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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 |
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Excellent Quality 95-100%
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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. |
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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. |
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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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Economics Project Assignment for ECO 201