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ECON545: Project 1—Microeconomic Analysis
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 and is due
in Week 3 (230 points). See the grading rubric at the end of this
document. Be sure to use the DeVry library for finding data; avoid
questionable sources, such as Wikipedia.
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 (5 points each) and
research (3 points each) 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. (20 points) 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. (10 points) 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: