Applying economic concepts to situations at work. This writing assignment is intended to give you a chance to apply concepts to real economic situations.
Think of these concepts (markets, elasticity, production, costs, market structures). Take one or two of those concepts and use it to analyze and understand economic situations or decisions that you face in you're your company. If you can't apply these concepts to your workplace you may use recent news items. I would like you to:
- Show how the economic concepts provide a framework for understanding the situations or decisions.
- Use economic concepts (goals, constraints, decision variables) to frame decision making (i.e. market structure will determine what decisions are available to a firm, such as a firm selling commodities largely has no control over price). This will include understanding what decisions are available (what are the tradeoffs?) and how to use economic concepts to choose among available alternatives to make the most informed decision.
- I would like to see that you are able to use those concepts to further your understanding of "real world" situations and to make better, more informed decisions.
- You should provide needed background about the situation or decision so I can see how you are using the economic concepts.