ECO 201 Southern New Hampshire University Microeconomics Worksheet

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naqlynob

Economics

eco 201

Southern New Hampshire University

ECO

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ECO 201 Project Template [Throughout this template, replace the content in bracketed text with your own responses, and deleted any bracketed instructions (including these).] [The Introduction section of your report is provided and should remain standard in all submissions.] [The placeholders for your data visualizations (e.g., charts, graphs, and tables) should be replaced with the appropriate indicated images in each case. To create an isolated image from the simulation data, it is recommended that you use a snipping tool to copy and paste your data visualizations into this template. See How to Use the Snipping Tool (Beginner’s Guide) for more information if you use a PC. A captioned version of this video is available: How to Use the Snipping Tool (Beginner’s Guide) (CC). Or, see Is There a Snipping Tool for Mac?.] Memo To: My Business Partner From: [Insert your name] Date: [Insert date] Re: Microeconomics Simulations Introduction This memorandum report identifies and explains key microeconomic principles using a set of simulation games. The outcome of these games illustrate how microeconomic principles can be applied within real-life situations to help us make better business decisions. This report is a summary of the simulations I played and their results, which include the key takeaways and their significance, for your review and reference. It is divided into the following sections: 1. 2. 3. 4. 5. 6. Comparative Advantage Competitive Markets and Externalities Production, Entry, and Exit Market Structures (including the Price Discrimination and Cournot simulations) Conclusions References Comparative Advantage [Replace this area with the Production Decisions graph.] Figure 1.1 [Replace this area with the Production and Trade graph.] Figure 1.2 [Insert your responses to the following questions: How does this simulation demonstrate how individuals evaluate opportunity costs to make business decisions? Use the Production Decisions graph from the simulation as a reference to explain what role the production-possibility frontier (PPF) has in the decision-making process.] [Explain how comparative advantage impacts a firm’s decision to engage in trade. Would a business’s decision to trade cause a change to its PPF? Provide specific reasoning to support your claims.] Competitive Markets and Externalities [Replace this area with the Supply and Demand chart.] Figure 2.1 [Replace this area with the Outcomes by Market table.] Figure 2.2 [Insert your responses to the following questions: What impact do policy interventions have on the supply and demand equilibrium for a product? Provide specific examples from the simulation to illustrate.] [What are the determinants of price elasticity of demand? Identify at least three examples. Based on the outcome of the simulation, explain how price elasticity can impact pricing decisions and total revenue of the firm.] [Based on the results of the simulation, can policy market interventions cause consumer or producer surplus? Explain why using specific reasoning.] Production, Entry, and Exit [Replace this area with the Aggregate Outcomes chart.] Figure 3.1 [Insert your responses to the following questions: Analyze a business owner’s decision making regarding whether to enter a market. For example, what factors determined the driver’s entry and exit into the market in the simulation? Use economic models to support your analysis.] [How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day? Use economic models to explain.] [How does the impact of fixed costs change production decisions in the short run and in the long run? Use the average-total-cost (ATC) model included in the module reading chapters to demonstrate this impact.] Market Structures [Complete the table by selecting the appropriate response from the drop-down select menu within each cell, except for the final column in which you will enter your text-based response.] Market Structure Perfect Competition Number of Firms Choose an item. Type of Product Sold Choose an item. Price Taker? Choose an item. Price Formula Choose an item. Freedom of Entry? Choose an item. Short-run Profit? Choose an item. Long-run Profit? Choose an item. Monopolistic Competition Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. Monopolies Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. Oligopolies Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. Table 4.1 Industry Examples [Insert two to three example industries that meet the criteria of the market structure.] [Insert two to three example industries that meet the criteria of the market structure.] [Insert two to three example industries that meet the criteria of the market structure.] [Insert two to three example industries that meet the criteria of the market structure.] [Insert your responses to the following questions: Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples from the textbook to support your claims.] [How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claims.] [Explain how firms that compete in the four different market structures determine profitability. Use specific examples from the simulations or the textbook to support your claims.] Conclusions [Insert your overall conclusions about the relevance and significance of microeconomics. How will microeconomics principles impact your business decisions moving forward? Provide recommendations to your business partner for your future business venture.] References Mankiw, N. G. (2021). Principles of microeconomics (#9 edition). Cengage. [Add other citations, as needed, in APA format]. Unit 1 2 IN Price Value $1.70 $3.38 permit payoff total nuisance per person Total Nuisance - $0.20 - $0.20 $0.00 -$0.60 -$0.60Unit 1 2 IN Price $4.39 $3.59 Value $1.70 $3.32 total nuisance per person Total Nuisance -$0.13 - $0.13 -$1.33 $1.63
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Explanation & Answer:
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Outline
1. Comparative Advantage
2. Competitive Markets and Externalities
3. Production, Entry, and Exit
4. Market Structures (including the Price Discrimination and Cournot simulations)
5. Conclusions
6. References


ECO 201 Project Template
Memo
To: My Business Partner
From: [Insert your
name]
Date: [Insert date]
Re: Microeconomics Simulations
Introduction

1.
2.
3.
4.
5.
6.

This memorandum report identifies and explains key microeconomic principles using a set of simulation games. The outcome of these games
illustrate how microeconomic principles can be applied within real-life situations to help us make better business decisions. This report is a
summary of the simulations I played and their results, which include the key takeaways and their significance, for your review and reference. It is
divided into the following sections:
Comparative Advantage
Competitive Markets and Externalities
Production, Entry, and Exit
Market Structures (including the Price Discrimination and Cournot simulations)
Conclusions
References

Comparative Advantage

Figure 1.1
This simulation explains how people must make business choices by weighing opportunity costs and debating all possible outcomes.
You'll want to compare how many fries you can create to how many burgers you can cook, and vise - versa. If you can create two burgers for
every fry, you are sacrificing two burgers every time you make a fry. You must experiment with various combinations to ascertain the most
profitable merchandise. The productivity-possibility frontier illustrates the possibility curve for how many fries you can produce if you produce
X number of burgers and vice versa. We'll need to experiment with various meal combinations in order to create this graph. How much fries
will there be if we cook no burgers? And work your way up to ordering solely burgers without any fries. This manner, we may examine all
possible combinations and choose which one works best for us.

In business, the concept of comparative advantage has a considerable impact. Comparative advantage refers to the fact that one
organization has an advantage over another in producing a certain product. In order to have a competitive advantage, we must be better at
creating burgers than our neighboring firm. When it comes to preparing fries, the firm next door has a comparative edge over us. In this
scenario, we want to be the ones to start things off. It's easier for us to construct as many combinations as possible by exchanging burgers for
fries. Using the simulation, you can see that I was able to make 85 total combinations, an increase from the previous 80 with no trade. If we
keep looking for the best possible deal, I'm sure we'll come up with many more combinations. A company's productivity-possibility frontier
will shift as a result of international trade. The PPF line would be straight if all trade-offs were equal. The initial PPF curve would be altered if
trading was different.

Competitive Markets and Externalities

Figure 2.1

Figure 2.2
The term "policy...


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