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Eco 201 project

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ECO 201 Project
Memo
To: My Business Partner
From: Taylor Smith
Date: October 24th, 2021
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. 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

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Comparative Advantage

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ECO 201 Project Memo To: My Business Partner From: Taylor Smith Date: October 24th, 2021 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 Evaluating opportunity cost and comparative advantages could be significant to improving business to ensure success. Comparative advantage is having the ability to utilize less opportunity cost while actually increasing the production of merchandise. If there was a business who competed with and they had more adequate workers, it would be clear that they would have the comparative advantage of producing goods similar with low opportunity cost, whereas one’s own goods would still be completed, but at an alarmingly slower rate. However, there would be products one’s own employees could produce quicker because of the updated equipment in the building. There ...
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