Question;Apply economic concepts to situations at work or in the world is essential for fullyunderstanding and using economic concepts. Think of these concepts (market, elasticity,production, costs, market structure). Take on or two of those concepts and use it toanalyze and understand economic situations or decisions that face in your workplace. ifyou can?t apply these concepts to your workplace you may use recent news items. Iwould like you to:?Show how the economic concepts provide a framework for understanding thesituations or decisions.Use economic concepts (goals, constraints, decision variables) to frame decisionmaking (i.e. market structure will determine what decisions are available to afirm, such as a firm selling commodities largely has no control over price). Thiswill include understanding what decisions are available (what are the tradeoffs?)and how to use economics concepts to choose among available alternatives tomake most informed decision.
Paper#57105 | Written in 18-Jul-2015Price : $22