Prior to beginning work on this assignment, review Chapters 1 – 12 of your textbook, Principles of Microeconomics. Pick any ONE business/company of your choice. The company you choose can be a small local restaurant or a large multinational company. Based on your selection, answer the following questions:
In your paper,
Describe the basics of the business you chose- including the size of the business, types of goods/services the business sells, and possible barriers to entry/exit.
Distinguish among four market structures: perfect competition, monopolistic competition, oligopoly, and monopoly in this order.
Discuss what kind of market structure your company falls under. Why?
Analyze whether the demand of the goods/services sold by the business are elastic or inelastic. Why?
Discuss if there are any externalities involved. If so, explain how the externalities can be fixed.
Discuss any roles that larger companies can play in promoting inclusion, equality and reducing poverty.
The Fundamentals of Microeconomics final paper
must be eight to ten double-spaced pages in length (not including title and references pages and formatted according to APA StyleLinks to an external site. as outlined in the Writing Center’s APA Formatting for MicrosoftLinks to an external site. Word resource.
must include a separate title page with the following in title case:
title of paper in bold font
Space should appear between the title and the rest of the information on the title page.
student’s name
name of institution (The University of Arizona Global Campus)
course name and number
instructor’s name
due date
must utilize academic voice. See the Academic VoiceLinks to an external site. resource for additional guidance.
must include an introduction and conclusion paragraph.
Your introduction paragraph needs to end with a clear thesis statement that indicates the purpose of your paper.
For assistance on writing Introductions & ConclusionsLinks to an external site. and Writing a Thesis StatementLinks to an external site., refer to the Writing Center resources.
must use at least five credible sources in addition to the course text.
The Scholarly, Peer-Reviewed, and Other Credible SourcesLinks to an external site. table offers additional guidance on appropriate source types. If you have questions about whether a specific source is appropriate for this assignment, please contact your instructor. Your instructor has the final say about the appropriateness of a specific source.
To assist you in completing the research required for this assignment, view Quick and Easy Library ResearchLinks to an external site. tutorial, which introduces the University of Arizona Global Campus Library and the research process, and provides some library search tips.
must document any information used from sources in APA Style as outlined in the Writing Center’s APA: Citing Within Your PaperLinks to an external site. guide.
must include a separate references page that is formatted according to APA Style as outlined in the Writing Center.
See the APA: Formatting Your References ListLinks to an external site. resource in the Writing Center for specifications.
Category: Economics : Macroeconomics
In your paper,
Explain what elasticity of demand means in your own words. Support your explanation with a suitable example.
Describe the relationship between elasticity of demand and revenue when the prices are changed. [Hint: make sure to refer to the worksheet]
Rank the demand of these three goods by their expected price elasticities of demand from most elastic to least elastic 1) a blue colored iPhone 2) a smartphone 3) iPhone.
Explain why you ranked the goods above in the way you did.
The Elasticity of Demand paper
must be two to four double-spaced pages in length (not including title and references pages and formatted according to APA StyleLinks to an external site. as outlined in the Writing Center’s APA Formatting for Microsoft WordLinks to an external site. resource.
must include a separate title page with the following in title case:
title of paper in bold font
Space should appear between the title and the rest of the information on the title page.
student’s name
name of institution (The University of Arizona Global Campus)
course name and number
instructor’s name
due date
must utilize academic voice. See the Academic VoiceLinks to an external site. resource for additional guidance.
must include an introduction and conclusion paragraph.
Your introduction paragraph needs to end with a clear thesis statement that indicates the purpose of your paper.
For assistance on writing Introductions & ConclusionsLinks to an external site. and Writing a Thesis StatementLinks to an external site., refer to the Writing Center resources.
must use at least two credible sources in addition to the course text.
The Scholarly, Peer-Reviewed, and Other Credible SourcesLinks to an external site. table offers additional guidance on appropriate source types. If you have questions about whether a specific source is appropriate for this assignment, please contact your instructor. Your instructor has the final say about the appropriateness of a specific source.
To assist you in completing the research required for this assignment, view Quick and Easy Library ResearchLinks to an external site. tutorial, which introduces the University of Arizona Global Campus Library and the research process, and provides some library search tips.
must document any information used from sources in APA Style as outlined in the Writing Center’s APA: Citing Within Your PaperLinks to an external site. guide.
must include a separate references page that is formatted according to APA Style as outlined in the Writing Center.
See the APA: Formatting Your References ListLinks to an external site. resource in the Writing Center for specifications.