ALLIED ECN150 HOMEWORK ASSIGNMENT 1

Homework Assignment IntroductionWelcome to the Module 1 Homework Assignment for ECN 150: Introduction to Microeconomics.This section prepares you to complete this assignment successfully. Please follow these instructions to complete and submit this assignment.You will create a document in either a .doc or .rtf format to record and save your work. If you have never created documents in an .rtf format, please visit the Academic Resource Center and click on Tutorials. You will then see a list of tutorials on the following page. Click on RTF Tutorial.Read the instructions carefully and review your work before you submit your assignment.Include a title page with this assignment. Your title page should follow standard APA formatting. Please view the .allied.edu/Pages/ViewPage.aspx?GroupID=189″>Title Page Example.When you are ready to submit the assignment, click the Start button at the bottom of the page to access the submission page and follow the instructions.Running head: [INSERT
TITLE HERE]

[INSERT
TITLE HERE]
Student
Name
Allied
American University

Author
Note
This
paper was prepared for [INSERT COURSE NAME], [INSERT COURSE ASSIGNMENT] taught
by [INSERT INSTRUCTOR’S NAME].

PART I

Directions:
Please draft a three page long document in APA format in which you address the
questions below. You must cite at least
three scholarly sources within the context of your work and cite your
references according to APA style.
Please utilize LIRN to help you get started with your search. You may visit the Academic Resource Center
for a guide on how to utilize LIRN successfully.

1. Describe
and identify microeconomic theory and contrast it to macroeconomic theory.
2. List
and explain the four principles of individual decision-making. In your explanation identify elements that go
into the decision making process.
3. Provide
an example of a decision in which you faced trade-offs, considered opportunity
costs and evaluated the options by comparing the marginal benefits and the
marginal costs associated with that decision.
4. List
the incentives which drew you to that decision or the incentives that could
have led you to make a different choice.

PART
II:
Reflection Essay

As you think ahead for the next seven units, identify and describe three
concepts you would like to leave this class knowing more about and how those
concepts will play a role in your overall decision making process. Write a one to two page essay and identify
topics of study along with the reasoning behind your choices.