Economcs

Write a 1,050- to 1,400-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 price, quantity, and decision making.

  Include responses to the following: 

• How might 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?

  Cite a minimum of 3 peer reviewed sources.

   

  Imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed product. The marketing director has asked your team to do a competitive market analysis to determine the product’s potential success. The analysis will focus on your primary competitor in the product’s market.

  Select a potential competitive organization and a product in that organization.

  Write a 1,400- to 1,750-word paper analyzing the current market conditions. Address the following topics:

• A short history of the organization and a description of their product

• Factors that affect demand, supply, and prices in the market in which the competitor organization operates

• Define the market for your chosen product, including an analysis of its competitors, and customers.

• Any issues or opportunities your organization faces that affect its competitiveness and long-term profitability with regards to your product: This may include but is not limited to the following elements:

  • Price elasticity of demand

  • Technological innovation

  • The relationship between the amount of labor & capital employed and the law of diminishing marginal productivity

  • Cost structure

• Factors affecting variable costs, including productivity and others that change the supply of and demand for labor

• Factors affecting fixed costs

  Make recommendations on how your organization can maximize their profit-making potential and successfully compete in the new market. Consider the effect your recommendations may have on marginal revenues and costs.

  Use a minimum of 3 peer reviewed sources