Competencies

In this project, you will demonstrate your mastery of the following competencies:

Inform business decisions using microeconomic models and theories

Determine the impact of economic costs on organizational and individual decision making

Explain how market structure impacts a business’s entry and exit into a market and its ability to generate economic profit

Scenario

You and your friend from college have just graduated. You majored in business, and your friend majored in a creative field. Your friend is h for a new product. You both believe in this idea so much that you have agreed to become business partners. However, before you embark explain some key microeconomics concepts to your partner that are important to make sound business decisions.

Your business partner is less than enthusiastic about this prospect and has never had an interest in what is often described as the dry and engage your partner in practical discussions, they brush you off and decide to go play video games instead.

Aha! This gives you an idea: What if you could convince your friend to learn about economics through games? You have found several sim ways the economic principles that you know your partner needs.

Once you have played the games, you will create a memorandum report summarizing for your friend the educational value of your experi principles and takeaways of each simulation, as well as illustrate how these ideas are relevant to your future entrepreneurial success.

Directions

First, assemble the materials that you will need to complete this assignment:

1. You will need several simulation report images for your memorandum. All the necessary data visualizations will be generated after required to save image files of your simulation reports for your simulation discussions. These should also be used to create your me any questions or concerns about the simulation data that should be used for your project, you should promptly reach out to your in
2. Review and use the Project Template located in the What to Submit section.

You are expected to reference any source material used in your memorandum report with appropriate citations. To support you, a template with a citation for this course’s reading already provided. Any other references you add should be cited according to APA

Once you have assembled the required materials listed above, you can now begin drafting your memorandum report by completing the f

1. Comparative Advantage: Discuss the Comparative Advantage (With Trade) simulation that you played in Module Two. You should a Trade graph (i.e., the graph showing how many hamburgers per fries) from you simulation report into the project template as Figure the paragraphs below the figures:

How does this simulation demonstrate how individuals evaluate opportunity costs to make business decisions? Use the Prod reference to explain what role the production-possibility frontier (PPF) has in the decision-making process.

Explain how comparative advantage impacts a firm’s decision to engage in trade. Would a business’s decision to trade cause a support your claims.

2. Competitive Markets and Externalities: Discuss the Competitive Markets and Externalities simulations (both with and without poli and Four. Add the Supply and Demand chart and the Outcomes by Market table from your simulation reports into the project temp

questions in the paragraphs below the figures:

What impact do policy interventions have on the supply and demand equilibrium for a product? Provide specific examples fro What are the determinants of price elasticity of demand? Identify at least three examples. Based on the outcome of the simul decisions and total revenue of the firm.

Based on the results of the simulation, can policy market interventions cause consumer or producer surplus? Explain why usi

3. Production, Entry, and Exit: Discuss the Production, Entry, and Exit simulation that you played in Module Five. Add the Aggregate O project template as Figure 3.1. Then, answer the following questions in the paragraphs below the figure:

Analyze a business owner’s decision making regarding whether to enter a market. For example, what factors determined the economic models to support your analysis.

How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the dr economic models to explain.

How does the impact of fixed costs change production decisions in the short run and in the long run? Use the average-total-co chapters to demonstrate this impact.

4. Market Structures: Discuss the market structures simulations (Price Discrimination and Cournot) that you played in Modules Six a template:

Complete Table 4.1 as a reference guide for your business partner. The table should compare the attributes of each of the fou Answer the following questions in the paragraphs below the table:

Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples from the textb How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textboo Explain how firms that compete in the four different market structures determine profitability. Use specific examples fr claims.

5. Conclusions: Draw your overall conclusions about the relevance and significance of microeconomics. How will microeconomics pri forward? Provide recommendations to your business partner for your future business venture.
6. Finally, ensure that all of your sources are properly cited using in-line citations and references according to APA format.

What to Submit

To complete this project, you must submit the following:

Your memorandum report should summarize the key principles and takeaways of each microeconomics simulation for your business part relevant to your future entrepreneurial success.

Template: Project Template Word Document

Use this template to structure your memorandum report, and submit it as a Word document. Sources should be cited according to APA s

Supporting Materials

The following resources support your work on the project:

Video: How to Use the Snipping Tool (Beginner’s Guide) (for PC) (5:23)

Use this tutorial for help with snipping, copying, and pasting your data visualizations into your project template. A captioned version of this video is available: How to Use the Snipping Tool (Beginner’s Guide) (CC) Video.

Resource: Is There a Snipping Tool for Mac?

Use this tutorial for help with snipping, copying, and pasting your data visualizations into your project template.

Resource: APA Style Basics

Use this resource to support your in-line citations and full references in the References section of your project template.

Project Rubric

Criteria	Exemplary (100%)	Proficient (85%)	Needs Improvement (55%)
Comparative Advantage: Opportunity Costs	Exceeds proficiency in an exceptionally clear, insightful, or sophisticated manner	Explains how individuals evaluate opportunity costs to make business decisions based on their production-possibility frontier (PPF) and uses graphs to support claims	Shows progress toward proficiency, but with errors or omissions; area for improvement may include better supporting the claims
Comparative Advantage: Trade	Exceeds proficiency in an exceptionally clear, insightful, or sophisticated manner	Explains how comparative advantage impacts a firm’s decision to trade, including the potential impacts to PPF, using specific reasoning to support claims	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include using more specific reasoning to support the claims
Competitive Markets and Externalities: Supply and Demand	Exceeds proficiency in an exceptionally clear, insightful, or sophisticated manner	Describes the impact policy interventions have on the supply and demand equilibrium for a product, using specific examples from the simulation to illustrate the impact	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include using specific examples from the simulation to illustrate the impact
Competitive Markets and Externalities: Price Elasticity	Exceeds proficiency in an exceptionally clear, insightful, or sophisticated manner	Analyzes at least three determinants of price elasticity of demand and explains how price elasticity impacts pricing decisions and total revenue	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include identifying at least three determinants of price elasticity of demand
Competitive Markets and Externalities: Market Interventions	Exceeds proficiency in an exceptionally clear, insightful, or sophisticated manner	Makes appropriate claims regarding the impacts of policy market interventions on consumer or producer surplus and defends them using specific reasoning	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include using reasoning that’s more specific
Production, Entry, and Exit: Decision Making	Exceeds proficiency in an exceptionally clear, insightful, or sophisticated manner	Analyzes the factors that determine market entry and exit, using economic models to support the claims	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include using specific examples from the simulation to help illustrate the analysis
Production, Entry, and Exit:	Exceeds proficiency in an	Applies the concept of marginal	Shows progress toward

Marginal Costs	exceptionally clear, insightful,or sophisticated manner	costs to explain productiondecisions, using economic models to support the claims	proficiency, but with errors oromissions; areas for improvement may include using specific reasoning to illustrate the claims
Production, Entry, and Exit: Fixed Costs	Exceeds proficiency in an exceptionally clear, insightful, or sophisticated manner	Evaluates the impact of fixed costs on business decisions in the short run and in the long run using an appropriate economic model	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include using an appropriate economic model
Market Structures: Comparison	Exceeds proficiency in an exceptionally clear, insightful, or sophisticated manner	Creates an accurate table describing the main attributes of the four market structures	Shows progress toward proficiency, but with errors or omissions
Market Structures: Monopolies and Monopolistic Competition	Exceeds proficiency in an exceptionally clear, insightful, or sophisticated manner	Analyzes what market inefficiencies derive from monopolies and monopolistic competition, using specific examples from the textbook to support the claims	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include using specific examples to support the claims
Market Structures: Oligopolistic Markets	Exceeds proficiency in an exceptionally clear, insightful, or sophisticated manner	Determines how firms in oligopolistic markets set their prices, using specific examples from the textbook to support the claims	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include using specific examples to support the claims
Market Structures: Profitability	Exceeds proficiency in an exceptionally clear, insightful, or sophisticated manner	Explains how firms that compete in the four market structures determine profitability and uses specific examples from the textbook or simulations to support the claims	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include using specific examples to support the claims
Conclusions	Exceeds proficiency in an exceptionally clear, insightful, or sophisticated manner	Draws overall conclusions about the relevance and significance of microeconomics, including recommendations for using these concepts to improve decision making for a business	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include making appropriate recommendations for using these concepts to improve decision making for a business
Articulation of Response	Submission has no errors related to citations, grammar, sentence structure, spelling, or organization and clearly integrates all required charts	Submission has no major errors related to citations, grammar, sentence structure, spelling, or organization preventing understanding of ideas	Submission has major errors related to citations, grammar, sentence structure, spelling, or organization preventing understanding of ideas