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ECON545 Paper Project 1 – Each individual determinant

ECON545 Paper Project 1The Microeconomic Paper tests your ability to apply economic principles to a business decision.Select one situation from the items outlined below: A to D. Complete the paper on the selectedsituation as specified below. The completed paper is a professional report and is due in Week 3(150 points). See the grading rubric at the end of this document. Be sure to use the DeVrylibrary for finding data; avoid questionable sources, such as Wikipedia.The following is a list of the specific required information, research, graphs, and math to beincluded in each answer regardless of the scenario chosen.1. Demand Determinants:a. Each individual determinant analyzed for your situation, with examplesapplicable to your situation (10 points) and research (5 points) showing currentdemand data or most recent past data, except for the expectationsdeterminant in which you need to use data estimating future market conditions.b. (10 points) Price Elasticity of Demand facing you in your scenario, includingactual calculation of it using the midpoint formula. If you can’t find data, thendetermine the price elasticity from the characteristics and make up numbers touse. Be sure to identify this if you use this approach. This will help you indeciding the slope of your demand curve below.c. (5 points) Graph the demand facing your situation. Note that this requiresinformation from the supply determinant analysis before deciding how to drawthe curve(s), as you may need a separate MR curve.2. Supply Determinants:a. Each individual determinant analyzed for your situation, with examplesapplicable to your situation (10 points) and research (5 points each) showingcurrent supply data or most recent past data, except for the expectationsdeterminant in which you need to use data estimating future market conditions.a.i. (20 points) You need to be very specific in the cost of productiondeterminant to identify fixed, variable, and marginal cost in order toderive your supply curve for the graphing component. You will need toexplain and show how profit maximization or loss minimization outputand price are determined. You will need to do the math using actualfigures [cited] or your own estimated figures [identified as such] andECON545Paper Project 1Page 1 of 4explain why you expect short run economic or normal profits,acceptable loss or temporary shutdown, and how you will know which itis.a.ii. The number of sellers determinant must contain your analysis of thekind of market structure in which your firm or labor service will be sold.b. (10 points) Price Elasticity of Supply you have based on the cost of productionchanges as output changes, including actual calculation of it using themidpoint formula. If you can’t find data, then determine the price elasticity fromthe characteristics and make up numbers to use. Be sure to identify this if youuse this approach. This will help you in deciding the slope of your supplycurve.c. (5 points) Graph your supply situation using the numbers from your earlier costof production analysis.3. Recommendations—(40 points) what are your recommendations explained by youranalysis?4. Paper presentation—(10 points) good format, citations, lack of spelling errors, etc.Situation AJenny, your niece, is a smart high-school student who wants to make intelligent choices for herfuture. Hearing of your course in business economics, she has e-mailed you asking for adviceon whether to become a doctor and on the best location to practice it. She recognizes the highcosts of tuition and the years of study involved in becoming a doctor. She wants to evaluate ifthat career choice is an optimal decision for her, so she has asked you for advice.You decide to educate yourself about the market for physicians in terms of supply and demand,elasticity, costs of production, pricing, and economic or normal profit or loss. You want toprovide Jenny with the most informed advice possible.Situation BYour neighbor Cindy wants to start a contracting business for installing solar panels. She hasheard of the cost savings that households and businesses can make each year by installingsolar panels on their roofs. Cindy has also heard of government incentives for installing solarpanels. Being concerned about the environment and wishing to reduce pollution, Cindy thinksinstalling solar panels also serves a good social purpose. But she does not want to risk her lifesavings on a venture that might not succeed or become profitable enough. After hearing fromyou about taking this course in business economics, she decides to ask you for advice.ECON545Paper Project 1Page 2 of 4You realize there are more pieces to the decision than Cindy is considering. You decide toresearch the market in terms of supply and demand, elasticity, costs of production, pricing, andeconomic or normal profit or loss. You want to provide Cindy with the most informed advicepossible.Situation CCousin Edgar is always thinking of the next business idea. This time, he plans to invest inbuying two gas stations. He reckons American consumers have come to accept the highgasoline prices, and estimates world prices for gasoline to increase even further with highdemand from India and China. Besides, Cousin Edgar thinks he will make a good profit on thesale of convenience items at each station. But before buying the gas stations, he decides to askfor your advice because you are taking this course in business economics.Being skeptical of Cousin Edgar’s optimism on the profitability of selling gasoline andconvenience items, you decide to research the market in terms of supply and demand,elasticity, costs of production, pricing, and normal or economic profit or loss. You want toprovide Cousin Edgar with the most informed advice possible.Situation DAfter hearing of you taking this course in business economics, Uncle Dan has e-mailed youasking for advice on his 100-acre corn farm. He mentioned how, after 30 years of growing corn,he wishes to leave that commodity’s market and enter a more profitable market instead. He isthinking of planting some organic crop. But he is not sure which crop would be most profitable.He already knows that going organic requires changing some of his practices to qualify for thecertification. Therefore, he wants to know how much it costs to become a certified organicfarmer, and which crop would be best suited for him to grow given his current equipment.Recognizing the costs and risks for Uncle Dan in making the switch, you decide to research themarket in terms of supply and demand, elasticity, production costs, pricing, and economic ornormal profit or loss. You decide to educate yourself about organic farming so that you canprovide Uncle Dan with the most informed advice possible.Microeconomic Paper as a Professional ReportYour paper should be organized into five parts as listed below.1. Title Page—Name, course, and dateECON545Paper Project 1Page 3 of 42. Introduction to situation, but do NOT copy the scenario. Briefly summarize the situationand identify the microeconomic issue(s) to be decided from the perspective of theorganization.3. Relevant Economic Principles: Determinants of Demand, Supply, etc. and RelevantDataIdentify the variables that are critical in addressing the issue(s). Gather and present therelevant data on the variables by searching the DeVry Online Library. Ask a librarian for helpif needed. Use in-text citation to report the source(s) of the data. Graphs may be includedhere.4. Recommendations and Economic JustificationFormulate and present your recommendations for addressing the issue(s) based on therelevant data and economic principles identified above. Justify your recommendations interms of the economic impact on those affected.5. ReferencesList the full references for at least five sources alphabetically in APA format.Grading RubricSectionPaperPresentationRelevant Data:Demand: 30pointsPointsearnedPoints1080Supply: 50 pointsRecommendationsTotalECON54540130DescriptionGood format, citations, lack of spelling errors, etc.Correct Title page and Reference pagesDemand Determinants and Research Data (15 points)Price Elasticity of Demand (10 points)Graph of Demand (5 points)Supply Determinants and Research Data (15 points +Profit Max/Cost of Production Analysis = 20 points for totalof 35 points)Price Elasticity of Supply (10 points)Supply graph (5 points)What are your recommendations explained by youranalysis?A quality paper meets or exceeds these requirementsPaper Project 1

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