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ECON545 Project 1?Microeconomic Analysis




Question;ECON545: Project;1?Microeconomic Analysis;The Microeconomic Paper tests your ability to apply economic;principles to a business decision.. 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.;Topic;Jenny, your niece, is a smart high-school student who wants;to make intelligent choices for her future. Hearing of your course in business;economics, she has e-mailed you asking for advice on whether to become a doctor;and on the best location to practice it. She recognizes the high costs of;tuition and the years of study involved in becoming a doctor. She wants to;evaluate if that career choice is an optimal decision for her, so she has asked;you for advice.;Having read the piece ?Fewer Physicians Move, a Sign of;Career Caution? on page 20 of the textbook, you recognize the significance of;such a career decision for Jenny. You decide to educate yourself about the;market for physicians in terms of supply and demand, elasticity, costs of;production, pricing, and economic or normal profit or loss. You want to provide;Jenny with the most informed advice possible.;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;a.;Each individual determinant analyzed for your situation, with;examples applicable to your situation (5 points each) and research (3 points;each) showing current Supply data or most recent past data, except for the;Expectations Determinant in which you need to use data estimating future market;conditions.;i.;(40 points) You need to be very specific in the Cost of;Production Determinant to identify Fixed, Variable, and Marginal Cost in order;to derive your Supply curve for the graphing component. You will need to;explain and show how Profit Maximization or Loss Minimization output and price;are determined. You will need to do the math using actual figures [cited] or your;own estimated figures [identified as such] and explain why you expect Short Run;Economic or Normal Profits, Acceptable Loss or temporary Shut Down and how you;will know which it is.;ii.;The Number of Sellers determinant must contain your analysis;of the kind of market structure in which your firm or labor service will be;sold.;b. (20 points) Price;Elasticity of Supply you have based on the Cost of Production changes as output;changes, 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 Supply curve.;c.;(10 points) Graph your Supply situation using the numbers;from your earlier Cost of Production analysis.;3. Recommendations?(40;points) what are your recommendations explained by your analysis?;4. Paper;presentation?(10 points) good format, citations, lack of spelling errors, etc.;Microeconomic Paper as a;Professional Report;Your paper should be organized into five parts as listed below.;1.;Title Page?Name, course, and date;2. Introduction to situation;but do NOT copy the scenario.Briefly summarize the;situation and identify the microeconomic issue(s) to be decided from the;perspective of the organization.;3. Relevant Economic;Principles: Determinants of Demand, Supply, etc. and Relevant Data;Identify the;variables that are critical in addressing the issue(s). Gather and present the;relevant data on the variables by searching the DeVry Online Library. Ask a;librarian for help if needed. Use in-text citation to report the source(s) of;the data. Graphs may be included here.;4. Recommendations and;Economic Justification;Formulate and;present your recommendations for addressing the issue(s) based on the relevant;data and economic principles identified above. Justify your recommendations in;terms of the economic impact on those affected.;5.;References;List the full references for at least five sources alphabetically in;APA format.;Grading Rubric;Section;Points earned;Points;Description;Paper Presentation;10;Good format;citations, lack of spelling errors, etc., correct Title page and Reference;pages;Relevant Data: Demand;70 points;Supply: 110 points;180;Demand Determinants;and research data (40 points);Price Elasticity of;Demand (20 points);Graph of Demand (10;points);Supply Determinants;and research data (40 points + Profit Max/Cost of Production analysis = 40;points for total of 80 points);Price Elasticity of;Supply (20 points);Supply graph (10;points);Recommendations;40;What are your;recommendations explained by your analysis?;Total;230


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