applying the Microeconomic Concepts

Academic Level:Bachelor

Sources needed:No specific sources required

Topic:Writer’s Choice

Paper details:Instructions
This paper will be a compilation of research that you conduct at the end of each of the modules in weeks 2-4. You will be applying the Microeconomic Concepts that you have learned in those modules to prepare a market overview of a particular product (or service) market. The outline below will help you to assemble your paper.

Use the rubric attached to the assignment to guide you in writing the paper. As described in the rubric, you will be graded on

Voice: The paper should be written as an academic paper.
Research: You should use multiple sources and you should accurately describe the information gathered from these sources.
Economic Thinking: The economic concepts should be applied accurately.
Substance/Content: The content of the paper should adequately cover the requirements as described in the instruction below.
Mechanics: The paper should be edited to include proper spelling and punctuation, and sources should be cited appropriately.
As you compile the paper each week, be sure that it flows and reads like one cohesive paper. The paper should be approximately 3 pages long and be in APA format. Be sure to list your sources at the end of your paper and cite them in the body of the paper when using specific information obtained from a source.

Note: Be sure to cite your article source in 7th Edition APA format. Need a refresher on 7th Edition APA Citation? Check out the Maryville Library Citation Help APA Style (7th Edition) Lib Guide (Links to an external site.).

Outline of the Paper
Introduction
In the discussion assignment Real World Markets in week 2, you chose a market and found a current article about that market. This market will be the focus of your paper. You will begin your paper with an introduction that describes the product or service.

Give some background on the product/service.
Describe why it interests you or why it is currently in the news.
Describe where/how it is sold. What is the selling price range?
Pictures are acceptable here in addition to text descriiption.

Supply and Demand
Using your Real World Markets discussion post from Week 2, expand on your post regarding your chosen market, using the following as a guideline.

Describe the significant factors currently affecting demand for this product. Factors affecting Demand can be: Income, Preferences, Prices of Related Goods, Number of Buyers, Expectations of Future Price.
What are significant factors affecting the supply? Factors affecting Supply can be: Prices of Relevant Resources, Technology, Prices of Other Goods, Number of Sellers, Expectations of Future Price, Taxes and Subsidies, and Government Restrictions.

Consumer Demand
Refer to what you learned about Price Elasticity of Demand in Week 2. Use the four determinants of elasticity in relation to your product: Substitutes, Necessity vs Luxury, Proportion of Income spent on this product, and the time urgency of this product to explain why your product might be inelastic or elastic. Be sure to state whether you believe your product is relatively price elastic or price inelastic, and why.

Extra credit: Diminishing Marginal Utility. Can you find evidence of consumers experiencing diminishing marginal utility when purchasing the product? If so, what specific strategies does the producer use to mitigate this? Some examples are adding new products to their line, adding new features to existing products…

Supply Decisions
Using what you learned in Week 3 about Costs of Production, describe the fixed and variable costs of producing the good in this market. You don’t need to find the actual numbers, just describe what elements of producing the product are fixed and what elements are variable. Next, do some research to find if the producer had to make decisions regarding production vs. investment? When considering profit, what might be an implicit cost that the producer should take into account when calculating economic profit?

Market Structures
Which of the four market structures (perfect competition, monopoly, monopolistic competition, or oligopoly) most closely resembles the market for this product. What are the elements of this market structure for your product?

Extra credit: Look for data on profitability of producers in the product market. What does the level of profitability or lack of profitability indicate about the market structure, and what does it mean for the future of this product market?

The Market for Labor
As you learned in Week 4, the demand for labor is derived from the demand for the product that is produced. How has the demand for your product affected the demand for labor in your market? Has it led to a shortage or surplus of labor in that market?

Government Intervention
Using what you learned in Week 4 about market failure, any form of market failure that is evident in your market. This would include externalities, asymmetric information, and market power. Has government regulation impacted the market?

Conclusion
Give a brief conclusion that summarizes the major findings in your paper. This will summarize what you have learned over the first 4 weeks of the course.

Voice

20 to >18 pts
Excellent
Language is appropriate for and academic paper. the paper flows and fits together well.

18 to >14 pts
Good
Most language is appropriate for an academic paper. Paper flows fairly well.

14 to >0 pts
Poor
Does not read like an academic paper. Paper is difficult to follow.

0 pts
No Submission

Research

50 to >45 pts
Excellent
Student shows familiarity with published information. Uses multiple sources. Effectively uses and presents data.

45 to >35 pts
Good
Student shows familiarity with published information. Uses more than one source. Uses and presents some data.

35 to >0 pts
Poor
Student uses only one or no outside sources. Data is confusing or no data is presented.

0 pts
No Submission

Economic Thinking

80 to >72 pts
Excellent
Paper shows clear evidence of economic thinking. Economic concepts and terms are used properly. Economic relationships are explained and used correctly.

72 to >56 pts
Good
Reasonable evidence of economic thinking. Most economic concepts and terms are used properly. Most economic relationships are explained and used correctly.

56 to >0 pts
Poor
Economic concepts and terms are not used correctly. Economic relationships are not explained correctly.

0 pts
No Submission
Mechanics

25 to >22.5 pts
Excellent
Proper spelling and punctuation. Proper grammar. Free of typos. All sources cited correctly.

22.5 to >17.5 pts
Good
Some grammatical errors but free of spelling errors. Sources cited correctly.

17.5 to >0 pts
Poor
Some grammatical and spelling errors. And/or No Citations.

0 pts
No Submission
Substance/Content

50 to >45 pts
Full Marks
Content is substantial and meets or exceeds the requirements of the assignment. All concepts are analyzed sufficiently with respect to the researched market.

45 to >35 pts
Good
Content is acceptable, however more could have been written about some of the required concepts.

35 to >0 pts
Poor
Content is lacking in substance. Very little analysis of the required concepts.

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