Assigment 1
As part of a marketing research committee for your organization, you have been assigned the task of preparing a 700-word research paper about current microeconomic thought and theory.
Identify the fundamental lessons the Ten Principles of Economics teach about:
• How people make decisions
• How people interact
• How the economy as a whole works
Explain the following to help the committee members understand how markets work:
• How society manages its scarce resources and benefits from economic interdependence
• Why the demand curve slopes downward and the supply curve slopes upward
• Where is the point of equilibrium and what does it determine?
• The impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices
Format consistent with APA guidelines.
Assigment 2
You have been given the responsibility of working with your organization's CEO to do a competitive market analysis of the potential success of one of their existing products.
Select your organization and a product produced by that organization fromIndustryWeek.
Write a 2,100-word analysis of the current market conditions facing your product, making sure that you address the following topics:
• Define the type of market in which your selected product will compete, along with an analysis of competitors and customers.
• Analyze any comparative advantages and international trade opportunities.
• Explain the factors that will affect demand, supply, and prices of that product.
• Examine factors that will affect Total Revenue, including but not limited to:
• Price elasticity of demand
• Factors that influence productivity
• Various measures of costs, including opportunity costs
• Externalities and government public policy and their effect on marginal revenue and marginal cost
• Recommend how your organization can maximize their profit-making potential and increase their presence within the market served by the product.
Use a minimum of 3 peer-reviewed sources from the University Library.
Format your paper consistent with APA guidelines.
Assignment 3
You have been asked to assist your organization's marketing department to better understand how consumers make economic decisions.
Develop a 12- to 15-slide Microsoft® PowerPoint® presentation that includes the following:
• The impact the theory of consumer choice has on:
• Demand curves
• Higher wages
• Higher interest rates
• The role asymmetric information has in many economic transactions
• The Condorcet Paradox and Arrow's Impossibility Theorem in the political economy
• People not being rational in behavior economics
Cite a minimum of 3 peer-reviewed sources not including your textbook.
Format consistent with APA guidelines.