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Problem regarding the focuses on changing market conditions

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Reference no: EM131055488

Read a current events article that focuses on changing market conditions and the impact of this on a particular firm. Some sources to consider are The Economist, Forbes Magazine, Bloomberg, Businessweek, Wired, Entrepreneur, Inc., and Fortune. It is also recommended that you research within the University Library.

Write a 1,050- to 1,750-word paper summarizing the content of the article and address the following: 

  • Identify two microeconomics and two macroeconomics principles or concepts from the article.
  • 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 that resulted from the events detailed in the article.
  • Explain what causes the shifts, and how each shift affects the price, quantity, and the decision making of the firm.
  • Describe how changes in the price of the product produced by the firm impacts revenues and as a result may affect economic and accounting profits.

Include brief responses to the following in your paper:

  • How might you apply what you learned about supply and demand to your workplace or your understanding of a real-world product with which you are familiar?
  • How do the concepts of economics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?
  • How do economic and accounting profits differ?
  • How does the price elasticity of demand affect a consumer's purchasing and the firm's pricing strategy?
  • Assess the role of ethics in the decisions made by the firm regarding pricing their product.

Reference no: EM131055488

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