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ECO 365 Principles of Microeconomics
ECO 365 Principles of Microeconomics
Scenario: You have been asked to assist your organization’s marketing department to better understand how consumers make economic decisions.
Write 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.
Format your paper consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
Assignment Steps
Select one of the following surveys as a team, from the BLS Current Employment Statistics survey (National):
- Goods-producing Employment – CES0600000001
- Construction Employment – CES2000000001
- Manufacturing Employment – CES3000000001
- Trade, Transportation, and Utilities Employment – CES4000000001
- Retail Trade Employment – CES4200000001
- Education and Health Services Employment – CES6500000001
Retrieve and save a Microsoft® Excel® file and the graphs to your desktop for analysis. You will have to check the “include graph” box along the top of the page to see the graph, and you will need to copy and paste the graph separately into your Microsoft® Excel® document.
Tutorial help on Excel® and PowerPoint® functions can be found on the Microsoft® office website. There are also additional tutorials via the web that offer support for office products.
Consider the following two articles, located in the Week 4 Electronic Reserve Readings, discussing actor salaries and hedge fund executives’ average salaries:
- “Robert Downey Junior is Hollywood’s Highest-Paid Actor”
- “In Tough Year, Hedge Fund Leaders Still Paid Well: Average Salary of $467M Was Half 2013, Report Says”
Online Classes: Prepare and present a 5- to 8-slide Microsoft® PowerPoint® presentation-analysis.
Campus Classes: Prepare a 5- to 8-slide Microsoft® PowerPoint® presentation based on your analysis to share in class.
Include the following content in the presentation:
- What are trends in the labor market for the chosen labor group that you can identify for the last 10 years? Please provide the retrieved statistics.
- What factors affected the demand and supply for this labor group during the last 10 years? Research and report data available from Bureau of Labor Statistics (BLS) and other peer reviewed sources.
- Why do actors and actresses earn so much compared to the chosen labor group?
- Why do hedge fund executives earn so much compared to the chosen labor group?
- In addition to wages, what other factors influence an individual to choose one job over another?
- What jobs do you think have the best mix of salary and other characteristics that individuals care about?
Cite a minimum of three peer-reviewed sources, not including the textbook and required economic data.
Format consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
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.
Prepare a 10-15 power point presentation with 1,000-1,750-detailed speaker notes 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.
Format your paper consistent with APA guidelines.
Assignment Steps
Scenario: Imagine you have been assigned the responsibility of preparing a paper for the governor’s next economic conference.
Prepare a 1,050-word paper addressing the following:
- Explain why equilibrium of supply and demand is desirable.
- Explain the following concepts using the concept of consumer and producer surplus:
- Efficiency of markets
- Costs of taxation
- Benefits of international trade
- Discuss how externalities may prevent market equilibrium and the various governments policies used to remedy the inefficiencies in markets caused by externalities.
- Analyze the difference between the efficiency of a tax system and the equity of a tax system as it refers to the costs imposed on taxpayers using the benefits principles.
Cite a minimum of three peer-reviewed sources, not including your textbook.
Format consistent with APA guidelines.
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