Help For Your Introductory Economics Course

One of the critical elements covered in the material this week is to analyze information and data related to the demand and supply for your firm’s product(s) to support your recommendation for the firm’s actions . You will include a graphical representation of the data and information used in your analysis . In a previous post I discussed the different aspects of demand that you could cover in your paper. You’ll want to think in terms of the factors mentioned that can impact demand for your firm (income, prices of related goods, tastes, population, demographics, and expected future prices) and make recommendations to the firm based on what you know from that research. This post will focus on how to analyze supply in this post since we haven’t covered that in detail yet and provide some ideas of concepts related to supply that could be applied to your firm. You don’t need to discuss everything I cover in this post; this is just to provide some ideas to help you get started on your rese...

One of the critical elements covered in the material this week is to evaluate the trends in demand over time and explain their impact on the industry and on the firm . But how do you evaluate the trends in demand over time and explain their impact on the industry and the firm? Here are some ideas of concepts that could be applied to your firm to help you evaluate the trends in demand. You don’t need to discuss everything I cover in this post; this is just to provide some ideas to help you get started on your research! Market demand is the demand by all the consumers of a given good or service. Find out who your customers are and provide detail on them. Use annual sales data to find out how much of the product is purchased. You should have received the Supply and Demand Help Excel Spreadsheet via email that will help you walk through the process of gathering and analyzing data. The main question to ask yourself as you analyze the data is: how has the annual sales data changed over time?...

Part I: Critical Element “Purpose” In order to receive a score of proficient (100%) on Milestone One you’ll need to outline the purpose of your paper and state how it will inform the conclusion. The best way to do this is to view the Final Project Guidelines and Rubric , paying particular attention to the Prompt and Critical Elements that will be addressed in your paper. When you turn in your final paper, in order to earn a score of exemplary (100%) you’ll also need to use industry-specific language to establish expertise. I recommend trying to write Milestone One as if it were your final paper, so that you can benefit from the feedback before your final paper is due. Below is an example of an introduction that would receive an exemplary score for The Hershey Company. Please keep in mind the following points as you work on your introduction: -The text in italics indicates where the purpose of the paper is outlined. -The underlined text indicates how the conclusion will be informed....

This course was recently redesigned, but there used to be a discussion board topic each week in ECO-201. I thought some of you might benefit from seeing the discussion board topic that was previously used in this module. Below is the discussion board topic for week 2, which is followed up with an explanation. How often are you able to buy a ticket to the Super Bowl at face value? Consider the prices you would pay online or through a ticket scalper. How can the laws of supply and demand be used to explain this situation? How is the market for Super Bowl tickets different than other goods and services we purchase? What role do ticket scalpers play in this process? First let’s quickly define the following terms: Law of supply : The rule that, holding all else constant, increases in the price cause increases in the quantity supplied, and decreases in price cause decreases in the quantity supplied. Law of demand : The rule that, holding everything else constant, when the price of a product ...

Assume the world market for bananas is competitive and that the marginal cost of producing a case of bananas is $12.50 and the marginal benefit is $15. If one more case of bananas is produced and consumed, how will the economic surplus change? To answer this question, let’s first discuss what we mean by economic surplus. Economic surplus is the sum of consumer surplus and producer surplus. Consumer surplus is the difference between the highest price a consumer is willing to pay for a good or service and the actual price the consumer pays. In other words, consumer surplus measures the benefit to consumers. Producer surplus is the difference between the lowest price a firm would be willing to accept for a good or service and the price it actually receives. This means that producer surplus measures the benefit to producers from participating in a market (in this case, the market for bananas). This question also mentions a few other terms we need to understand. The marginal benefit is the ...

If you have not yet selected a firm for your final paper, these companies have proven successful for this assignment by previous students and all on this list are publicly traded, US-based companies. Their products and markets are easy to identify and analyze with the microeconomic tools developed in this course. If you would like to choose a company not on this list, please work with me to make sure it’s a good fit for the assignment. List of Pre-Approved Companies to use for your ECO-201 Final Paper 1. Starbucks 2. Nike 3. Southwest Airlines 4. Netflix 5. Ford 6. GM 7. Under Armour 8. Chipotle 9. American Outdoor Brands (formerly Smith and Wesson) 10. Coca Cola 11. Whole Foods 12. Boston Beer Company (Samuel Adams) 13. Anheuser-Busch 14. First Solar 15. Tesla 16. Wendy’s 17. McDonalds 18. Harley Davidson 19. Campbells 20. UPS 21. Goodyear 22. Hasbro 23. EA If any of these options interest you, then you can go ahead and email your selection to me and get start...