Econ545 paper project 1

Asked by ecosmart
Dated: 20th Mar'17 11:03 AM
Bounty offered: $40.00
The Microeconomic Paper tests your ability to apply economic
principles to a business decision. Select one situation from the items
outlined below: A to D. Complete the paper on the selected situation
as specified below. The completed paper is a professional report and
is due in Week 3 (130 points). See the grading rubric at the end of
this document. For sources of data, you can choose from the list
presented at the end of this document.



The following is a list of the specific required information,
research, graphs, and math to be included in each answer regardless of
the scenario chosen.



1. Demand Determinants:

a. Each individual determinant analyzed for your situation, with
examples applicable to your situation (3 points each) and research (2
points each) showing current demand data or most recent past data,
except for the expectations determinant in which you need to use data
estimating future market conditions.

b. (10 points) Price Elasticity of Demand facing you in your
scenario, including actual calculation of it using the midpoint
formula. If you can’t find data, then determine the price elasticity
from the characteristics and make up numbers to use. Be sure to
identify this if you use this approach. This will help you in deciding
the slope of your demand curve below.

c. (5 points) Graph the demand facing your situation. Note that
this requires information from the supply determinant analysis before
deciding how to draw the curve(s), as you may need a separate MR
curve.

2. Supply Determinants:

a. Each individual determinant analyzed for your situation, with
examples applicable to your situation (3 points each) and research (2
points each) showing current supply data or most recent past data,
except for the expectations determinant in which you need to use data
estimating future market conditions.


i. (20 points) You need to be very specific in the cost of
production determinant to identify fixed, variable, and marginal cost
in order to derive your supply curve for the graphing component. You
will need to explain and show how profit maximization or loss
minimization output and price are determined. You will need to do the
math using actual figures [cited] or your own estimated figures
[identified as such] and explain why you expect short run economic or
normal profits, acceptable loss or temporary shutdown, and how you
will know which it is.


ii. The number of sellers determinant must contain your analysis
of the kind of market structure in which your firm or labor service
will be sold.

b. (10 points) Price Elasticity of Supply you have based on the
cost of production changes as output changes, including actual
calculation of it using the midpoint formula. If you can’t find data,
then determine the price elasticity from the characteristics and make
up numbers to use. Be sure to identify this if you use this approach.
This will help you in deciding the slope of your supply curve.

c. (5 points) Graph your supply situation using the numbers from
your earlier cost of production analysis.

3. Recommendations—(40 points) what are your recommendations
explained by your analysis?

Paper presentation—(10 points) good format, citations, lack of
spelling errors, etc
Econ545 paper project 1
Answered by ecosmart
Expert Rating: 394 Ratings
Dated: 20th Mar'17 11:03 AM
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