In this project you will demonstrate your mastery of the following competencies: You and your friend from college have just graduated. You majored in business and your friend majored in a creative field. Your friend is highly inventive and has come up with an excellent idea for a new product. You both believe in this idea so much that you have agreed to become business partners. However before you embark on your entrepreneurial adventure you will have to 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 boring field of economics. Every time you have tried to 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 simulation games that demonstrate in real and interesting 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 experiment. In your memorandum you will restate the key principles and takeaways of each simulation as well as illustrate how these ideas are relevant to your future entrepreneurial success. First assemble the materials that you will need to complete this assignment: Once you have assembled the required materials listed above you can now begin drafting your memorandum report by completing the following steps: To complete this project you must submit the following: Memorandum ReportYour memorandum report should summarize the key principles and takeaways of each microeconomics simulation for your business partner. It should also illustrate how these ideas are relevant to your future entrepreneurial success. I added the pictures on the template uploaded. 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 You will need several simulation report images for your memorandum. All the necessary data visualizations will be generated after you have completed each simulation game. You will be required to save image files of your simulation reports for your simulation discussions. These should also be used to create your memorandum report for the course project. If you have any questions or concerns about the simulation data that should be used for your project you should promptly reach out to your instructor. 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 References page has been added to the project template with a citation for this course’s reading already provided. Any other references you add should be cited according to APA format. Comparative Advantage: Discuss the Comparative Advantage (With Trade) simulation that you played in Module Two. You should add the Production Decisions graph and the Production Trade graph (i.e. the graph showing how many hamburgers per fries) from you simulation report into the project template as Figures 1.1 and 1.2. Then answer the following questions in the paragraphs below the figures:How does this simulation demonstrate how individuals evaluate opportunity costs to make business decisions? Use the Production Decisions graph from the simulation as a 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 change to its PPF? Provide specific reasoning to support your claims. How does this simulation demonstrate how individuals evaluate opportunity costs to make business decisions? Use the Production Decisions graph from the simulation as a 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 change to its PPF? Provide specific reasoning to support your claims. Competitive Markets and Externalities: Discuss the Competitive Markets and Externalities simulations (both with and without policy interventions) that you played in Modules Three and Four. Add the Supply and Demand chart and the Outcomes by Market table from your simulation reports into the project template as Figures 2.1 and 2.2. Then answer the following 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 from the simulation to illustrate.What are the determinants of price elasticity of demand? Identify at least three examples. Based on the outcome of the simulation explain how price elasticity can impact pricing 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 using specific reasoning. What impact do policy interventions have on the supply and demand equilibrium for a product? Provide specific examples from the simulation to illustrate. What are the determinants of price elasticity of demand? Identify at least three examples. Based on the outcome of the simulation explain how price elasticity can impact pricing 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 using specific reasoning. Production Entry and Exit: Discuss the Production Entry and Exit simulation that you played in Module Five. Add the Aggregate Outcomes chart from your simulation report into the 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 driver’s market entry and exit in the simulation? Use 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 driver determine how many hours to drive each day? Use 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-cost (ATC) model included in the module reading chapters to demonstrate this impact. Analyze a business owner’s decision making regarding whether to enter a market. For example what factors determined the driver’s market entry and exit in the simulation? Use 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 driver determine how many hours to drive each day? Use 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-cost (ATC) model included in the module reading chapters to demonstrate this impact. Market Structures: Discuss the market structures simulations (Price Discrimination and Cournot) that you played in Modules Six and Seven. Then do the following in the project template:Complete Table 4.1 as a reference guide for your business partner. The table should compare the attributes of each of the four listed market structures.Answer the following questions in the paragraphs below the table:Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples from the textbook to support your claims.How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claims.Explain how firms that compete in the four different market structures determine profitability. Use specific examples from the simulations or the textbook to support your claims. Complete Table 4.1 as a reference guide for your business partner. The table should compare the attributes of each of the four listed market structures. Answer the following questions in the paragraphs below the table:Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples from the textbook to support your claims.How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claims.Explain how firms that compete in the four different market structures determine profitability. Use specific examples from the simulations or the textbook to support your claims. Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples from the textbook to support your claims. How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claims. Explain how firms that compete in the four different market structures determine profitability. Use specific examples from the simulations or the textbook to support your claims. Conclusions: Draw your overall conclusions about the relevance and significance of microeconomics. How will microeconomics principles impact your business decisions moving forward? Provide recommendations to your business partner for your future business venture. Finally ensure that all of your sources are properly cited using in-line citations and references according to APA format. You will need several simulation report images for your memorandum. All the necessary data visualizations will be generated after you have completed each simulation game. You will be required to save image files of your simulation reports for your simulation discussions. These should also be used to create your memorandum report for the course project. If you have any questions or concerns about the simulation data that should be used for your project you should promptly reach out to your instructor. 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 References page has been added to the project template with a citation for this course’s reading already provided. Any other references you add should be cited according to APA format. Comparative Advantage: Discuss the Comparative Advantage (With Trade) simulation that you played in Module Two. You should add the Production Decisions graph and the Production Trade graph (i.e. the graph showing how many hamburgers per fries) from you simulation report into the project template as Figures 1.1 and 1.2. Then answer the following questions in the paragraphs below the figures:How does this simulation demonstrate how individuals evaluate opportunity costs to make business decisions? Use the Production Decisions graph from the simulation as a 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 change to its PPF? Provide specific reasoning to support your claims. Competitive Markets and Externalities: Discuss the Competitive Markets and Externalities simulations (both with and without policy interventions) that you played in Modules Three and Four. Add the Supply and Demand chart and the Outcomes by Market table from your simulation reports into the project template as Figures 2.1 and 2.2. Then answer the following 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 from the simulation to illustrate.What are the determinants of price elasticity of demand? Identify at least three examples. Based on the outcome of the simulation explain how price elasticity can impact pricing 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 using specific reasoning. Production Entry and Exit: Discuss the Production Entry and Exit simulation that you played in Module Five. Add the Aggregate Outcomes chart from your simulation report into the 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 driver’s market entry and exit in the simulation? Use 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 driver determine how many hours to drive each day? Use 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-cost (ATC) model included in the module reading chapters to demonstrate this impact. Market Structures: Discuss the market structures simulations (Price Discrimination and Cournot) that you played in Modules Six and Seven. Then do the following in the project template:Complete Table 4.1 as a reference guide for your business partner. The table should compare the attributes of each of the four listed market structures.Answer the following questions in the paragraphs below the table:Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples from the textbook to support your claims.How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claims.Explain how firms that compete in the four different market structures determine profitability. Use specific examples from the simulations or the textbook to support your claims. Conclusions: Draw your overall conclusions about the relevance and significance of microeconomics. How will microeconomics principles impact your business decisions moving forward? Provide recommendations to your business partner for your future business venture. Finally ensure that all of your sources are properly cited using in-line citations and references according to APA format.
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
There is a very low likelihood that you won’t like the paper.
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
GET A PERFECT SCORE!!! 
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more