All problems below are to be completed and submitted to the Unit 1 Dropbox by the end of Unit 1.Problem #1:Using either a graph or table (Refer to pages 11-15 for help with graphs and tables) use two goods to construct a production possibilities curve. Clearly explain what a variety of different points on the curve mean. What would make the curve expand or contract? Why is efficiency lost at the extremes, as when substantially more of one good and very little of another is produced?Problem #2 Part A:Go to the internet auction site eBay® at www.ebay.comand select the category Jewelry and Watches, followed by Loose Diamonds and Gemstones, and then Diamonds, Natural. How many natural diamonds are for sale at the moment? Note the wide array of sizes and prices of the diamonds. In what sense is there competition among the sellers in this market? How does that competition influence prices? In what sense is there competition among buyers? How does that competition influence prices?Problem #2:Part B)Describe what would happen if an outside agency determined the prices eBay could charge.Problem #3:Read the “LAST word” feature on markets for human organs on Pages 62–63 of your text. Next, select a social problem where free markets are not allowed to function and describe how free market features could be introduced to help alleviate the problem. As part of your answer also include a discussion of the risks of introducing market mechanisms in situations where ethical issues are present. Your answer should be approximately two pages long and in APA format.(Note: You can write about social problems where the free markets are not allowed to function, which includes the market for a particular illegal good or service, a regulated market, etc.).GB540 Unit 1 Assignment RubricContent and AnalysisPoints PossiblePoints EarnedProblem # 1· Graph or table to illustrate a production possibilities curve · Meaningful description of a variety of different points on the curve. · Explanation of what would make the curve expand or contract. · Explanation of why efficiency is lost at the extremes, (i.e., substantially more of one good and very little of another is produced).12Problem # 2· Comprehensive discussion of the availability of natural diamonds as a component of supply in a competitive market and how it influences price. · Comprehensive discussion the demand for natural diamonds in a competitive market and how it influences the price. · Description of what would happen if an outside agency determined the prices eBay could charge.12Problem # 3· Introduction and Conclusion4Social problem identified where free markets are not allowed to function.4Description of how free market features could be introduced to help alleviate the problem.12Two pages in length4Writing Style, Grammar, APA Format12Total
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