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Microeconomics project RUBRICS
In this project, you will demonstrate your mastery of the following
competencies:



Inform business decisions using microeconomic models and theories
Determine the impact of economic costs on organizational and
individual decision making
Explain how market structure impacts a business’s entry and exit into a
market and its ability to generate economic profit
Scenario
You and your friend from college have just graduated. You majored in
business, and your friend majored in a creative field. Your friend is highly
inventive and has come up with an excellent idea for a new product. You both
believe in this idea so much that you have agreed to become business
partners. However, before you embark on your entrepreneurial adventure, you
will have to explain some key microeconomics concepts to your partner that
are important to make sound business decisions.
Your business partner is less than enthusiastic about this prospect and has
never had an interest in what is often described as the dry and boring field of
economics. Every time you have tried to engage your partner in practical
discussions, they brush you off and decide to go play video games instead.
Aha! This gives you an idea: What if you could convince your friend to learn
about economics through games? You have found several simulation games
that demonstrate in real and interesting ways the economic principles that you
know your partner needs.
Once you have played the games, you will create a memorandum report
summarizing for your friend the educational value of your experiment. In your
memorandum, you will restate the key principles and takeaways of each
simulation, as well as illustrate how these ideas are relevant to your future
entrepreneurial success.
Directions
First, assemble the materials that you will need to complete this assignment:
1. You will need several simulation report images for your memorandum.
All the necessary data visualizations will be generated after you have
completed each simulation game. You will be required to save image
files of your simulation reports for your simulation discussions. These
should also be used to create your memorandum report for the course
project. If you have any questions or concerns about the simulation data
that should be used for your project, you should promptly reach out to
your instructor.
2. Review and use the Project Template located in the What to Submit
section.
You are expected to reference any source material used in your
memorandum report with appropriate citations. To support you, a
References page has been added to the project template with a citation
for this course’s reading already provided. Any other references you add
should be cited according to APA format.
Once you have assembled the required materials listed above, you can now
begin drafting your memorandum report by completing the following steps:
1. Comparative Advantage: Discuss the Comparative Advantage (With
Trade) simulation that you played in Module Two. You should add the
Production Decisions graph and the Production Trade graph (i.e., the
graph showing how many hamburgers per fries) from you simulation
report into the project template as Figures 1.1 and 1.2. Then, answer the
following questions in the paragraphs below the figures:
o 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.
o
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.
2. Competitive Markets and Externalities: Discuss the Competitive
Markets and Externalities simulations (both with and without policy
interventions) that you played in Modules Three and Four. Add the
Supply and Demand chart and the Outcomes by Market table from your
simulation reports into the project template as Figures 2.1 and 2.2. Then,
answer the following questions in the paragraphs below the figures:
o What impact do policy interventions have on the supply and
demand equilibrium for a product? Provide specific examples
from the simulation to illustrate.
o 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.
o Based on the results of the simulation, can policy market
interventions cause consumer or producer surplus? Explain why
using specific reasoning.
3. Production, Entry, and Exit: Discuss the Production, Entry, and Exit
simulation that you played in Module Five. Add the Aggregate
Outcomes chart from your simulation report into the project template as
Figure 3.1. Then, answer the following questions in the paragraphs
below the figure:
o Analyze a business owner’s decision making regarding whether
to enter a market. For example, what factors determined the
driver’s market entry and exit in the simulation? Use economic
models to support your analysis.
o 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.
o
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.
4. Market Structures: Discuss the market structures simulations (Price
Discrimination and Cournot) that you played in Modules Six and Seven.
Then, do the following in the project template:
o Complete Table 4.1 as a reference guide for your business partner.
The table should compare the attributes of each of the four listed
market structures.
o Answer the following questions in the paragraphs below the table:
▪ 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.
5. Conclusions: Draw 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.
6. Finally, ensure that all of your sources are properly cited using in-line
citations and references according to APA format.
What to Submit
To complete this project, you must submit the following:
Memorandum Report
Your memorandum report should summarize the key principles and takeaways
of each microeconomics simulation for your business partner. It should also
illustrate how these ideas are relevant to your future entrepreneurial success.
Template: Project Template Word Document
Use this template to structure your memorandum report, and submit it as a
Word document. Sources should be cited according to APA style.
Supporting Materials
The following resources support your work on the project:
Video: How to Use the Snipping Tool (Beginner’s Guide) (for PC) (5:23)
Use this tutorial for help with snipping, copying, and pasting your data
visualizations into your project template.
A captioned version of this video is available: How to Use the Snipping Tool
(Beginner’s Guide) (CC) Video.
Resource: Is There a Snipping Tool for Mac?
Use this tutorial for help with snipping, copying, and pasting your data
visualizations into your project template.
Resource: APA Style Basics
Use this resource to support your in-line citations and full references in the
References section of your 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.
2.
3.
4.
5.
6.
Comparative Advantage
Competitive Markets and Externalities
Production, Entry, and Exit
Market Structures (including the Price Discrimination and Cournot simulations)
Conclusions
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
Perfect
Competition
Number of
Firms
Choose an
item.
Type of
Product Sold
Choose an
item.
Price
Taker?
Choose
an item.
Price Formula
Choose an
item.
Freedom of
Entry?
Choose an
item.
Short-run
Profit?
Choose an
item.
Long-run
Profit?
Choose an
item.
Monopolistic
Competition
Choose an
item.
Choose an
item.
Choose
an item.
Choose an
item.
Choose an
item.
Choose an
item.
Choose an
item.
Monopolies
Choose an
item.
Choose an
item.
Choose
an item.
Choose an
item.
Choose an
item.
Choose an
item.
Choose an
item.
Oligopolies
Choose an
item.
Choose an
item.
Choose
an item.
Choose an
item.
Choose an
item.
Choose an
item.
Choose an
item.
Table 4.1
Industry Examples
[Insert two to three example
industries that meet the criteria of
the market structure.]
[Insert two to three example
industries that meet the criteria of
the market structure.]
[Insert two to three example
industries that meet the criteria of
the market structure.]
[Insert two to three example
industries that meet the criteria of
the market structure.]
[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].
Simulation data images
Comparative advantage (with Trade)
Comparative Advantage (Without Trade)
Competitive Markets
Externalities without policy interventions
Externalities with Policy intervention
Production, Entry & Exit
Price Discrimination
Oligopoly ( cournot)

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