Identify the variables that are critical in addressing issue

Reference no: EM131060716

Briefly summarize the purpose of your paper by introducing the case (the situation chosen) that you are analyzing and studying, and what are you trying to achieve from your study.

This case will determine, if my niece should attend college to become a doctor and the best school to attend. By doing the proper research, I am hoping to supply my niece with the best advice, depending on my findings, such as;the high costs of tuition and the years of study involved in becoming a doctor. This helps evaluate if that career choice is an optimum decision for her.

Section 1: Demand Determinants

A: Determinates
- Population:
- Income:
- Cost of Related Goods:
- Tastes:
- Expected Future Prices:

B: Price Elasticity of Demand

C: Graph of Demand

Section 2: Supply Determinants

A: Determinates
-Prices of Inputs:
-Technological Change:
- Price of Substitutes:
- Number of Firms in the Market:
- Expected Future Prices:

Ai: Profit Max/Cost of Production Analysis
Aii : Number of Sellers, Market Structure

B: Price Elasticity of Supply

C: Supply Graph

Section 3: Recommendations:
In this section, summarize your findings in the above sections and state your recommendations based on those findings.

References

List the full references for at least five sources alphabetically in APA format.

Paper Project

The 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 selected situation as specified below. The completed paper is a professional report. See the grading rubric at the end of this document. For sources of data, you can choose from the list presented at the end of this document.

The following is a list of the specific required information, research, graphs, and math to be included in each answer regardless of the scenario chosen.

1. Demand Determinants:

a. Each individual determinant analyzed for your situation, with examples applicable to your situation and research showing current demand data or most recent past data, except for the expectations determinant in which you need to use data estimating future market conditions.

b. Price Elasticity of Demand facing you in your scenario, including actual calculation of it using the midpoint formula. If you can't find data, then determine the price elasticity from the characteristics and make up numbers to use. Be sure to identify this if you use this approach. This will help you in deciding the slope of your demand curve below.

c. Graph the demand facing your situation. Note that this requires information from the supply determinant analysis before deciding how to draw the curve(s), as you may need a separate MR curve.

2. Supply Determinants:

a. Each individual determinant analyzed for your situation, with examples applicable to your situation and research showing current supply data or most recent past data, except for the expectations determinant in which you need to use data estimating future market conditions.

i. You need to be very specific in the cost of production determinant to identify fixed, variable, and marginal cost in order to derive your supply curve for the graphing component. You will need to explain and show how profit maximization or loss minimization output and price are determined. You will need to do the math using actual figures [cited] or your own estimated figures [identified as such] and explain why you expect short run economic or normal profits, acceptable loss or temporary shutdown, and how you will know which it is.

ii. The number of sellers determinant must contain your analysis of the kind of market structure in which your firm or labor service will be sold.

b. Price Elasticity of Supply you have based on the cost of production changes as output changes, including actual calculation of it using the midpoint formula. If you can't find data, then determine the price elasticity from the characteristics and make up numbers to use. Be sure to identify this if you use this approach. This will help you in deciding the slope of your supply curve.

c. Graph your supply situation using the numbers from your earlier cost of production analysis.

3. Recommendations- what are your recommendations explained by your analysis?

4. Paper presentation- good format, citations, lack of spelling errors, etc.

Situation A

Jenny, your niece, is a smart high-school student who wants to make smart choices for her future. Hearing of your course in Business Economics, she has emailed you asking for advice on whether to become a medical doctor and on the best location to practice it. She recognizes the high costs of tuition and the years of study involved in becoming a doctor. She wants to evaluate if that career choice is an optimum decision for her. So she has asked you for advice.

Having read the introduction to Chapter 1 on page 3 of the textbook, you recognize the significance of such a career decision for Jenny. You decide to examine the career choice in terms of the utility it provides to Jenny: return on investment as well as personal satisfaction of contributing to the well-being of others. But to evaluate the utility, you also need to identify and quantify the total opportunity costs of the decision. You decide to educate yourself about the market for physicians in terms of supply and demand, elasticity, costs of production, pricing, and normal profit. You want to provide Jenny with the most informed advice possible.

Microeconomic Paper as a Professional Report

Your paper should be organized into five parts as listed below.

1. Title Page-Name, course, and date

2. Introduction to situation, but do NOT copy the scenario. Briefly summarize the situation and identify the microeconomic issue(s) to be decided from the perspective of the organization.

3. Relevant Economic Principles: Determinants of Demand, Supply, etc. and Relevant Data

Identify the variables that are critical in addressing the issue(s). Gather and present the relevant data on the variables by searching the DeVry Online Library. Ask a librarian for help if needed. Use in-text citation to report the source(s) of the data. Graphs may be included here.

4. Recommendations and Economic Justification

Formulate and present your recommendations for addressing the issue(s) based on the relevant data and economic principles identified above. Justify your recommendations in terms of the economic impact on those affected.

5. References

List the full references for at least five sources alphabetically in APA format.

Reference no: EM131060716

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