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 Bac

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 Bac
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 to your instructor. 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 a minimum of 75 words, which you can provide in the space below. Once you have completed Part 1, please complete Parts a.-e. of Part 2, which begins 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 amount 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.