Basic Concepts on Supply and Demand Simulation
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Basic Concepts on Supply and Demand Simulation
Resource: Supply and Demand simulation located on your student website· Prepare a 1,050- to 1,400-word paper that discusses basic concepts in applied economics in the context of the simulation.
Answer the following questions in the paper:
How do changes in the business environment cause changes in supply and demand? Cite and explain at least two examples from the simulation.
o Why is marginal analysis important when making business decisions? How is marginal analysis used to respond to shifts in supply and demand? Cite and explain at least one example from the simulation.
o How did your team determine appropriate output levels in the simulation? Cite at least two examples. Were your team’s output decisions successful? If so, explain specifically how your decision making process led to financial success. If not, identify any mistakes and explain what your team could have done differently.
o What fixed and variable costs does the operating company in the simulation have? Cite at least two examples for each.
o Describe a market situation in which the operating company faces economic difficulties and the need to cut costs. What cost cutting strategies might the operating company use to remain profitable? What would be the benefits and drawbacks of each?· Format your paper consistent with APA guidelines
Project Team 5 Full Paragraphs
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You identified the people you need for the project team, talked with the various department heads, and shared the time and skill requirements. All the departments are able to provide people to the project at the levels needed. The person from Design who normally participates heavily in this type of project, however, is on leave for the first six months of the project. You and the department manager were able to agree on replacing the one full-time person with two part-time people. The first person will be able to work on the project approximately 15 – 20 hours per week and can cover the tasks that require more design expertise. The design department manager has instead offered the following people from whom you can choose to cover the remaining tasks:
Russell Smith – design specialist. Russell is in the same role as the person leaving but for a different product line. Russell is new to the company; however, he has been involved in creating a similar product at a prior company but in a more junior role. Russell is available to the project approximately 15 hours per week.
Katy Jones – marketing specialist. Katy has been with the company for many years and is very familiar with the specifications, design implications, and production risks of many of the existing product lines, including one very similar to the new product. Katy is normally in a more senior design role on projects, which is the role being filled by the other person. Katy is available to the project approximately 10 hours per week.
Go to the discussion board and post an email (about five paragraphs long) to your manager describing your options, your recommended staffing decision, the possible risks or difficulties that may come from your choice, and how you will address those risks/difficulties. Describe how you will pull this person into the project team and get their buy-in on the project’s charter and their role on the project.
Basic Concepts on Supply and Demand Simulation
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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