intercept values.
e. Following the change in income, can Farah consume the same bundle “E”?
Explain your answer.
f. What must happen to her total utility following the decrease in her income?
Chapter 11 Questions
Table 11-5
Number Output Margina Office
Labor
Total
of
(boxes)
l
Rent
Cost
Cost
Workers
Product (dollars) (dollars) (dollars)
of Labor
0
0
-1
220
400
200
2
250
800
3
680
4
160
1,200
5
940
1,000
6
980
1,600
4. Refer to Table 11-5. Suzette’s Fancy Packaging subcontracts with Sunshine
Land Pecans to box dried fruit and nuts for Suzette’s mail order business. Suzette
rents space for her factory for $400 a week in a nearby strip mall. She can hire
temporary workers for $200 a week. Table 11-5 above shows her output and cost
data. Use the table to answer questions a-e.
a. Complete the table.
b. In the last week of summer Suzette closes her business to go on a family
vacation. What are her costs during that week?
c. In one week Suzette exactly breaks even. If her revenue for the week is $1,200,
how many boxes of fruit and nuts did she produce?
d. Judging from the marginal product of labor data, would you say that Suzette
had to settle for increasingly unproductive workers? Explain your answer.
e. Suzette has received an order for 1,500 boxes of nuts per week for the next 3
months. If she expects the trend in the marginal product of labor will continue in
the same direction, what do you think she should do? Should she not commit until
she can move to a larger space or should she just hire more workers? Explain your
answer.
5. Use the general relationship between marginal and average values to explain
why a marginal cost curve must intersect an average total cost curve and an
average variable cost curve at their minimum points. Address each curve and their
relationships in your response. No graph is necessary but you can use one. In
either event, the discussion of this is required to explain to a conclusion regarding
their relationships and what they mean.
Table 11-9
Fixed Cost
Average Variable Cost
Small plant
Medium plant
Large plant
$10,000
15,000
25,000
$2.00
1.30
0.50
6. Refer to Table 11-9. Clock It To Me manufactures clock radios. The table
above shows estimates of fixed cost per period and average variable cost for three
possible plant sizes.
a. You are employed as the company’s cost accountant and have been asked to
prepare cost estimates for various output levels for each of the three
possible plant sizes. Record your calculations in the table below.
Average Cost of Production
5,000 Clock Radios
Small plant
Medium plant
Large plant
8,000 Clock Radios
20,000 Clock Radios
b. For each of the three output levels, which plant size will generate the lowest
average total cost of production?
c. Suppose the firm currently sells 8,000 clock radios per period (using the
optimal plant size for this output level). Now, however, it has just secured a longterm contract to supply 20,000 clock radios per period. In the short run, what is the
average total cost of producing 20,000 clock radios? Provide a numerical value
based on your answer in part a.
d. What happens to average total cost of production in the long run? Provide a
numerical value based on your answer in part a.
Chapter 12 questions
7. How are market price, average revenue, and marginal revenue related for a
perfectly competitive firm and why? Be detailed and give a basis. Be sure to
discuss the curve and what it tells you about how these are related. It is part of the
point count consideration.
8. Fill in the columns in the following table and use the values in the table to
determine the profit-maximizing level of output. DON’T FORGET to tell me what
the profit-maximizing level of output is once you have completed the table. Both
must be done, the table and the output answer.
Quantity
0
1
2
3
4
5
6
7
8
9
10
Total Revenue Total Cost
(TR)
(TC)
0
3
5
5
10
6
15
8
20
11
25
15
30
21
35
30
40
42
45
60
50
85
Profit
Marginal Revenue
(MR)
Marginal Cost
(MC)
9. Use a graph to show the demand, AVC, ATC, MC, and MR curves of a firm that
should temporarily shut down in the short run. Identify the shutdown point on the
graph.
Figure 12-18
10. Use the figure above to answer the following questions.
a. How can you determine that the figure represents a graph of a perfectly
competitive firm? Be specific; indicate which curve gives you the information and
how you use this information to arrive at your conclusion.
b. What is the market price?
c. What is the profit-maximizing output?
d. What is total revenue at the profit-maximizing output?
e. What is the total cost at the profit-maximizing output?
f. What is the profit or loss at the profit-maximizing output?
g. What is the firm’s total fixed cost?
h. What is the total variable cost?
i. Identify the firm’s short-run supply curve.
j. Is the industry in a long-run equilibrium?
k. If it is not in long-run equilibrium, what will happen in this industry to restore
long-run equilibrium?
l. In long-run equilibrium, what is the firm’s profit maximizing quantity?
Rui Wang
Econ 222
Packet 1 – Final Writing Assignment
1. What is your personal currency?
My personal currency is affection.
2. What is your intended career or profession?
I want own a restaurant.
3. Were/Are you considering another career or profession?
Become a soldier.
4. Why?
Because I long for life in the barracks.
5. Regarding your completed answer to the previous question – Why?
Because my family business is a restaurant business, I have considerable
experience in this area of business.
6. Regarding your completed answer to question 5 – Why?
I think regardless of social development, it has always been inseparable from
eating, can not do without food, I want to open a healthy, delicious, combining
Chinese and Western restaurants.
Econ 222
Packet 1 – Final Writing Assignment
1. What is your personal currency?
My personal currency is affection.
2. What is your intended career or profession?
I want own a restaurant.
3. Were/Are you considering another career or profession?
Become a soldier.
4. Why?
Because I long for life in the barracks.
5. Regarding your completed answer to the previous question – Why?
Because my family business is a restaurant business, I have considerable
experience in this area of business.
6. Regarding your completed answer to question 5 – Why?
I think regardless of social development, it has always been inseparable from
eating, can not do without food, I want to open a healthy, delicious, combining
Chinese and Western restaurants.
Rui Wang
12/1/2017
For now, my career is a general business student, after graduation I consider continuing
to study western food, to be a western chef traveling around the world. Then back to
Hong Kong to open my own restaurant, combined with Western culture with Chinese
characteristics and create their own unique dishes. For me, I think that eating is an
essential part of people’s life. People can’t live without food. Food can not only fill the
stomach, but also make people happy. Good food can also bring people health. In
economics, I would say that in my future career, I will survey the market, shop around,
and find the best fresh ingredients.
Rui Wang
ECON 222
10/23/2017
Final Writing Assignment – Instruction Set 3
The instructions for this assignment are attached and/or below:
Locate someone going into your chosen career. As a very brief but direct set of
questions:
1.
2.
3.
4.
5.
6.
How long have they being doing this type of work?
Why did they choose to into this line of work?
Is it what they thought it would be?
What would they do differently?
Would they go into this same line of work again?
Why?
Are these the answers that you expected? Why?
I spoke to a friend who now works in a bank, he has been working for about a year,
he chose the reasons for this is that he is the financial professional graduates, he
explained that the real work with some of his imagination, the real work relatively
trivial, to deal with a lot of documents, but also with many clients. This is not the
same as my own imagination. He also told me that his boss at work often very
tough task for him, he is going to end this line of work when he has enough
experience, then he will open a own businesses to help the small and medium-sized
enterprise financing. The answer is a little bit different than I thought, I thought he
really liked his job. It wasn’t like that. He had his own ideas, and he wanted to start
his own business.

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