Attached is the assignment I am asking question about.

ECO 330 - Chapter 1, Question 1 1. In dealing with costs and benefits of a government program or policy, it is quite common to be able to define the economic or dollar costs of such, but the purported benefits of a government program may involve a number of unquantifiable variables. For example, the US Department of Agriculture has a program called the Conservation Reserve Program (CRP). This program pays farmers to set aside acreage to benefit water quality and wildlife habitat. You may have to do some research on the topic to address the following points. Note that information is readily available at: https://www.fsa.usda.gov/programs-and-services/conservation-programs/index, as well as other sites. a. How much money was spent on the program in 2015? b. To the best of your ability, define some of the anticipated benefits of this program. c. In your estimation, are the benefits of the program outweighing the costs? Why or why not? ECO 330 - Chapter 1, Question 2: 2. The U.S. Internal Revenue Service (IRS) provides tax deductions for mortgage interest paid on both new and used homes by homeowners across the country. Utilizing the principle of economic incentives and their potential for unintended consequences, address the following points. Explain all in full. a. What incentive does this give to U.S. residents? b. Does it affect the type, style, or location of homes preferred by prospective home buyers? c. What might happen to home values if the deduction were ever eliminated? ECO 330 - Chapter 1 - Question 3 3. Historically, countries have oftentimes been tempted to merely print more money to pay off their debts. Utilizing your readings in this chapter, address the following points. a. What might be the impact over time of such practices on the prices of everyday goods and services in these economies? b. Investigate the Venezuelan economy. What is their current situation with price increases in that country? In other words, what is their inflation picture today? Explain some possible reasons for their situation. c. In your opinion and based upon your readings, would it ever be possible for the U.S. to succumb to the same inflationary pressures as Venezuela? ECO-330 - Chapter 2 - Question 1: 1. Rosie is the manager of a profitable submarine sandwich shop. Her business was growing so she hired Maggie, a young college student, to help her during the day. Rosie knows from past experiences that her workers can either spend their time baking sub buns or making sub sandwiches. Rosie's production matrix for Maggie is the following: Maggie's Options - Sub Buns per Hour Bake 40 Sub Buns Bake 30 Sub Buns Bake 20 Sub Buns Bake 0 Sub Buns Maggie's Options -Sandwiches per Hour Make 0 Sub Sandwiches Make 20 Sub Sandwiches Make 30 Sub Sandwiches Make 40 Sub Sandwiches a. Utilizing Excel or similar graphing software, graph the results of the above inform with Baking Sub Buns on the X-axis and Making Sub Sandwiches on the Y-axis. b. Connect the points in (a) with a curved line to demonstrate the Production Possibility Curve, or alternatively referred to as the Production Possibilities Frontier (PPF). c. Using an illustration only (no numbers), demonstrate what might happen to the PPF if Rosie invested in new convention ovens for baking the bread that increased her bread output per hour by 10%. Her output for making sandwiches is not changing. d. Now, assuming (c) above is not operational, using only an illustration again (no numbers), what would happen if Rosie trained her workers to be more productive through \"teaming,\" and the overall result is 15% more productivity in general, affecting both sandwich making and bread baking? ECO-330 - Chapter 2 - Question 2: 2. A national fast food restaurant chain has recently made the decision that their breakfast menu will now be available all day long. The product management team overseeing the breakfast lines - including biscuit sandwiches, pancakes, muffins, and sausage is ecstatic over the decision. However, the product management team for the more traditional lunch and dinner menu is not so happy. a. Utilizing the concept of opportunity costs, why would the latter product management team be less than receptive to the all-day breakfast menu? b. Using only an illustrative graph with no numbers, demonstrate how the decision to offer an all-day breakfast menu would affect the location of the restaurant on the Production Possibility Frontier (PPF). Assume in both cases that the restaurant is efficient today and would remain so after the all-day breakfast menu was introduced. ECO-330 - Chapter 2 - Question 3: 3. Returning to Rosie's submarine shop, she is convinced that a recent move by her corporate headquarters has dramatically increased her business. The product managers in her corporate office introduced sliced ripe Greek olives infused with garlic as an optional topping for the sub sandwiches. Consumers have responded wonderfully to the zesty taste that the olives add to the many sandwich choices. However, the introduction of the olives with the conspicuous \"Greek\" nomenclature has created some of the following issues: a. Roger, a peaceful but very patriotic customer has told Rosie that Greek olives are \"un-American\" and he refuses to make any additional purchases at the shop until the Greek olives are removed. In your opinion, are these Greek olives really harmful to the American economy or are they merely giving customers a tasty garnish to their submarine sandwiches? b. Roger goes on to say that his smart phone, made by Apple, is a prime example of how great products can be made in America. Is Roger making a logical argument here? You will have to do some research on where the Apple smart phones are manufactured. ECO-330 - Chapter 3 - Question 1: 1. The following two websites provide information on the United States' top ten exports and top ten imports: http://www.worldstopexports.com/united-states-top-10-exports/ http://www.worldstopexports.com/united-states-top-10-imports/ a. Examine each website carefully and compare and contrast the exports and imports to deduce conclusions on the United States' areas of comparative advantage and disadvantage. b. Which generalized products are our country's principal exports? c. Which generalize products are our country's principal imports? d. What is the latest trade surplus/trade deficit numbers? ECO-330 - Chapter 3 - Question 2: 2. Andrew and Elizabeth own a large tract of land (150 acres) near a major Midwestern city. The couple currently rents out the land for $260 per acre per year to a grain farmer who grows corn, soybeans, wheat, and oats in alternating years. Annual taxes to the local government are $3,000 per year. Andrew and Elizabeth like the current arrangement, as it is hassle-free and a low-cost insurance policy ($300 per year) guarantees the rent payment if the farmer were to default on his payment. In fact, the couple rarely needs to speak to the long-time farmer because the generous return on the farm is \"like clockwork.\" Recently, Elizabeth has been talking to her friends who have insisted that she and Andrew would be far better off, return-wise, by turning the tract of land into a golf course. Andrew and Elizabeth hired a consultant to come in and give them a projection of annual revenue, annual expenses, and annual taxes. The consultant was ecstatic over the potential returns as a golf course. He indicated that first year returns on the venture could yield a profit of $15,000 in the first year, growing to $25,000 per year in year five! He likened the golf course operation to an \"annuity that will just grow and grow over time.\" The consultant goes on to tell them about the additional prestige of owning a golf course as opposed to owning some \"crummy farmland.\" Considering the issue of opportunity costs, answer the following questions: a. Does the golf course look like a good venture for Andrew and Elizabeth given the results of the consultant? b. What about the risk factor of the consultant's projections versus the current farming agreement? c. Explain how \"opportunity costs\" have played a role in your responses to both (a) and (b). d. Are there any \"intangibles\" that could be factored into the notion of opportunity costs? ECO-330 - Chapter 3 - Question 3: 3. The nation's largest jams and jellies processor has a major Midwestern production facility that can produce both items. Its current production capacity is four million pounds of jam per month (any variety of jam) or six million pounds of grape jelly per month. Due to some efficiencies in joint production (i.e. production possibilities), the facility is currently producing four million pounds of grape jelly and three million pounds of jam per month. The Operations VP of the company has indicated that the plant is currently operating both efficiently and at maximum production potential. Answer the following questions regarding the economics of the plant. a. Using Excel or similar software, graph the production possibility curve of the current operation and its current output of jam and jelly respectively. b. A new \"extrusion\" process is being considered for grape jelly production. Although engineers have not been able to pinpoint specific production increases, they are estimating it to be in the ten to 15 percent range. It would not affect the jam production potential as the fruit bits are not extruded for the jams. Using an illustration only (no specific numbers), demonstrate how the new extrusion process would affect the production possibility curve constructed in (a) above. c. In the interest of locking up business with the nation's largest jam and jelly producer, a major fresh fruit supplier to the company has recently opened a huge 6,000 acre fruit farm close to the jam and jelly processing facility. This event has radically altered the efficiency of the jam and jelly operation's supply chain, enabling access to fresh fruit with lower logistic costs and far few fewer logistic complexities. The net effect has been to lower transportation costs quite dramatically for the fruits used in jams as well as grapes used for jelly. Explain how this would affect the production possibilities of the firm. Demonstrate it with a graph overlay (illustration only, no numbers) to the original graph constructed in (a) above. ECO-330 - Chapter 4 - Question 1: 1. The jams and jellies producer mentioned in Chapter 3 is facing a dilemma. In recent months the price of sugar has increased by over 30%, as depicted in the graph below from NASDAQ.com. a. How would this affect supply/demand conditions for jams/jelly production? b. Demonstrate the effect of (a) on an illustrative (no numbers) graph of supply and demand, as well as supporting narrative. c. What might the jams and jellies manufacturer do to alleviate the cost pressure of higher sugar prices? ECO-330 - Chapter 4 - Question 2: 2. One of the jams and jellies producer's most popular products has always been strawberry jam. Recently, however, the demand for the product has stagnated. The product manager for this product, Emily, has been very outspoken about the fact that the product must be modified to reduce the sugar content of the product or to replace sugar with a zero calorie, natural sweetener called \"stevia.\" Emily requested a study from the firm's economics team of the quantity of demand at various price points for such a steviasweetened strawberry jam product. The following demand schedule transpired from the team's work: Hypothetical Prices for Stevia Strawberry Jam $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 Quantity of Demand at Various Price Points 1,000,000 Jars Per Month 900,000 Jars Per Month 800,000 Jars Per Month 700,000 Jars Per Month 600,000 Jars Per Month 500,000 Jars Per Month 400,000 Jars Per Month In addition, she requested the finance team address profit/margin analysis at similar price points. The team indicated that $2.00 would be the rock-bottom price, as that is the breakeven point for the product, i.e. the product's cost would be $2.00 per jar. At that price, the team would expect substantial quantity of demand, and that said quantities would decline as prices increased up to $5.00 per jar, which they see as the absolute ceiling for the product. Beyond that, the quantity of demand would be so small that it would not provide the critical mass in the market to pursue it. However, at and above $2.00, the firm would be interested in supplying more and more of the product to the market because of increasing profitability as prices rise. The following is the supply scheduled defined by the finance team: Hypothetical Prices for Stevia Strawberry Jam $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 Quantity of Supply at Various Price Points 1,000,000 Jars Per Month 900,000 Jars Per Month 800,000 Jars Per Month 700,000 Jars Per Month 600,000 Jars Per Month 500,000 Jars Per Month 400,000 Jars Per Month a. Using Excel or similar software, graph the demand curve for the Stevia Strawberry Jam. b. Using Excel or similar software, graph the firm's supply curve for the Stevia Strawberry Jam. c. Label the projected Equilibrium point for the product on a graph that shows both the supply and demand curves. ECO-330 - Chapter 4 - Question 3: 3. Referencing the above Question 2 in this chapter, explain with both concise narrative and illustrative supply and demand curve movements (no numbers), what happens under the following scenarios? a. Explain and graphically depict supply and demand conditions if the National Diabetes Association comes out in support of stevia as a zero-calorie sweetener. b. Explain and graphically depict supply and demand conditions if a new competitor with a stevia-sweetened strawberry jam enters the market. c. Explain and graphically depict supply and demand conditions if the price of peanut butter increases significantly in the market. d. Explain and graphically depict supply and demand conditions if the success of stevia sweetener in general (for all sweetening needs) increases the demand for stevia and prices for the natural sweetener increase as a result of such strong demand