ECO 201 Milestone Three Guidelines and Rubric The purpose of this milestone is for students to explore the various costs their firm faces and to describe their firm’s market. Using the concepts and tools developed in Modules Four and Five, students will analyze the fixed and variable costs of their firm, how those costs have changed over time, and how those changes have impacted their firm’s overall health and sustainability. In analyzing their firm’s market, students will detail the extent of their firm’s market power and their firm’s ability to influence the market. Students will also describe major trends in the market, specifically concerning new products, technologies, and new entrants. Students can further determine the future health of their firm to inform their final recommendations by examining their firm’s place within the market. Prompt: Submit a draft of the Costs of Production (Section IV), Overall Market (Section V), and Recommendation (Section VI) of your research paper, including all critical elements listed below. You will review your firm’s financial reports and other relevant data sources to collect and analyze cost information for your firm over the past five or so years. Using real data and the economic tools developed in Module Four, you will analyze your firm’s profitability and how costs impact its growth. Additionally, you will find data on your firm’s competitors in order to detail your firm’s place within the market currently and over the past five or so years. Lastly, you will develop a recommendation for how the firm can manage its future production. Specifically the following critical elements must be addressed: IV. Examine the costs of production for your firm. a) Analyze the various costs a firm faces, their trends over time, and how they have impacted your firm’s profitability. b) Apply the concepts of variable and fixed costs to your firm for informing its output decisions. For instance, analyze how different kinds of costs (labor, research and development, raw materials) affect the firm’s level of output. V. Explore the overall market for your firm. a) Discuss the market share of the firm and its top competitors by providing details on current percentages for each firm and describing the trend over time. You might consider presenting the data graphically. b) Analyze the barriers to entry in this market to illustrate the potential for new competition and its impact on your firm’s future in the market. c) Describe the market structure for this firm and analyze how this affects the firm’s ability to influence the market. VI. Recommendation a) Develop a recommendation for how the firm can manage its future production by synthesizing the data presented. b) Suggest how the firm’s position within the market and among its competitors will allow it to take your recommended action. c) Describe how the firm can sustain its success going forward by evaluating the findings from demand trends and price elasticity. Rubric Guidelines for Submission: Your paper must be submitted as a three- to six-page Microsoft Word document (each section should be one to two pages) with double spacing, 12-point Times New Roman font, one-inch margins, and sources cited in APA format. Critical Elements Costs of Production: Profitability Costs of Production: Output Decisions Overall Market: Market Share Overall Market: Barriers to Entry Proficient (100%) Analyzes the various costs a firm faces, their trends over time, and how they have impacted the firm’s profitability Accurately applies the concepts of variable and fixed costs to the firm for informing its output decisions Discusses the market share of the firm and its top competitors by providing details on current percentages for each firm and describing the trend over time Analyzes the barriers to entry in this market to illustrate the potential for new competition and its impact on the firm’s future in the market Overall Market: Market Structure Describes the market structure for this firm and accurately analyzes how this affects the firm’s ability to influence the market Recommendation: Future Production Effectively develops a recommendation for how the firm can manage its future production by synthesizing the data presented Recommendation: Recommended Action Suggests how the firm’s position within the market and among its competitors will allow it to take the recommended action Needs Improvement (75%) Analyzes the various costs a firm faces, and their trends over time, but does not discuss how they have impacted the firm’s profitability Applies the concepts of variable and fixed costs to the firm for informing its output decisions, but applies concepts inaccurately Discusses the market share of the firm and its top competitors, but does not provide details on current percentages for each firm or does not describe the trend over time Analyzes the barriers to entry in this market, but does not illustrate the potential for new competition or its impact on the firm’s future in the market Describes the market structure for this firm, but does not analyze how this affects the firm’s ability to influence the market or analysis is inaccurate Develops a recommendation for how the firm can manage its future production, but recommendation is not effective or is not based on a synthesis of the data presented Suggests how the firm’s position within the market and among its competitors will allow it to take the recommended action, but suggestions are not appropriate Not Evident (0%) Does not analyze the various costs a firm faces, their trends over time, or how they have impacted the firm’s profitability Does not apply the concepts of variable and fixed costs to the firm for informing its output decisions Value 12 Does not discuss the market share of the firm and its top competitors 12 Does not analyze the barriers to entry in this market 12 Does not describe the market structure for this firm 12 Does not develop a recommendation 12 Does not suggest how the firm’s position within the market and among its competitors will allow it to take the recommended action 12 12 Recommendation: Sustain its Success Articulation of Response Describes how the firm can sustain its success going forward by evaluating the findings from demand trends and price elasticity Submission has no major errors related to citations, grammar, spelling, syntax, or organization Describes how the firm can sustain its success going forward, but does not evaluate the findings from demand trends and price elasticity in the discussion Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Does not describe how the firm can sustain its success going forward 12 Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 4 Earned Total 100% ECO 201 Milestone Two Guidelines and Rubric 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 firm’s goods or services would be categorized, and they will examine what that suggests for the firm’s 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 firm’s 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 firm’s pricing decisions. Specifically the following critical elements must be addressed: II. III. Explore the supply and demand conditions for your firm’s 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 firm’s product(s) to support your recommendation for the firm’s 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 firm’s 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 firm’s pricing decisions and revenue growth. Rubric Guidelines 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. Critical Elements Conditions: Impact Conditions: Firm’s Actions Price Elasticity of Demand: Analyze Price Elasticity of Demand: Consumer Responsiveness Price Elasticity of Demand: Pricing Decisions Articulation of Response Proficient (100%) Effectively evaluates trends in demand over time and explains their impact on the industry and the firm Analyzes information and data related to the demand and supply for the firm’s product(s) to support recommendation for the firm’s actions and includes graphical representation of data and information Analyzes the available data and information and justifies how the price elasticity of demand for the firm’s product was determined Explains the factors that affect consumer responsiveness to price changes for the product using the concept of price elasticity of demand as a guide Accurately assesses how the price elasticity of demand impacts the firm’s pricing decisions and revenue growth Submission has no major errors related to citations, grammar, spelling, syntax, or organization Needs Improvement (75%) Evaluates trends in demand over time, but evaluation is ineffective or does not explain their impact on the industry and firm Analyzes information and data related to the demand and supply for the firm’s product(s), but information and data do not support recommendation for the firm’s actions or do not include graphical representation of data and information Analyzes the available data and information, but does not justify how the price of elasticity of demand for the firm’s product was determined 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 Assesses how the price elasticity of demand impacts the firm’s pricing decisions and revenue growth, but assessment is inaccurate Not Evident (0%) Does not evaluate trends in demand over time Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Value 18 Does not analyze information and data related to the demand and supply for the firm’s product(s) 18 Does not analyze the available data and information to determine the price elasticity of demand 18 Does not explain the factors that affect consumer responsiveness to price changes for the product 18 Does not assess how the price elasticity of demand impacts the firm’s pricing decisions and revenue growth 18 Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas Earned Total 10 100% ECO 201 Final Project Guidelines and Rubric Overview The final project for this course is the creation of a research paper. Every day, millions of economic choices are made by people—from what brand of soap to buy to how many employees to hire for a factory. Microeconomics provides us with the tools, models, and concepts to better understand individual choices in the marketplace and how resource allocation is determined at the micro level. The decisions made by individuals and households impact the market and influence decisions made by firms. Firms use these tools as a way to determine pricing, output, and profit maximization. As a student of economics, you can use the microeconomic principles to gain an understanding of how firms and individuals make decisions and also to make your own conclusions about actions we can take to improve those decisions. Now, imagine that you are a consultant to the firm of your choice. The firm has hired you to advise it on how it can ensure its future success as a company in its current market. To do this, you will write a 7–9-page research paper analyzing market and business data to explain how the core microeconomic principles impact the sustainability of the firm and what actions it can take to ensure success. The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Two, Four, and Five. The final submission will occur in Module Seven. In this assignment, you will demonstrate your mastery of the following course outcomes:     ECO-201-01: ECO-201-02: ECO-201-03: ECO-201-04: Apply microeconomic models to real-world situations for informing effective business decisions Analyze business and market data using microeconomic tools for their impact on business sustainability Evaluate the structure of various markets for informing effective decision-making strategies Assess the behavior and decisions of individuals and firms for their relation to the microeconomic framework Prompt You will work with your instructor to choose a firm for which you can find reliable data and information, both at the firm level and the industry level. The firm you select must be a publicly traded company, must operate in the U.S. market, and must currently be in business. You will need instructor approval before continuing on with your research paper in order to ensure you have met the necessary requirements. Publicly traded companies file reports with a great deal of data that you will find useful for your analysis. Once you have selected a firm for your case study, you will gather information and data relevant to the firm and its industry and use the core microeconomic principles you have learned in class to analyze the information and make a recommendation for your firm. You will compose a 7–9-page research paper in which you will analyze the market and business data to explain how the core microeconomic principles impact the sustainability of the firm, and your recommendation will suggest the actions the firm can take to ensure success. Specifically the following critical elements must be addressed: I. II. III. IV. V. VI. Introduction Work with your instructor to choose a firm that matches the following criteria: a publicly traded company operating in the U.S. market that is currently in business. a) Outline the purpose of this paper and how it will inform your conclusion. b) Summarize the history of the firm, and provide an overview for what the firm does and what goods/services it sells. Explore the supply and demand conditions for your firm’s 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 firm’s product(s) to support your recommendation for the firm’s 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 firm’s 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 firm’s pricing decisions and revenue growth. Examine the costs of production for your firm. a) Analyze the various costs a firm faces, their trends over time, and how they have impacted your firm’s profitability. b) Apply the concepts of variable and fixed costs to your firm for informing its output decisions. For instance, analyze how different kinds of costs (labor, research and development, raw materials) affect the firm’s level of output. Explore the overall market for your firm. a) Discuss the market share of the firm and its top competitors by providing details on current percentages for each firm and describing the trend over time. You might consider presenting the data graphically. b) Analyze the barriers to entry in this market to illustrate the potential for new competition and its impact on your firm’s future in the market. c) Describe the market structure for this firm, and analyze how this affects the firm’s ability to influence the market. Recommendation a) Develop a recommendation for how the firm can manage its future production by synthesizing the data presented. b) Suggest how the firm’s position within the market and among its competitors will allow it to take your recommended action. c) Describe how the firm can sustain its success going forward by evaluating the findings from demand trends and price elasticity. Milestones Milestone One: Introduction In Module Two, you will submit a draft of the introduction (Section I) of your research paper, including all critical elements of Section I as listed above. In one to two pages, you will detail the purpose of the paper, summarize the history of the firm, and provide an overview of the firm. This milestone is graded with the Milestone One Rubric. Milestone Two: Supply and Demand Conditions and Price Elasticity of Demand In Module Four, you will 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 as listed above for each of those sections. Each of these sections should be one to two pages in length and should incorporate relevant data and supporting evidence. This milestone is graded with the Milestone Two Rubric. Milestone Three: Costs of Production, Overall Market, and Recommendation In Module Five, you will submit a draft of the costs of production (Section IV), overall market (Section V), and recommendation (Section VI) of your research paper, including all critical elements as listed above for each of those sections. Each of these sections should be one to two pages in length and should incorporate relevant data and supporting evidence. This milestone is graded with the Milestone Three Rubric. Final Submission: Research Paper In Module Seven, you will submit your research paper. It should be a complete, polished artifact containing all of the critical elements of the final project. It should reflect the incorporation of feedback gained throughout the course. This submission will be graded with the Final Project Rubric. Deliverables Milestone 1 2 3 Deliverables Introduction Supply and Demand Conditions and Price Elasticity of Demand Costs of Production, Overall Market, and Recommendation Final Submission: Research Paper Module Due Two Grading Graded separately; Milestone One Rubric Four Graded separately; Milestone Two Rubric Five Graded separately; Milestone Three Rubric Seven Graded separately; Final Project Rubric Final Project Rubric Guidelines for Submission: Your research paper must be 7 to 9 pages in length (plus a cover page and references) and must be written in APA format. Use double spacing, 12-point Times New Roman font, and one-inch margins. Include at least five references cited in APA format. Critical Elements Introduction: Purpose Exemplary (100%) Meets “Proficient” criteria and uses industry-specific language to establish expertise Introduction: History Meets “Proficient” criteria, and and Overview choice of company is well suited to the analysis Conditions: Impact Meets “Proficient” criteria and explains in detail reasons for the trend Conditions: Firm’s Actions Meets “Proficient” criteria and is well qualified with concrete examples Price Elasticity of Demand: Analyze Meets “Proficient” criteria and uses research to illustrate claims Price Elasticity of Meets “Proficient” criteria and Demand: Consumer reviews all factors of elasticity Responsiveness Proficient (85%) Outlines the purpose of the paper and how it will inform the conclusion Comprehensively summarizes the history of the firm and provides an overview for what the firm does and what goods/services it sells Effectively evaluates trends in demand over time and explains their impact on the industry and the firm Analyzes information and data related to the demand and supply for the firm’s product(s) to support recommendation for the firm’s actions and includes graphical representation of data and information Analyzes the available data and information and justifies how the price elasticity of demand for the firm’s product was determined Explains the factors that affect consumer responsiveness to price changes for the product using the concept of price elasticity of demand as a guide Needs Improvement (55%) Outlines the purpose of the paper, but does not explain how it will inform the conclusion Summarizes the history of the firm and provides an overview for what the firm does and what goods/services it sells, but summary is not comprehensive or overview lacks details Evaluates trends in demand over time, but evaluation is ineffective or does not explain their impact on the industry and firm Analyzes information and data related to the demand and supply for the firm’s product(s), but information and data do not support recommendation for the firm’s actions or do not include graphical representation of data and information Analyzes the available data and information, but does not justify how the price of elasticity of demand for the firm’s product was determined 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 Not Evident (0%) Does not outline the purpose of the paper Value 6.5 Does not summarize the history of the firm or provide an overview 6.5 Does not evaluate trends in demand over time 6.5 Does not analyze information and data related to the demand and supply for the firm’s product(s) 6.5 Does not analyze the available data and information to determine the price elasticity of demand 6.5 Does not explain the factors that affect consumer responsiveness to price changes for the product 6.5 Price Elasticity of Demand: Pricing Decisions Meets “Proficient” criteria and uses research to illustrate claims Accurately assesses how the price elasticity of demand impacts the firm’s pricing decisions and revenue growth Assesses how the price elasticity of demand impacts the firm’s pricing decisions and revenue growth, but assessment is inaccurate Costs of Production: Meets “Proficient” criteria and Analyzes the various costs a firm Analyzes the various costs a firm Profitability provides concrete examples to faces, their trends over time, and faces and their trends over time, substantiate claims how they have impacted the but does not discuss how they firm’s profitability have impacted the firm’s profitability Costs of Production: Meets “Proficient” criteria and Accurately applies the concepts Applies the concepts of variable Output Decisions provides insight into how the of variable and fixed costs to the and fixed costs to the firm for firm can manage those costs firm for informing its output informing its output decisions, decisions but applies concepts inaccurately Overall Market: Meets “Proficient” criteria and Discusses the market share of the Discusses the market share of the Market Share presents the data graphically and firm and its top competitors by firm and its top competitors, but over time providing details on current does not provide details on percentages for each firm and current percentages for each firm describing the trend over time or does not describe the trend over time Overall Market: Meets “Proficient” criteria and Analyzes the barriers to entry in Analyzes the barriers to entry in Barriers to Entry provides specific examples of this market to illustrate the this market, but does not successful and/or failed entrants potential for new competition illustrate the potential for new into the market and its impact on the firm’s competition or its impact on the future in the market firm’s future in the market Overall Market: Meets “Proficient” criteria and Describes the market structure Describes the market structure Market Structure provides specific examples to for this firm and accurately for this firm, but does not analyze demonstrate the market analyzes how this affects the how this affects the firm’s ability structure and firm’s influence firm’s ability to influence the to influence the market or market analysis is inaccurate Recommendation: Meets “Proficient” criteria and Effectively develops a Develops a recommendation for Future Production relates recommendation to the recommendation for how the how the firm can manage its economic principles presented in firm can manage its future future production, but the paper production by synthesizing the recommendation is not effective data presented or is not based on a synthesis of the data presented Does not assess how the price elasticity of demand impacts the firm’s pricing decisions and revenue growth 6.5 Does not analyze the various costs a firm faces, their trends over time, or how they have impacted the firm’s profitability 6.5 Does not apply the concepts of variable and fixed costs to the firm for informing its output decisions Does not discuss the market share of the firm and its top competitors 6.5 Does not analyze the barriers to entry in this market 6.5 Does not describe the market structure for this firm 6.5 Does not develop a recommendation 6.5 6.5 Recommendation: Recommended Action Meets “Proficient” criteria and provides advice for how to strengthen its position in the market Recommendation: Sustain its Success Meets “Proficient” criteria and provides specific ideas for how the firm can sustain its success Articulation of Response Suggests how the firm’s position within the market and among its competitors will allow it to take the recommended action Describes how the firm can sustain its success going forward by evaluating the findings from demand trends and price elasticity Submission is free of errors Submission has no major errors related to citations, grammar, related to citations, grammar, spelling, syntax, and organization spelling, syntax, or organization and is presented in a professional and easy-to-read format Suggests how the firm’s position within the market and among its competitors will allow it to take the recommended action, but suggestions are not appropriate Describes how the firm can sustain its success going forward, but does not evaluate the findings from demand trends and price elasticity in the discussion Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Does not suggest how the firm’s position within the market and among its competitors will allow it to take the recommended action Does not describe how the firm can sustain its success going forward 6.5 Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas Earned Total 2.5 6.5 100% 
Purchase answer to see full attachment