Assignments #1,2,3

Assignment # 1

Ten Principles of Economics and How Markest Work

Assignment Steps

Resources: Principles of Microeconomics, Ch. 1, 2, 3, 4, and 6.

Prepare an 875-word research paper as part of a marketing research committee for your organization about current microeconomic thought and theory.

Identify the fundamental lessons the Ten Principles of Economics teaches regarding:

How people make decisions

How people interact

How the economy works as a whole

Explain the following to help the committee members understand how markets work:

How society manages its scarce resources and benefits from economic interdependence.

Why the demand curve slopes downward and the supply curve slopes upward.

Where the point of equilibrium is and what does it determine?

The impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices.

Format consistent with APA guidelines.

Assignment #2

Current Market Conditions Competitive Analysis

Assignment Steps

Scenario: You have been given the responsibility of working with your organization’s CEO to do a competitive market analysis of the potential success of one of their existing products.

Research an organization and a product produced by that organization in which an analysis can be conducted.

Write a 1,750-word analysis of the current market conditions facing your product, making sure you address the following topics:

Define the type of market in which your selected product will compete, along with an analysis of competitors and customers.

Analyze any comparative advantages and international trade opportunities.

Explain the factors that will affect demand, supply, and prices of that product.

Examine factors that will affect Total Revenue, including but not limited to:

Price elasticity of demand

Factors that influence productivity

Various measures of costs, including opportunity costs

Externalities and government public policy and their effect on marginal revenue and marginal cost

Recommend how your organization can maximize their profit-making potential and increase their presence within the market served by the product.

Cite a minimum of three peer-reviewed sources from the University Library.

Assignment #3

Theory of Consumer Choice and Frontiers of Microeconomics

Assignment Steps

Scenario: You have been asked to assist your organization’s marketing department to better understand how consumers make economic decisions.

Write and present a 1,050-word analysis including the following:

The impact the theory of consumer choice has on:

Demand curves

Higher wages

Higher interest rates

The role asymmetric information has in many economic transactions.

The Condorcet Paradox and Arrow’s Impossibility Theorem in the political economy.

People are not rational in behavior economics.

Cite a minimum of three peer-reviewed sources not including your textbook.