MBA 502 Part I Milestone One Guidelines and Rubric For this assignment, due in Module Three, you will submit the supply, demand, and market equilibrium component of your microeconomic analysis paper. This milestone should be a 2–3-page paper structured as follows: First, it describes the price elasticity of supply or demand for your product or service. Second, it explains how two nonprice factors impact the demand of your chosen product or service. Third, it explains how two nonprice factors impact the supply of your chosen product or service. Fourth, it defines the industry and the market equilibrium associated with the product or service. Fifth, it predicts the effect of changes in supply and demand on the market equilibrium. Finally, it describes the decisions related to supply and demand for the product or service that you would make based on the predicted changes in supply and demand on the market equilibrium. Specifically, the following critical elements must be addressed: I. Supply, Demand, and Market Equilibrium a) Determine the extent to which the supply and demand of your chosen product or service are sensitive to changes in price by applying the concept of elasticity. In other words, what is the price elasticity of supply or demand for your product or service? b) Select two nonprice factors that impact the demand of your chosen product or service. Justify your selections. c) Select two nonprice factors that impact the supply of your chosen product or service. Justify your selections. d) Define the industry and the market equilibrium associated with the product or service. e) Predict the effect of changes in supply and demand on the market equilibrium. f) Based on the predicted changes, what decisions related to supply and demand would you make for your product or service? Guidelines for Submission: Part I Milestone One should adhere to the following formatting requirements: 2–3 pages (not including cover page or appendix), double-spaced, using 12-point Times New Roman font and the most current guidelines for APA formatting. 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 Supply, Demand, and Market Equilibrium: Elasticity Proficient (100%) Determines extent to which supply and demand of chosen product or service are sensitive to changes in price by applying the concept of elasticity Needs Improvement (75%) Determines extent to which supply and demand of chosen product or service are sensitive to changes in price by applying the concept of elasticity but with gaps in accuracy or detail Not Evident (0%) Does not determine extent to which supply and demand of chosen product or service are sensitive to changes in price by applying the concept of elasticity Value 15 Supply, Demand, and Market Equilibrium: Nonprice Factors for Demand Selects and logically justifies two nonprice factors impacting the demand of chosen product or service Supply, Demand, and Market Equilibrium: Nonprice Factors for Supply Selects and logically justifies two nonprice factors impacting the supply of chosen product or service Supply, Demand, and Market Equilibrium: Industry and Market Equilibrium Supply, Demand, and Market Equilibrium: Predict Accurately defines the industry and the market equilibrium associated with the product or service Supply, Demand, and Market Equilibrium: Decisions Proposes decisions related to supply and demand for product or service based on predicted changes Articulation of Response Predicts effect of changes in supply and demand on the market equilibrium Submission has no major errors related to citations, grammar, spelling, syntax, or organization Selects two nonprice factors impacting the demand of chosen product or service, justifying selections but selection(s) are inaccurate or justification is illogical Selects two nonprice factors impacting the supply of chosen product or service, justifying selections but selection(s) are inaccurate or justification is illogical Defines the industry and the market equilibrium associated with the product or service but with gaps in accuracy Predicts effect of changes in supply and demand on the market equilibrium but with gaps in accuracy or necessary detail Proposes decisions related to supply and demand for product or service based on predicted changes but with gaps in logic or detail Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Does not select two nonprice factors impacting the demand of chosen product or service and justify selections 15 Does not select two nonprice factors impacting the supply of chosen product or service and justify selections 15 Does not define the industry and the market equilibrium associated with the product or service 15 Does not predict effect of changes in supply and demand on the market equilibrium 15 Does not propose decisions related to supply and demand for product or service based on predicted changes Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas Total 15 10 100%
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