Economics instructions: *Assignment 3: experimental design * – Topic: Effect of different price strategies on sales. *Aim of the assignment *
Economics instructions:
*Assignment 3: experimental design *
– Topic: Effect of different price strategies on sales.
*Aim of the assignment *
The primary aim of Assignment 3 is to provide you with an opportunity to survey the scientific literature on people’s behavior in a business context and design an experiment to test the effectiveness of different business strategies in your Really Nice Fashion Company (RNFC). Your aim is to better understand what gives rise to behavior changes while RNFC wants to transform/implement new strategies and design an experiment that can help RNFC to drive people’s behavior towards the firm’s objectives.
You will have to produce an 1800–2000 word research paper.
A research paper involves conducting individual background research on a topic, then coming discuss your findings, summarizing the key ideas, and then communicating those ideas effectively.
Below are a recommended set of steps to keep in mind when completing your group assignment.
Assignment Instructions:
Conduct background research, and discuss:
a. First conduct your own background research for their paper.
b. At minimum, you will need to identify 12 different sources.
c. At least 6 of the sources must be scholarly (i.e., a peer reviewed paper, academic book chapter).
d. The other 6 sources can be non-scholarly (e.g., popular blogs or media, such as The New York Times).
Then select the SIX best sources that were identified and use those in the final assignment.
Set a clear date by which you needed to complete the background research. Then set a time to come up with your findings. Write down your main findings in a document and summarize the key ideas that you have collectively identified.
Part 1: You will use at least 2 scholarly resources to summarize factors which may lead to behavior change. You are expected to communicate your ideas clearly and summarize your findings in an efficient manner to list several factors which can explain behavior change (800 words).
Part 2: Based on your analysis in Part 1, you will design an experiment intended to help RNFC implement the best strategy possible to change people’s behavior. Describe the experiment and explain how it will influence people’s behavior. (500 words).
Part 3: If you wanted to test the effectiveness of your experiment, how would you do it? Clearly describe how you would set up the experiment e.g., the treatment, the control, variables to be analyzed, choosing the sample, and expected results. (500 words).
Part 4: Finally, how can the government help you increase the effect of your experimental treatment? Briefly describe any government policy related to your topic and how it will affect people’s behavior. (200 words).
Please read the LO’s below, apply them to the paper, and add them as footnotes wherever they fit, moreover, the grades will be determined from the Learning outcomes below.
Learning Outcomes Added
#LO1_DefineEconomics: Define the concepts, theories, and models used in economic analysis.
#LO2_CritiqueEconMethods: Apply and critique the models, methods, and data used in economic analysis.
#LO3_RealWorldEcons: Use an economic way of thinking to analyze real-world issues in various business contexts and social settings, applying accepted ethical standards.
#LO4_PublicPolicies: Evaluate, critically, public policies that aim to deliver social and economic stability.
#LO5_CommunicateEconSolutions: Demonstrate a deep understanding of economics through effective communication of possible solutions to various business problems.
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