Good Afternoon,\u00a0
Please assist with the below project. I have attached all the required documents for this project.____________________________
Scenario<\/p>\n
You and your friend from college have just graduated. You
majored in business, and your friend majored in a creative field. Your friend
is highly inventive and has come up with an excellent idea for a new product.
You both believe in this idea so much that you have agreed to become business
partners. However, before you embark on your entrepreneurial adventure, you
will have to explain some key microeconomics concepts to your partner that are
important to make sound business decisions. <\/p>\n
Your business partner is less than enthusiastic about this
prospect and has never had an interest in what is often described as the dry
and boring field of economics. Every time you have tried to engage your partner
in practical discussions, they brush you off and decide to go play video games
instead. <\/p>\n
Aha! This gives you an idea: What if you could convince your
friend to learn about economics through games? You have found several
simulation games that demonstrate in real and interesting ways the economic
principles that you know your partner needs. <\/p>\n
Once you have played the games, you will create a memorandum
report summarizing for your friend the educational value of your experiment. In
your memorandum, you will restate the key principles and takeaways of each
simulation, as well as illustrate how these ideas are relevant to your future
entrepreneurial success. <\/p>\n
Directions<\/p>\n
First, assemble the materials that you will need to complete
this assignment: <\/p>\n
1.\u00a0\u00a0\u00a0\u00a0
You will need several simulation report images for your
memorandum. All the necessary data visualizations will be generated after you
have completed each simulation game. You will be required to save image files
of your simulation reports for your simulation discussions. These should also
be used to create your memorandum report for the course project. If you have
any questions or concerns about the simulation data that should be used for
your project, you should promptly reach out to your instructor. <\/p>\n
2.\u00a0\u00a0\u00a0\u00a0
Review and use the Project Template located in the What to
Submit section. <\/p>\n
You are expected to reference any source material used in your memorandum
report with appropriate citations. To support you, a References page has been
added to the project template with a citation for this course\u2019s reading already
provided. Any other references you add should be cited according to APA format. <\/p>\n
Once you have assembled the required materials listed above, you
can now begin drafting your memorandum report by completing the following
steps: <\/p>\n
1.\u00a0\u00a0\u00a0\u00a0
Comparative Advantage: Discuss
the Comparative Advantage (With Trade) simulation that you played in Module
Two. You should add the Production Decisions graph and the Production Trade graph
(i.e., the graph showing how many hamburgers per fries) from you simulation
report into the project template as Figures 1.1 and 1.2. Then, answer the
following questions in the paragraphs below the figures: <\/p>\n
o\u00a0\u00a0\u00a0 How does
this simulation demonstrate how individuals evaluate\u00a0opportunity costs\u00a0to make
business decisions? Use the Production Decisions graph from the simulation as a
reference to explain what role the production-possibility frontier (PPF) has in
the decision-making process. <\/p>\n
o\u00a0\u00a0\u00a0 Explain
how comparative advantage impacts a firm\u2019s decision to engage in\u00a0trade. Would a business\u2019s
decision to trade cause a change to its PPF? Provide specific reasoning to
support your claims. <\/p>\n
2.\u00a0\u00a0\u00a0\u00a0
Competitive Markets and
Externalities: Discuss the Competitive Markets and Externalities simulations
(both with and without policy interventions) that you played in Modules Three
and Four. Add the Supply and Demand chart and the Outcomes by Market table from
your simulation reports into the project template as Figures 2.1 and 2.2. Then,
answer the following questions in the paragraphs below the figures: <\/p>\n
o\u00a0\u00a0\u00a0 What
impact do policy interventions have on the\u00a0supply and demand\u00a0equilibrium for a product?
Provide specific examples from the simulation to illustrate. <\/p>\n
o\u00a0\u00a0\u00a0 What are
the determinants of\u00a0price elasticity\u00a0of
demand? Identify at least three examples. Based on the outcome of the
simulation, explain how price elasticity can impact pricing decisions and total
revenue of the firm. <\/p>\n
o\u00a0\u00a0\u00a0 Based on
the results of the simulation, can policy\u00a0market interventions\u00a0cause consumer or
producer surplus? Explain why using specific reasoning. <\/p>\n
3.\u00a0\u00a0\u00a0\u00a0
Production, Entry, and Exit: Discuss
the Production, Entry, and Exit simulation that you played in Module Five. Add
the Aggregate Outcomes chart from your simulation report into the project
template as Figure 3.1. Then, answer the following questions in the paragraphs
below the figure: <\/p>\n
o\u00a0\u00a0\u00a0 Analyze a
business owner\u2019s\u00a0decision
making\u00a0regarding whether to enter a market. For example,
what factors determined the driver\u2019s market entry and exit in the simulation?
Use economic models to support your analysis. <\/p>\n
o\u00a0\u00a0\u00a0 How does a
business owner applying the concept of\u00a0marginal costs\u00a0decide how much to produce? For
example, how did the driver determine how many hours to drive each day? Use
economic models to explain. <\/p>\n
o\u00a0\u00a0\u00a0 How does
the impact of\u00a0fixed
costs\u00a0change production decisions in the short run and in
the long run? Use the average-total-cost (ATC) model included in the module
reading chapters to demonstrate this impact. <\/p>\n
4.\u00a0\u00a0\u00a0\u00a0
Market Structures: Discuss
the market structures simulations (Price Discrimination and Cournot) that you
played in Modules Six and Seven. Then, do the following in the project
template: <\/p>\n
o\u00a0\u00a0\u00a0 Complete
Table 4.1 as a reference guide for your business partner. The table
should\u00a0compare\u00a0the
attributes of each of the four listed market structures. <\/p>\n
o\u00a0\u00a0\u00a0 Answer the
following questions in the paragraphs below the table: <\/p>\n
\u00a7\u00a0 Explain
what market inefficiencies derive from\u00a0monopolies and monopolistic competition. Use
examples from the textbook to support your claims. <\/p>\n
\u00a7\u00a0 How do
firms in an\u00a0oligopolistic market\u00a0set
their prices? Use specific examples from the simulations or from the textbook
to support your claims. <\/p>\n
\u00a7\u00a0 Explain
how firms that compete in the four different market structures determine\u00a0profitability. Use specific
examples from the simulations or the textbook to support your claims. <\/p>\n
5.\u00a0\u00a0\u00a0\u00a0
Conclusions: Draw
your overall conclusions about the relevance and significance of
microeconomics. How will microeconomics principles impact your business
decisions moving forward? Provide recommendations to your business partner for
your future business venture. <\/p>\n
6.\u00a0\u00a0\u00a0\u00a0
Finally, ensure that all of your sources are properly cited
using in-line citations and references according to APA format. <\/p>\n
What
to Submit<\/p>\n
To complete this project, you must submit the following: <\/p>\n
Memorandum Report <\/p>\n
Your memorandum report should summarize the key principles and takeaways of
each microeconomics simulation for your business partner. It should also
illustrate how these ideas are relevant to your future entrepreneurial success. <\/p>\n
Template:\u00a0Project Template Word Document <\/p>\n
Use this template to structure your memorandum report, and submit it as a Word
document. Sources should be cited according to APA style. <\/p>\n
\u00a0 <\/p>\n
\u00a0 <\/p>\n","protected":false},"excerpt":{"rendered":"
Good Afternoon,\u00a0 Please assist with the below project. I have attached all the required documents for this project.____________________________ Scenario You and your friend from college have just graduated. You majored in business, and your friend majored in a creative field. Your friend is highly inventive and has come up with an excellent idea for a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[22],"class_list":["post-49880","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-economics"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/49880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=49880"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/49880\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=49880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=49880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=49880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}