Macro and Microeconomics Coursework
Project description
Please read the following instruction: I need this by Saturday September 10,2016 at 12:00 pm and as always. Thank You!
*Name of Textbook: Hubbard, G. P., O’Brien, A. P. (2014-01-01). Economics, 5th Edition. Please make sure you read pg. 425
Instructions:
1.Title Page Name, course, and date
2.Introduction to situation, but do NOT copy the scenario. Briefly summarize the situation and identify the microeconomic issue(s) to be decided from the perspective of the organization.
3.Relevant Economic Principles: Determinants of Demand, Supply, etc. and Relevant Data
Identify the variables that are critical in addressing the issue(s). Gather and present the relevant data on the variables by searching online. Use in-text citation to report the source(s) of the data. Graphs may be included here.
4.Recommendations and Economic Justification
Formulate and present your recommendations for addressing the issue(s) based on the relevant data and economic principles identified above. Justify your recommendations in terms of the economic impact on those affected.
5.References
List the full references for at least five sources alphabetically in APA format.
*The following is a list of the specific required information, research, graphs, and math to be included in the scenario chosen.
1.Demand Determinants:
a.Each individual determinant analyzed for your situation, with examples applicable to your situation (3 points each) and research (2 points each) showing current demand data or most recent past data, except for the expectations determinant in which you need to use data estimating future market conditions.
b.(10 points) Price Elasticity of Demand facing you in your scenario, including actual calculation of it using the midpoint formula. If you cant find data, then determine the price elasticity from the characteristics and make up numbers to use. Be sure to identify this if you use this approach. This will help you in deciding the slope of your demand curve below.
c.(5 points) Graph the demand facing your situation. Note that this requires information from the supply determinant analysis before deciding how to draw the curve(s), as you may need a separate MR curve.
2.Supply Determinants:
a.Each individual determinant analyzed for your situation, with examples applicable to your situation (3 points each) and research (2 points each) showing current supply data or most recent past data, except for the expectations determinant in which you need to use data estimating future market conditions.
(20 points) You need to be very specific in the cost of production determinant to identify fixed, variable, and marginal cost in order to derive your supply curve for the graphing component. You will need to explain and show how profit maximization or loss minimization output and price are determined.
i.You will need to do the math using actual figures cited or your own estimated figures identified as such and explain why you expect short run economic or normal profits, acceptable loss or temporary shutdown, and how you will know which it is.
ii.The number of sellers determinant must contain your analysis of the kind of market structure in which your firm or labor service will be sold.
b.(10 points) Price Elasticity of Supply you have based on the cost of production changes as output changes, including actual calculation of it using the midpoint formula. If you cant find data, then determine the price elasticity from the characteristics and make up numbers to use. Be sure to identify this if you use this approach. This will help you in deciding the slope of your supply curve.
c.(5 points) Graph your supply situation using the numbers from your earlier cost of production analysis.
3.Recommendations(40 points) what are your recommendations explained by your analysis?
4.Paper presentation(10 points) good format, citations, lack of spelling errors, etc.
(20 points) You need to be very specific in the cost of production determinant to identify fixed, variable, and marginal cost in order to derive your supply curve for the graphing component. You will need to explain and show how profit maximization or loss minimization output and price are determined.
i.You will need to do the math using actual figures cited or your own estimated figures identified as such and explain why you expect short run economic or normal profits, acceptable loss or temporary shutdown, and how you will know which it is.
ii.The number of sellers determinant must contain your analysis of the kind of market structure in which your firm or labor service will be sold.
b.(10 points) Price Elasticity of Supply you have based on the cost of production changes as output changes, including actual calculation of it using the midpoint formula. If you cant find data, then determine the price elasticity from the characteristics and make up numbers to use. Be sure to identify this if you use this approach. This will help you in deciding the slope of your supply curve.
c.(5 points) Graph your supply situation using the numbers from your earlier cost of production analysis.
3.Recommendations(40 points) what are your recommendations explained by your analysis?
4.Paper presentation(10 points) good format, citations, lack of spelling errors, etc.
*This is the situation I have chosen:
Situation D
After hearing of your taking this course in Business Economics, your college friend has emailed you asking for advice on opening a restaurant. Your friend Rajeev reminded you of his popular recipes for Indian food, and shared his dream of building a franchise business modeled on the P.F. Chang chain of restaurants. He reckons that creating special fusion recipes based on a popular ethnic cuisine will
provide the restaurant chain with sufficient differentiation to become profitable and to grow nationwide.
Luckily before you could find time to answer Rajeevs email, you read the pieces on Starbucks and opening a restaurant, on page 425 of the textbook. Recognizing the costs and risks for Rajeev, you decide to research the market in terms of supply and demand, elasticity, production costs, pricing, normal profit, and the supply chain for ethnic cuisine. You decide to educate yourself about the restaurant business so you can provide Rajeev with the most informed advice possible.
(20 points) You need to be very specific in the cost of production determinant to identify fixed, variable, and marginal cost in order to derive your supply curve for the graphing component. You will need to explain and show how profit maximization or loss minimization output and price are determined.
i.You will need to do the math using actual figures cited or your own estimated figures identified as such and explain why you expect short run economic or normal profits, acceptable loss or temporary shutdown, and how you will know which it is.
ii.The number of sellers determinant must contain your analysis of the kind of market structure in which your firm or labor service will be sold.
b.(10 points) Price Elasticity of Supply you have based on the cost of production changes as output changes, including actual calculation of it using the midpoint formula. If you cant find data, then determine the price elasticity from the characteristics and make up numbers to use. Be sure to identify this if you use this approach. This will help you in deciding the slope of your supply curve.
c.(5 points) Graph your supply situation using the numbers from your earlier cost of production analysis.
3.Recommendations(40 points) what are your recommendations explained by your analysis?
4.Paper presentation(10 points) good format, citations, lack of spelling errors, etc
Healthcare