Explain the concept of opportunity cost and the Law of Diminishing Returns
Question Description
INSTRUCTIONS: Write an essay that is no longer than two pages (anything past second page will not be read), written in either Arial, Calibri, or Times New Roman font. Font size must be between 10 12 and the line spacing must be between 1.5 2. Leave a one-inch margin on all sides, top, bottom, right, and left. Leave one line spacing between paragraphs. A title must be written and the title must be centered and in bold letters in the first line. Your essay must address fluidly all areas asked in the question; it is an analytic composition where you are explaining and informing the reader on these issues. Your essay must not be a list of independent answers to each of the questions put together in a paragraph format. You can study the essay rubric for more details about my expectations on this assignment. Save your file in either .doc, .docx, .rtf, or .pdf before submitting.
QUESTION: Explain the concept of opportunity cost and the Law of Diminishing Returns. How are they related? Why economists use the concept of opportunity cost when they want to determine cost rather than the traditional view of cost, i.e., cost out of pocket? Illustrate with an original and relevant example these concepts and how they are related. You must explain these concepts in your own words and use an original and relevant example.
| Criteria | Ratings | Pts | ||||
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This criterion is linked to a Learning Outcome1The student follows the formatting instructions. |
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12.5 pts |
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This criterion is linked to a Learning Outcome2The title is original and pertinent. |
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12.5 pts |
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This criterion is linked to a Learning Outcome3The student accurately defines both concepts in the students own voice |
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12.5 pts |
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This criterion is linked to a Learning Outcome4The student accurately relates both concepts. |
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12.5 pts |
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This criterion is linked to a Learning Outcome5The student accurately explains the use of opportunity cost in the economic way of thinking. |
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12.5 pts |
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This criterion is linked to a Learning Outcome6The student thoughtfully uses an original and relevant example to illustrate each concept and how they relate. |
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12.5 pts |
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This criterion is linked to a Learning Outcome7The student considers different possibilities when analyzing cost from the economic perspective |
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12.5 pts |
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This criterion is linked to a Learning Outcome8The essay shows a lucid, orderly, and fluid thinking with substantial depth and complexity of thought. |
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12.5 pts |
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Total Points: 100.0 |
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