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Economics principles, writing homework help
As part of a marketing research committee for your organization, you have been assigned the task of preparing a 700-word research paper about current microeconomic thought and theory.
Use Principles of Microeconomics, Chs. 1, 2, 3, 4, 5, and 6, as the source for all your information.
Learning Activities
Required
- Principles of Microeconomics, Ch. 1: Ten Principles of Economics13
- Principles of Microeconomics, Ch. 2: Thinking Like an Economist5
- Principles of Microeconomics, Ch. 3: Interdependence and the Gains from Trade4
- Principles of Microeconomics, Ch. 4: The Market Forces of Supply and Demand12
- Principles of Microeconomics, Ch. 5: Elasticity and Its Application2
- Principles of Microeconomics, Ch. 6: Supply, Demand, and Government Policies
Identify the fundamental lessons the Ten Principles of Economics teach about:
- How people make decisions
- How people interact
- How the economy as a whole works
Explain the following to help the committee members understand how markets work:
- How society manages its scarce resources and benefits from economic interdependence
- Why the demand curve slopes downward and the supply curve slopes upward
- Where is the point of equilibrium and what does it determine?
- The impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices
Format consistent with APA guidelines.
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