Microeconomics, business and finance homework help
Assignment 1
Resources: Principles of Microeconomics, Ch. 1, 2, 3, 4, and 6.
Prepare an 875-word research paper as part of a marketing research committee for your organization about current microeconomic thought and theory.
Identify the fundamental lessons the Ten Principles of Economics teaches regarding:
• How people make decisions
• How people interact
• How the economy works as a whole
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.
o Where the point of equilibrium is 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.
Assignment 2
Scenario: Imagine you have been assigned the responsibility of preparing a paper for the governor’s next economic conference.
Prepare a 1,050-word paper addressing the following:
• Explain why equilibrium of supply and demand is desirable.
• Explain the following concepts using the concept of consumer and producer surplus:
o Efficiency of markets
o Costs of taxation
o Benefits of international trade
• Discuss how externalities may prevent market equilibrium and the various governments policies used to remedy the inefficiencies in markets caused by externalities.
• Analyze the difference between the efficiency of a tax system and the equity of a tax system as it refers to the costs imposed on taxpayers using the benefits principles.
Cite a minimum of three peer-reviewed sources, not including your textbook.
Format consistent with APA guidelines.
Assignment 3
Scenario: You have been given the responsibility of working with your organization’s CEO to do a competitive market analysis of the potential success of one of their existing products.
Research an organization and a product produced by that organization in which an analysis can be conducted.
Write a 1,750-word analysis of the current market conditions facing your product, making sure you address the following topics:
• Define the type of market in which your selected product will compete, along with an analysis of competitors and customers.
• Analyze any comparative advantages and international trade opportunities.
• Explain the factors that will affect demand, supply, and prices of that product.
• Examine factors that will affect Total Revenue, including but not limited to:
o Price elasticity of demand
o Factors that influence productivity
o Various measures of costs, including opportunity costs
o Externalities and government public policy and their effect on marginal revenue and marginal cost
• Recommend how your organization can maximize their profit-making potential and increase their presence within the market served by the product.
Cite a minimum of three peer-reviewed sources from the University Library.
Format your paper consistent with APA guidelines.
Scenario: You have been asked to assist your organization’s marketing department to better understand how consumers make economic decisions.
Write a 1,050-word analysis including the following:
• The impact the theory of consumer choice has on:
o Demand curves
o Higher wages
o Higher interest rates
• The role asymmetric information has in many economic transactions.
• The Condorcet Paradox and Arrow’s Impossibility Theorem in the political economy.
• People are not rational in behavior economics.
Cite a minimum of three peer-reviewed sources not including your textbook.
Format your paper consistent with APA guidelines.
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