Apply economic concepts to situations at work. This writing assignment is intended to give you a chance to apply concepts to real economic situations.
Think of these concepts (markets, elasticity, production, costs, market structures). Take one or two of those concepts and use it to analyze and understand economic situations or decisions which you face in your company. If you cannot apply these concepts to your workplace you might use recent news items. Consider the following points in this assignment:
• Show how the economic concepts offer a framework for understanding the situations or decisions.
• Use economic concepts (goals, constraints, decision variables) to frame decision making (i.e. market structure will decide what decisions are available to a firm, like a firm selling commodities largely has no control over price). This would include understanding what decisions are available (what are the tradeoffs?) and how to use economic concepts to select among available alternatives to make the most informed decision.
• Use those concepts to further your understanding of “real world” situations and to make better, more informed decisions.
• You should provide needed background about the situation or decision to use the economic concepts.