Microeconomics Research Paper 1

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    The purpose of this milestone is for students to begin their firm analysis from a microeconomic perspective applying concepts learned in Modules One Two and Three. Specifically students will examine the supply and demand conditions for the goods or services the firm produces paying special attention to how sales and product development have evolved over time. Students will then apply the elasticity concept to determine how the price elasticity of demand for the firms goods or services would be categorized and they will examine what that suggests for the firms ability to increase or decrease prices.
    Prompt: Submit a draft of the supply and demand conditions (Section II) and price elasticity of demand (Section III) of your research paper including all critical elements listed below. You will analyze data on firm sales and in the market overall to identify trends and inform your recommendation for the firms future actions. You will also use available data to determine the price elasticity for the goods or services your firm produces and explain the factors that influence consumers reactions and the firms pricing decisions.
    Specifically the following critical elements must be addressed:
    Explore the supply and demand conditions for your firms product.
    a) Evaluate trends in demand over time and explain their impact on the industry and the firm. You should consider including annual sales figures for
    the product your firm sells.
    b) Analyze information and data related to the demand and supply for your firms product(s) to support your recommendation for the firms
    actions. Remember to include a graphical representation of the data and information used in your analysis.
    Examine the price elasticity of demand for the product(s) your firm sells.
    a) Analyze the available data and information such as pricing and the availability of substitutes and justify how you determine the price elasticity of demand for your firms product.
    b) Explain the factors that affect consumer responsiveness to price changes for this product using the concept of price elasticity of demand as your guide.
    c) Assess how the price elasticity of demand impacts the firms pricing decisions and revenue growth.
    RubricGuidelines for Submission: Your paper must be submitted as a two- to three-page Microsoft Word document with double spacing 12-point Times New Roman
    font one-inch margins and sources cited in APA format.
    Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information review these instructions.
    Critical Elements
    Proficient (100%)
    Needs Improvement (75%)
    Not Evident (0%)
    Value
    Conditions: Impact
    Effectively evaluates trends in demand over time and explains their impact on the industry and the firm
    Evaluates trends in demand over time but evaluation is ineffective or does not explain their impact on the industry and firm
    Does not evaluate trends in demand over time
    18
    Conditions: Firms Actions
    Analyzes information and data related to the demand and supply for the firms product(s) to support recommendation for the firms actions and includes graphical representation of data and information
    Analyzes information and data related to the demand and supply for the firms product(s) but information and data do not support recommendation for the firms actions or do not include graphical representation of data and information
    Does not analyze information and data related to the demand and supply for the firms product(s)
    18
    Price Elasticity of Demand: Analyze
    Analyzes the available data and information and justifies how the price elasticity of demand for the firms product was determined
    Analyzes the available data and information but does not justify how the price of elasticity of demand for the firms product was determined
    Does not analyze the available data and information to determine the price elasticity of demand
    18
    Price Elasticity of Demand: Consumer Responsiveness
    Explains the factors that affect consumer responsiveness to price changes for the product using the concept of price elasticity of demand as a guide
    Explains the factors that affect consumer responsiveness to price changes for the product but does not use the concept of price elasticity of demand as a guide
    Does not explain the factors that affect consumer responsiveness to price changes for the product
    18
    Price Elasticity of Demand: Pricing Decisions
    Accurately assesses how the price elasticity of demand impacts the firms pricing decisions and revenue growth
    Assesses how the price elasticity of demand impacts the firms pricing decisions and revenue growth but assessment is inaccurate
    Does not assess how the price elasticity of demand impacts the firms pricing decisions and revenue growth
    18
    Articulation of Response
    Submission has no major errors related to citations grammar spelling syntax or organization
    Submission has major errors related to citations grammar spelling syntax or organization that negatively impact readability and articulation of main ideas
    Submission has critical errors related to citations grammar spelling syntax or organization that prevent understanding of ideas
    10
    Earned Total
    100%

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