Questions On Economics

Submitted By mikaelaelson
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Pages: 5
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Instructor Comments.

This week we learn about number systems, mathematical systems and algebraic topics. As you read these sections, please pay close attention to the examples as well as the real world applications that are shown in the book. When working the discussion questions this week there are a few things to keep in mind. Averages involve adding up the total and dividing it by the number of unit we are using to find the average. Averages help us to find unit weights, unit cost, price per item, etc.

For example, suppose we have the following measurements and cost per item:

Corn Flakes - $3.70 / 18 ounces

Syrup - $2.50 / 12 ounces

Peanut Butter - $1.80 / 10 ounces

To find the average cost of all of these items per ounce, we first add up the cost:

$3.70 + $2.50 + $1.80 = $8.00

Next add up the weight: 18 ounces + 12 ounces + 10 ounces = 40 ounces

The average unit cost per ounce would be:

Avg unit cost = Total Cost / Total Weight

Avg unit cost = $8.00 / 40 ounces = $0.20 / ounce

Or 20 cents per ounce.

Now, what if the problem asked us to find the unit cost per pound?

To do this, we use the conversion: 1 lb = 16 ounces. Using this we write:

($0.20 / ounce)(16 ounces / lb) = $3.20 / lb

$3.20 / lb is the average cost per pound of the items.

Hope this is helpful. See you in the class discussion!

Below is an overview of this weeks assignments:

Week 2 Overview

|Assignment |Due Date |Format |Point Value |
|Week Two Discussion 1 |Day 3 |Discussion Forum |3 |
| |(1st post) | | |
|Week Two Discussion 2 |Day 3 |Discussion Forum |3 |
| |(1st post) | | |
|Week Two Assignment |Day 7 |Written Assignment |5 |
|Week Two Objective Assessment |Day 7 |Objective Assessment |10 |

Week 2 Assignments

Readings 1. Read the following selections from Mathematics in Our World: a. Chapter 4 – Numeration Systems b. Review Chapter 5 – The Real Number System c. Chapter 6 – Other Mathematical Systems d. Chapter 7 – Topics in Algebra
Discussion Forums
Participate in the following Discussion Forums: 1. 1st Posting Due by Day 3. Week Two Discussion 1. This Discussion should be an eye opener for most students. We will look at our food shopping trends and how we spend our money. The outcomes should reveal some interesting facts. a. Save a cash register receipt from a shopping trip to the food market or borrow one from a family member or friend. The cost of 4 prepackaged food items that are sold by weight and the cost of at least 3 fruits or vegetables need to appear on the receipt. If you have no access to a receipt with these items, then you will need to go to the store and write down the cost information. b. Fruits and vegetables are sold by the pound. Add up your total cost for the fruits and vegetables and find the average cost per pound. [Example: if bananas are .79 per pound and apples are .59 per pound, the average is calculated like this: (.79 + .59)/2 = 1.38/2 = .69 per pound on average for the two fruits. c. Locate the weight of your prepackaged food items. [For example, on a box of Frosted Flakes it says 15 oz., thus it is sold by weight not by volume.] d. Add up all of the weights for your prepackaged items
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