Economics Project Assignment for ECO 201
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Project Template for ECO 201
[Replace the content in bracketed text with your own responses throughout this template, and eliminate any bracketed instructions (including these).][In all submissions, the Introduction part of your report is provided and should stay consistent.]
[In each case, replace the placeholders for your data visualizations (e.g., charts, graphs, and tables) with the corresponding recommended pictures. It is recommended that you use a snipping tool to copy and paste your data visualizations into this template to create an isolated image from the simulation data. If you’re using a PC, see How to Use the Snipping Tool (Beginner’s Guide) for further information. This video is available with captions: How to Use the Snipping Tool (Beginner’s Guide) (CC). [For more information, check Is There a Snipping Tool for Mac?.]
My Business Partner’s Memo
[Insert your name here]
[Insert date here]
Simulations in Microeconomics
Introduction
Using a set of simulation games, this memorandum report analyzes and discusses essential microeconomic principles. These games show how microeconomic principles can be applied in real-world settings to help us make better business decisions. For your review and reference, I’ve compiled a summary of the simulations I ran and their outcomes, including the important insights and their significance. It is broken into the sections below:1. The Advantage of Comparison
2. Externalities and Competitive Markets
3. Exit, Entry, and Production
4. Market Organization (including the Price Discrimination and Cournot simulations)
5. Concluding remarks
6. Bibliography
Advantage in Comparison
[In this region, replace the Production Decisions graph with the Production Decisions graph.]Graph 1.1
[Insert the graph of production and trade here.]
Graph 1.2
[Fill up the blanks with your answers to the following questions: What does this simulation show about how people weigh opportunity costs when making business decisions? Explain the role of the production-possibility frontier (PPF) in the decision-making process using the Production Decisions graph from the simulation.]
[Explain how comparative advantage influences a company’s decision to trade.] Is it possible for a company’s PPF to change as a result of its choice to trade? Support your claims with specific reasoning.]
Externalities and Competitive Markets
[Place the Supply and Demand chart in here spot.]Graph 2.1
[Replace this section with the Market Outcomes table.]
Graph 2.2
[Insert your answers to the following questions: How do policy interventions affect a product’s supply and demand equilibrium? To demonstrate, give concrete examples from the simulation.]
[What factors influence price elasticity of demand? Make a list of at least three instances. Explain how price elasticity can affect pricing decisions and the firm’s total income based on the simulation results.]
[Can policy market interventions induce consumer or producer surplus based on simulation results? [Use precise reasoning to explain why.]
Exit, Entry, and Production
[In this area, replace the Aggregate Outcomes chart with the Aggregate Outcomes chart.]Graph 3.1
[Fill up the blanks with your answers to the following questions: Examine how a business owner decides whether or not to enter a market. What elements, for example, influenced the driver’s decision to enter and quit the market in the simulation? Use economic models to back up your findings.]
[How can a business owner decide how much to create using the concept of marginal costs? How did the driver, for example, decide how many hours to drive each day? To explain, use economic models.]
[How does the influence of fixed costs affect short-term and long-term production decisions? To demonstrate this impact, use the average-total-cost (ATC) model from the module reading chapters.]
Market Organizations
[Except for the final column, where you will write your text-based response, complete the table by picking the proper response from the drop-down select option within each cell.]Structure of the Market
Number of Businesses
Product Types Sold
Are you a price taker?
Freedom of Entry Price Formula?
Profit in the short term?
Is There a Long-Term Profit?
Examples from the Business World
The Ideal Competition
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[Insert two or three industries that fulfill the market structure’s parameters.]
Competition in a Monopolistic Environment
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[Insert two or three industries that fulfill the market structure’s parameters.]
Monopolies
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[Insert two or three industries that fulfill the market structure’s parameters.]
Oligopolies
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[Insert two or three industries that fulfill the market structure’s parameters.]Figure 4.1
[Fill up the blanks with your answers to the following questions: Explain how monopolies and monopolistic competition cause market inefficiencies. To back up your claims, use examples from the textbook.]
[How do oligopolistic market enterprises establish their prices? To back up your claims, use concrete instances from the simulations or the textbook.]
[Explain how profit is determined by enterprises competing in the four different market models. To back up your claims, use concrete instances from the simulations or the textbook.]
Conclusions
[Insert your general conclusions regarding microeconomics’ relevance and significance.] What impact will microeconomic principles have on your future business decisions? Make suggestions for your future company venture to your business partner.]References
N. G. Mankiw, N. G. Mankiw, N. G. Mankiw (2021). Microeconomic Principles (ninth edition). Cengage.[Insert additional APA-format citations as needed].
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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