Category: microeconomics

Identify one inelastic and one elastic good or service that you have recently purchased and relate your examples to the characteristics of the price elasticity of demand. Analyze the challenges a store would be facing to raise the price of an elastic and inelastic good.

Prices are the driving force behind every buying and selling decision in a market economy. Prices are determined by the supply and demand equilibrium and are influenced by the price elasticity of demand and supply of goods and services.
For this discussion, first play the simulation game Competitive Markets in the MindTap environment. Then, you will share your experiences playing that game. Your work in this discussion will directly support your success on the course project.
In your initial post, include the image (screenshot) of your simulation report in your response. Then, address the following questions:
Based on the outcome of the simulation, was the sale price you set the same as the equilibrium price? Refer to the supply and demand model to explain why they might be different.
Imagine that you own your own business. How would price elasticity of demand impact the pricing decisions of your business?
What are the determinants of price elasticity of demand? Identify at least three examples.

A difference in opportunity costs between businesses can lead to a comparative advantage in the production of a good and the decision to trade.
For this discussion, first play the simulation games Comparative Advantage (Without Trade) and Comparative Advantage (With Trade) in the MindTap environment. Then, you will share your experiences playing the games. Your work in this discussion will directly support your success on the course project.
In your initial post, include the image (screenshot) of your simulation report in your response. Then, address the following questions:
Imagine you own your own business. How would you evaluate opportunity costs and comparative advantage when making business decisions?
Look up a Production Possibilities Frontier (PPF) graph. What role does the production possibility frontier (PPF) model have in making business decisions regarding specialization and trade?
In your responses, comment on the posts of at least two peers whose simulations had different outcomes than your own. Research and provide examples of companies in the news that are relevant to your peers’ comments on the value of comparative advantage for making their business decisions.

You can choose to write about individual demand or market demand for certain goods (like the Ozempic medicine), profit-maximizing decisions of certain firms, or characteristics of certain industry structures. I have attached the rubric to guide you to exactly what’s needed in this paper.

Select a 5-10 year period of time and analyze the microeconomic issues impacting a particular company during that period of time. You should be looking for issues and topics that we have covered in this course and how you can apply those concepts to a real world situation. The same company and time period will be used for all both parts of the project.
Requirement:
Select a company and a time period that you will use for analysis during the semester. All topics below must be included in the paper with a minimum of 1 paragraph for each, plus and appropriate intro and conclusion.
Give a description of the company during the time period for analysis. This should be roughly a 5-10 year period of time, not the entire history of the company.
What products produced? Are they identical or differentiated? Does this change during the analysis period? Explain.
Discuss the determinants of demand and how you see the consumer preferences influencing the market.
Analyze the price elasticity of demand. Build a case as to why the demand for this product is elastic, inelastic or unitary elastic
A minimum of 5 sources is required for this section.
Submit a report that is roughly 3-4 pages of content, typed double-spaced. This paper is a formal, college-level paper which means that it should be written in that style. Do not use personal pronouns like “I,” “we,” “me,” “you,” etc. It should be well written with a introduction and conclusion and use appropriate citation.
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Submission:
Paper must be submitted in Canvas through this assignment.
Verify that you paper has been submitted to the Canvas assignment. If you can’t see the assignment, then I can’t see the assignment and I can’t grade it.
LATE SUBMISSIONS: The assignment will close exactly at 11:59 pm on the due date. It is your responsibility to submit the paper by that time. Even if it is only 1 minute late, it will not be accepted. Do not wait until the last minute to submit. You never know what could happen. You will have the opportunity to make revisions for a better grade, but that means you need to submit on time so I can grade the paper and provide feedback.
Similarity Percentage:
The similarity percentage should be less than 25% for this paper.
In my experience, most students who have higher similarity percentages are not purposely plagiarizing, but have either used too many quotes or inadvertently used similar vocabulary, phrasing and sentence structure to the original source and that will also be flagged. If the similarity percentage is higher than 40%, the entire paper will receive a zero.
You may submit the paper as many times as you like before the due date to check the similarity percentage. Please note that after the first 3 submissions the report will be generated automatically, but for all subsequent submission you will have to wait at 24 hours for the report.
Research:
Each student will develop and analysis based on the information provided and the questions asked in each activity. Research is required and the best place to find that is through the Hartnell Library. APPROPRIATE SOURCES: It is your responsibility to choose sources that have been peer-reviewed or fact-checked. Do not use blog posts, websites that sell papers, or any source that does not have a reasonable assurance of being fact-checked at a minimum.
Wikipedia is not an acceptable source!
I do review the sources. If I find a source that does not meet the criteria it will significantly impact the grade of the paper.
Formatting:
Must use APA 7 citation format.
All references should be cited (5 sources minimum are required)
Each project needs to be in a single document (.doc or .pdf formats would work best) and submitted in Canvas through the appropriate assignment. Do not submit a .txt document because the formatting will not be correct and it will significantly impact the grade.
Typed, double-spaced in a readable 12-point font with margins no larger than 1” on all sides.