As part of a marketing research committee for your organization, you have been assigned the task of preparing a 500-word research paper about current microeconomic thought and theory.
Use Principles of Microeconomics, Chs. 1, 2, 3, 4, 5, and 6, as the source for all your information.
Identify the fundamental lessons the Ten Principles of Economics teach about:
- How people make decisions
- How people interact
- How the economy as a whole works
Explain the following to help the committee members understand how markets work:
- How society manages its scarce resources and benefits from economic interdependence
- Why the demand curve slopes downward and the supply curve slopes upward
- Where is the point of equilibrium and what does it determine?
- The impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices
Question 2
Identify a product so as to do a demand and supply analysis.
Describe first one demand determinant that is currently changing and in your second reply to this discussion thread, one supply determinant that is currently changing for this product. Description involves tell a story about the determinant and explaining how its current changes is impacting demand. Then repeat this for supply.
Your conclusion to each analysis should be about the direction of the change of price and quantity from the initial equilibrium to the new equilibrium.
Students are expected to find current news articles or other recent information sources that provide real world facts that support their analysis of the demand and supply of their chosen products.
One should always be concise and direct in their messages, but students should initially provide at least 200 words of thoughtful, interesting, and worthwhile text in their first two formal replies. Concrete and specific examples are encouraged.
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