Micro Economics Question

Competencies

In this project, you will demonstrate your mastery of the following competencies:

• Analyze markets using microeconomic models and theories
• Determine the impact of economic costs on organizational and individual decision-making
• Explain how market structure impacts a businesss entry and exit into a market and its ability to generate economic profit

Overview

For your project, you will research and examine a U.S.-owned, publicly traded company of your choosing. Make sure that you select a company with easily accessible sources of financial data. It is recommended that you either select a company with a narrow product or service or limit your analysis to one area of the firm. For example, you may consider:

• Netflix
• Tesla
• Under Armour
• JetBlue Airlines
• Ford
• Lululemon
• Texas Roadhouse
• The Cheesecake Factory
• Kroger (grocery stores)

If you choose your own company not on the list above, email your instructor to secure approval.

APA Style

Directions

Create a report analyzing the microeconomic factors of your selected company. Your economic analysis report should be formatted using the template provided in the What to Submit section below.

You are expected to reference any source material used in your report with appropriate citations. You can also use your textbook to support your claims. To support you, a References page has been added to the project template with a citation for this courses textbook already provided. Any other references you add should be cited according to APA format.

Specifically, the following sections must be included in your report:

1. Introduction: Provide a brief description of your selected firm, including what products or services they provide and why you chose this company. Remember that if you choose a company not included in the list above, you need to secure approval from your instructor first.
2. Comparative Advantage and Specialization: Identify the advantages of specialization for your firm. Provide specific examples of your companys trading partners to illustrate. You can also include additional evidence from your textbook, such as graphs illustrating the benefits of specialization.
3. Price Elasticity
   1. Identify the determinants of price elasticity of demand for your selected company. Provide examples from your research to illustrate.
   2. Explain how price elasticity of demand affects pricing decisions and total revenue of your selected firm. Provide examples from your research to illustrate.
4. Government Policies and Price Equilibrium
   1. Evaluate the potential impacts of policy interventions on the supply and demand equilibrium for a product or service sold by your selected company. Provide examples from your research or from the textbook.
   2. Explain how government policy interventions can cause changes in consumer and producer surplus for your firm. Provide examples from your research or from the textbook to illustrate.
5. Costs of Production and Decision Making
   1. Describe the difference between variable costs and fixed costs.
   2. Identify several of the fixed costs and variable costs that apply to your company. You can find this information in the companys financial reports.
   3. Explain how a company makes the decision to produce, shut down in the short term, or exit the market based on these cost considerations. Provide examples from the textbook to illustrate.
6. Market Structures
   • Which markets have barriers to entry and exit?
   • How are the market types profitable in the short and long run?
   • How is the profit-maximizing quantity determined in each market type?
   • How is the price determined in each market type? Are the firms price takers or price makers?
   1. Identify the differences between the four market structures and how they impact profitability by addressing the following questions:
   2. Identify the type of market structure in which your company competes. Defend your claim by demonstrating the features of that market structure.
   3. Explain how inefficiencies arise from monopolies and monopolistic competition. Provide examples from the textbook to illustrate.
   4. Analyze how firms in an oligopolistic market set prices. Provide examples from the textbook to illustrate.
7. Microeconomics Principles and Business Decisions: Conclude by describing the relevance and significance of microeconomics principles. Explain how microeconomic trends could impact the companys future business decisions. Defend your claims with specific evidence.

Struggling with your essay and deadlines?

Get this or a similar paper done in as fast as 4 hours, 24/7.

NB: We do not sell prewritten papers. All essays are written from scratch according to specific needs and instructions

✔Secure Service ✔ Plagiarism Free ✔On-time Delivery

WRITE MY PAPER