Assignment questions(Please remember to justify clearly all your conclusions and label all graphs)I would like to begin the content portion of this project by providing more background on its motivation. The term project focused on the stock price and as we mentioned during week #1, a closely related often-cited goal in business is profit maximization. Therefore, the goal of our semester has been to manage the following equation: 𝜋=𝑇𝑜𝑡𝑎𝑙𝑟𝑒𝑣𝑒𝑛𝑢𝑒𝑠−𝑇𝑜𝑡𝑎𝑙𝑐𝑜𝑠𝑡𝑠As we discussed in class, total revenues are typically assumed to come from demand and so question #1 is all about demand and shifters of demand. 1. Demand analysisSpecify the demand equation using your REDID. The intercept for this equation will be the third digit of your REDID starting from the right. If this digit is a zero, please pick the digit immediately to its right that is not a zero. The coefficient will be the third digit of your REDID starting from the left, but multiplied by -(1/2). So, if your REDID is 123456890, then your demand equation is: 𝑝𝑥=8−(12)∗3∗𝑄𝑑𝑥. If your REDID is 987654321, then your demand equation will be 𝑝𝑥=3−(12)∗7∗𝑄𝑑𝑥. If any digit is a zero, please pick the digit immediately to its right that is not a zero. If your REDID is 120456090,then your demand equation will be 𝑝𝑥=9−(12)∗4∗𝑄𝑑𝑥. ********((MY RED IS IS: 824335467))**********This equation completes the specification for the demand equation for your primary product. So, if your company was Sherwin Williams and you pick yellow paint, this equation would specify the demand for yellow paint.The usage of the REDID is to provide some randomization to the demand equation selection to continue to ensure the integrity of the project and not to make you crazy over the demand equation. If you have any questions about the selection of your demand equation, please send me an email. Please determine the three most important demand shifters for the market for your primary product. So, if your product is yellow paint and your company is Sherwin Williams, your answer to this question will focus on the market for yellow paint, generally, and not just the paint produced and manufactured by Sherwin Williams. Please use graphs of the demand equation that you constructed above to demonstrate how the shifters you have chosen impact the demand for goods bought and sold in your primary market. Again, in the context of the above example, these graphs would correspond to the graphs for yellow paint. 2. Cost analysis The second term in the above equation is total cost. The lecture on cost was all about Q(short for Quantity), since total revenue=Price*Quantity. This lecture focused on where Q came from because we need to produce Q in order to supply it to the market and subsequently sell it in the market. A key assumption about cost, then, is that it corresponds to manufacturing cost, i.e., the cost we incur to sell our product in the marketplace. So, in the context of the above example, this would be the cost to manufacture (i.e. make) yellow paint. In other words, we need to make our product in order to sell it and so the lecture on production taught us how to produce our product and the lecture on demand and supply taught us how to represent the corresponding supply equation. The intercept for the supply equation is the fifth digit from the left and the coefficient will be 1. So, if your REDID is 123456890, then your supply equation will be, 𝑝𝑥=5+𝑄𝑑𝑥. If your REDID is 12340980, then your supply equation will be 𝑝𝑥=9+𝑄𝑑𝑥. Please graph this supply equation and remember to label all axes. What are the three most important shifters for the supply of your product? Please now assume that costs of production and supply are related and recall from our lectures in class that the two factors that drive production for any firm are labor and capital. How is the production of your product impacted by the shifts in the supply of your product? (Hint:if our product is yellow paint and after doing our research we find that technology is an important shifter in the supply of yellow paint. Then, in addition to discussing how technology affects the supply of yellow paint, we want to explain how technology affects the production of yellow paint and in particular, does it affect labor, capital, both? If it affects neither, but it does affect cost, then please state it. In all cases, please make sure to explain your position and use graphs to support your position). The slides also describe economies of scale, scope, and cost complementarities as additional tools to represent costs. Does your firm exploit any of these in order to reduce its costs? If so how and if not why not? (Please use graphs to support your answer). Finally, bringing everything together, of the market structures described during our last two virtual lectures, in which, if any, do you operate your business? Do you have market power, why or why not? If so, how do you exploit it?3. Corona Virus effects In a recent Wall street journal article from February 27, 2020 titled “The Fed can’t wait to respond to the coronavirus”, the author stated, “Today, the novel Coronavirus is a material risk to the economy. It represents an unexpected shock...”Inevitably,in our lifetimes, we may run into such shocks again and we, as business managers and family members, should help other people within our business and our family.Assuming the CoronaVirus is tantamount to a risk factor to the economy, how does the shock of the CoronaVirus affect your primary market? (Please be sure to consider system wide/market shocks, industry specific,and firm specific shocks in your response. For these types of shocks, additional helpful considerations include the fixed costs and the variable costs you may face. How are these costs affected by CoronaVirus? How are revenues, profits affected? Remember:profit=revenue-total costs. It may also be helpful to classify it as a supply shock or demand shock or as affecting both.How does the market, your industry, your firm get affected?). How can you successfully navigate your business through such shocks for the security/protection (both financially and personally) of your employees and shareholders and both your family members and those of your employees? MY PROJECT WAS DONE ON THE COMPANY: WALMART!I HAVE ATTACHED PAST WORK FROM PROJECT AND SLIDES FROM LECTURES

For this writing assignment, you will be given an economic podcast and will be asked to critically evaluate it. You will be graded on the quality and thoroughness of your analysis. Therefore, you will also be graded on the clarity, flow, and overall cohesiveness of the writing in your paper.Podcast:https://freakonomics.com/podcast/reemployment-part-1/ (Links to an external site.)PromptThe beginning of the podcast states, “Covid-19 is the biggest job killer in a century. As the lockdown eases, what does re-employment look like Who will be first and who last? Which sectors will surge and which will disappear?” After listening to this podcast, the President of the United States asks you to come up with a critical evaluation regarding the Covid-19 pandemic and its impact on the labor market. Based on your report, the President will make its policy recommendations. You are to analyze one of the four economists' arguments/opinions in the podcast.Follow the paper outline below:Paper OutlineIntroduction (5 points): The introduction (first paragraph) briefly summarizes what you consider to be the main point(s) of the article. If there are many, focus on the one(s) that you will analyze in the assignment.Summary (5 points): A short summary of the podcast should be included. This summary should capture the key points presented in the podcast and any important facts or elements. Do not spend the whole assignment summarizing the entire article. Summaries should be succinct and to the point and be approximately one paragraph. Explain “your chosen” economists’ arguments (15 points): The President has heard about the “the above economist” but does not know enough to enact a policy. In this section you need to explain what the economist is arguing. (Don’t just summarize what they said. You need to demonstrate their argument using the models and tools you have learned throughout the semester). You should use, at a minimum, one economic concept we have covered in class. In other words, I expect you to demonstrate the economists' arguments by drawing a graph and showing the effects of the arguments. Your graphs must be detailed and thorough. Critical Evaluation of the argument (40 points): This is the most important aspect of this assignment.Students should focus on whether they agree/disagree with the economist and what their recommendations may be. Students can also analyze how the material in the podcast will impact the economy in a macro setting. The analysis portion has the potential to be varied in nature. However, I recommend sticking to my guidelines below:To evaluate the argument you need first to understand the author’s arguments. Start by identifying the assumptions inherent in the argument, checking to see if the conclusions follow from these assumptions. Try to distinguish the argument from the evidence provided to support the argumentTo do the critical evaluation, essentially you should take apart the various steps in the argument and see if they make sense separately and as a whole. Can you use the tools learned in class to think about the argument in another way? Check to see if the author is missing anything in his/her argument or has used some tool or method incorrectly or inappropriately. Is there evidence that contradicts their argument? I expect you to use at least 1 economic model we have learned in class. You should be using the AS/AD model, the Classical model, the Phillips Curve, etc. Your models should also be detailed. Make sure you read explaining what the models mean and clearly demonstrate the economic implications. All models must be drawn by hand. Any models “grabbed” from the text or internet will not count and will adversely affect your grade. Your hand-drawn models should be scanned and of high-quality. Conclusion (5 points): It is important to have a strong conclusion since this is the last chance you have to make an impression on your reader. The goal of your conclusion isn’t to introduce any new ideas, but to sum up, everything you’ve written. Specifically, your conclusion should accomplish three major goals: Restate the main idea of your essay, or your thesis statement.Summarize the main sub-points of your essay.Leave the reader with an interesting final impression.Works Cited: Must cite at least 3 sources. Class notes/lectures can account for one source. The textbook can account for one source.How to format your assignmentYour assignment should be typed, double-spaced, and have a font size of 12 points.Minimum of 3 pages (not including models, works cited page).The assignment should be in Word.