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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 . com and 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 # 3 : Read the “ LAST word ” feature on markets for human organs on Pages 98 – 99 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 .

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