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Writing Assignment Directions: Be sure to make an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Your response should be one (1) single-spaced page; refer to the "Assignment Format" page for specific format requirements. Part A (A 1-page response is required.) Imagine that it is the year 2199. Technology has progressed at an incredible pace. The latest discovery is the plutonium engine, which is capable of converting plutonium, a by-product of nuclear fission, into fuel to power the nuclear reactors in our new form of transportation, the rocket-car. However, because the firm that invented the engine, the Futures Unlimited Corporation, already has a government license to control and distribute the quantity of this certain isotope of plutonium on the market, it is now conceivably in charge of a monopoly on plutonium-fueled transportation. 1. Describe the economic outcome of this single-price monopoly in terms of profit. Provide one (1) supporting fact to support your response. 2. Describe one (1) way that the Futures Unlimited Corporation makes output and price decisions. Part B (A 1-page response is required.) 1. Would consumers benefit more from a tariff or a quota on imports? Provide one (1) supporting fact to support your response. 2. Consider the following weekly production possibilities of gloves and hats in Panama and Russia: Russia Panama Gloves 20 180 Hats 80 90 a. What is each country's opportunity cost of producing gloves and hats? b. If the countries could, should they trade? Provide one (1) supporting fact to support your position.

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LESSON 8: WRITING ASSIGNMENT
Part A
Since Futures Unlimited Corporation is a single-price monopoly of plutonium engines, it has the capacity to influence the price that the customers will have to pay for its product and the level of production in order to maximize its profit.

Single-price monopoly’s marginal revenue is related to the elasticity of demand for its good. The demand for a good can be elastic (the elasticity is greater than 1), inelastic (the elasticity is less than 1), or unit elastic (the elasticity is equal to 1). Demand is elastic if a 1 percent fall in the...

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