ECO 415 Week 1
Individual Assignment: Basic Concept Paper
Individual Assignment:
Basic Concepts Paper· Resource: Supply and Demand simulation located on your
student website· Prepare a 1,050- to 1,400-word paper that discusses basic
concepts in applied economics in the context of the simulation. Answer the
following questions in the paper:
How do changes in the
business environment cause changes in supply and demand? Cite and explain at
least two examples from the simulation.
Why is marginal
analysis important when making business decisions? How is marginal analysis
used to respond to shifts in supply and demand?
Cite and explain at
least one example from the simulation.
How did your team
determine appropriate output levels in the simulation?
Cite at least two
examples.
Were your team’s output
decisions successful? If so, explain specifically how your decision making
process led to financial success. If not, identify any mistakes and explain
what your team could have done differently.
What fixed and variable
costs does the operating company in the simulation have? Cite at least two
examples for each.
Describe a market
situation in which the operating company faces economic difficulties and the
need to cut costs. What cost cutting strategies might the operating company use
to remain profitable? What would be the benefits and drawbacks of each?
Format your paper
consistent with APA guidelines
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