Reference no: EM13929168
Production and Cost Analysis
2.1 Describe the relationship between the number of inputs and the law of diminishing marginal productivity.
2.2 Analyze the relationship between productivity and the cost of production.
2.3 Analyze the effect of changes in the supply of and demand for factors of production on the price of inputs.
2.4 Analyze the effect of changes in marginal revenues and costs on a firm's profit-making potential.
What is the difference between complementary and substitutes products? Why is this an important distinction?
Write a 700 - 1,050-word paper summarizing the content of the simulation, and address the following:
Identify two microeconomics and two macroeconomics principles or concepts from the simulation.
Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.
Identify at least one shift of the supply curve and one shift of the demand curve in the simulation.
Explain what causes the shifts, and how each shift affects the equilibrium price, quantity, and decision making.
Include responses to the following:
• How may you apply what you learned about supply and demand from the simulation to your workplace or your understanding
of a real world product with which you are familiar?
• How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on
equilibrium price and quantity?
• How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the
equilibrium price and quantity?
• How does the price elasticity of demand affect a consumer's purchasing and the firm's pricing strategy, as it relates to the
simulation?
Public Policy in Economics
4.1 Analyze the effect of externalities on market outcomes.
4.2 Differentiate among horizontal, vertical, and conglomerate mergers.
4.3 Analyze the effects of a joint venture.
4.4 Analyze the effect of government interventions, taxation, and regulations on economic behavior.
Identify the market structure in which this organization competes.
• How might the company you selected find itself working with organizations in the same industry that are an oligopoly, perfect
competition, monopoly, or monopolistic market structure. Examine the different sectors with an industry and how market
structure may vary within those sectors.
Identify three or more competitive strategies of your choice that may be used by the organization to maximize its profits over
the long run.
Evaluate the efficacy of these strategies in the market structure you identified.
Production and Cost Analysis
2.1 Describe the relationship between the number of inputs and the law of diminishing marginal productivity.
2.2 Analyze the relationship between productivity and the cost of production.
2.3 Analyze the effect of changes in the supply of and demand for factors of production on the price of inputs.
2.4 Analyze the effect of changes in marginal revenues and costs on a firm's profit-making potential.
Write a 700 - 1,050-word paper summarizing the content of the simulation, and address the following:
Identify two microeconomics and two macroeconomics principles or concepts from the simulation.
Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.
Identify at least one shift of the supply curve and one shift of the demand curve in the simulation.
Explain what causes the shifts, and how each shift affects the equilibrium price, quantity, and decision making.
Include responses to the following:
• How may you apply what you learned about supply and demand from the simulation to your workplace or your understanding
of a real world product with which you are familiar?
• How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on
equilibrium price and quantity?
• How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the
equilibrium price and quantity?
• How does the price elasticity of demand affect a consumer's purchasing and the firm's pricing strategy, as it relates to the
simulation?
4.1 Analyze the effect of externalities on market outcomes.
4.2 Differentiate among horizontal, vertical, and conglomerate mergers.
4.3 Analyze the effects of a joint venture.
4.4 Analyze the effect of government interventions, taxation, and regulations on economic behavior.
• How might the company you selected find itself working with organizations in the same industry that are an oligopoly, perfect
competition, monopoly, or monopolistic market structure. Examine the different sectors with an industry and how market
structure may vary within those sectors.
Identify three or more competitive strategies of your choice that may be used by the organization to maximize its profits over
the long run.
Evaluate the efficacy of these strategies in the market structure you identified.
Global Competition
5.1 Determine the effect of global competition on an organization's strategies for maximizing profits.
5.2 Analyze the effect of global competition on the relationship between management and labor.
5.3 Analyze how a multinational organization is successful in a local market.
Format your paper consistent with APA guidelines.