ECO 201 Project Template
ECO 201 Project Template
[Throughout this template, replace the content in bracketed text with your own responses, and deleted any bracketed instructions (including these).]
[The Introduction section of your report is provided and should remain standard in all submissions.]
[The placeholders for your data visualizations (e.g., charts, graphs, and tables) should be replaced with the appropriate indicated images in each case. To create
an isolated image from the simulation data, it is recommended that you use a snipping tool to copy and paste your data visualizations into this template. See
How to Use the Snipping Tool (Beginner’s Guide) for more information if you use a PC. A captioned version of this video is available: How to Use the Snipping
Tool (Beginner’s Guide) (CC). Or, see Is There a Snipping Tool for Mac?.]
Memo
To: My Business Partner
From: [Insert your name]
Date: [Insert date]
Re: Microeconomics Simulations
Introduction
This memorandum report identifies and explains key microeconomic principles using a set of simulation games. The outcome of these games illustrate how
microeconomic principles can be applied within real-life situations to help us make better business decisions. This report is a summary of the simulations I
played and their results, which include the key takeaways and their significance, for your review and reference. It is divided into the following sections:
1. Comparative Advantage
2. Competitive Markets and Externalities
3. Production, Entry, and Exit
4. Market Structures (including the Price Discrimination and Cournot simulations)
5. Conclusions
6. References
Comparative Advantage
[Replace this area with the Production Decisions graph.]
Figure 1.1
[Replace this area with the Production and Trade graph.]
Figure 1.2
[Insert your responses to the following questions: How does this simulation demonstrate how individuals evaluate opportunity costs to make business
decisions? Use the Production Decisions graph from the simulation as a reference to explain what role the production-possibility frontier (PPF) has in the
decision-making process.]
[Explain how comparative advantage impacts a firm’s decision to engage in trade. Would a business’s decision to trade cause a change to its PPF?
Provide specific reasoning to support your claims.]
Competitive Markets and Externalities
[Replace this area with the Supply and Demand chart.]
Figure 2.1
[Replace this area with the Outcomes by Market table.]
Figure 2.2
[Insert your responses to the following questions: What impact do policy interventions have on the supply and demand equilibrium for a product?
Provide specific examples from the simulation to illustrate.]
[What are the determinants of price elasticity of demand? Identify at least three examples. Based on the outcome of the simulation, explain how price
elasticity can impact pricing decisions and total revenue of the firm.]
[Based on the results of the simulation, can policy market interventions cause consumer or producer surplus? Explain why using specific reasoning.]
Production, Entry, and Exit
[Replace this area with the Aggregate Outcomes chart.]
Figure 3.1
[Insert your responses to the following questions: Analyze a business owner’s decision making regarding whether to enter a market. For example, what
factors determined the driver’s entry and exit into the market in the simulation? Use economic models to support your analysis.]
[How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how
many hours to drive each day? Use economic models to explain.]
[How does the impact of fixed costs change production decisions in the short run and in the long run? Use the average-total-cost (ATC) model included in
the module reading chapters to demonstrate this impact.]
Market Structures
[Complete the table by selecting the appropriate response from the drop-down select menu within each cell, except for the final column in which you will enter
your text-based response.]
Market
Structure
Number of
Firms
Type of
Product Sold
Price
Taker?
Price Formula Freedom of
Entry?
Short-run
Profit?
Long-run
Profit?
Industry Examples
Perfect
Competition
Choose an
item.
Choose an
item.
Choose
an item.
Choose an
item.
Choose an
item.
Choose an
item.
Choose an
item.
[Insert two to three example
industries that meet the criteria of
the market structure.]
Monopolistic
Competition
Choose an
item.
Choose an
item.
Choose
an item.
Choose an
item.
Choose an
item.
Choose an
item.
Choose an
item.
[Insert two to three example
industries that meet the criteria of
the market structure.]
Monopolies Choose an
item.
Choose an
item.
Choose
an item.
Choose an
item.
Choose an
item.
Choose an
item.
Choose an
item.
[Insert two to three example
industries that meet the criteria of
the market structure.]
Oligopolies Choose an
item.
Choose an
item.
Choose
an item.
Choose an
item.
Choose an
item.
Choose an
item.
Choose an
item.
[Insert two to three example
industries that meet the criteria of
the market structure.]
Table 4.1
[Insert your responses to the following questions: Explain what market inefficiencies derive from monopolies and monopolistic competition. Use
examples from the textbook to support your claims.]
[How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claims.]
[Explain how firms that compete in the four different market structures determine profitability. Use specific examples from the simulations or the
textbook to support your claims.]
Conclusions
[Insert your overall conclusions about the relevance and significance of microeconomics. How will microeconomics principles impact your business
decisions moving forward? Provide recommendations to your business partner for your future business venture.]
References
Mankiw, N. G. (2021). Principles of microeconomics (#9 edition). Cengage.
[Add other citations, as needed, in APA format].
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
