She recognizes the high costs of tuition and the years of study involved in becoming a doctor. She wants to evaluate if that career choice is an optimal session for her, so she has asked you for advice. Having read the piece “Fewer Physicians Move, a Sign of Career Caution” on page 20 of the textbook, you recognize the significance of such a career decision for Jenny. You decide to educate yourself about the market for physicians in terms of supply and demand, elasticity, costs of production, pricing, and economic or normal profit or loss. You want to provide Jenny with the most informed advice possible.
Your neighbor Cindy wants to start a contracting business for installing solar panels. She has heard of the cost savings that households and businesses can make each year by installing solar panels on their roofs. Cindy has also heard of government incentives for installing solar panels. Being concerned about the environment and wishing to reduce pollution, Cindy thinks installing solar panels also serves a good social purpose. But she does not want to risk her life savings on a venture that might not succeed or become profitable enough.
After hearing from you about taking this course in business economics, she decides to ask you for advice. At first you are hesitant to give investment advice. Then you read the piece “US boosts ‘game-changer’ solar technology in bid for global market share” on page 374 of the textbook. You realize there are more pieces to the decision than Cindy is considering. You decide to research the market in terms of supply and demand, elasticity, costs of production, pricing, and economic or normal profit or loss. You want to provide Cindy with the most informed advice possible.
Cousin Edgar is always thinking of the next business idea. This time, he plans to invest in buying two gas stations. He reckons American consumers have come to accept the high gasoline prices, and estimates world prices for gasoline to increase even turner with high demand trot India and China Besides, Cousin Edgar thinks he will make a good profit on the sale of convenience items at each station. But before buying the gas stations, he decides to ask for your advice because you are taking this course in business economics.
You happened to read the piece “$4-a-Gallon Gas Fueling Fears for Recovery’ on page 196 of the textbook. Being skeptical of Cousin Edger’s optimism on the profitability of selling gasoline and convenience items, you decide to research the market in terms f supply and demand, elasticity, costs of production, pricing, and normal or economic profit or loss. You want to provide Cousin Edgar with the most informed advice possible.
After hearing of you taking this course in business economics, Uncle Dan has emailed you asking for advice on his 100-acre corn farm.
He mentioned how, after 30 years of growing corn, he wishes to leave that commodity market and enter a more profitable market instead. He is thinking of planting some organic crop. But he is not sure which crop would be most profitable. He already knows that going organic squires changing some of his practices to qualify for the certification. Therefore he wants to know how much it costs to become a certified organic farmer, and which crop would be best suited for him to grow given his current equipment.
Luckily before you can find time to answer Uncle Dawn’s e-mail, you read the piece on organic farming in the United Kingdom on page 422 of the textbook. Recognizing the costs and risks for Uncle Dan in making the switch, you decide to research the market in terms of supply and demand, elasticity, production costs, pricing, and economic or normal profit or loss. You decide to educate yourself about organic farming so that you can provide Uncle Dan with the most informed advice possible. Read the list of microeconomic policies
Microeconomic Paper as a Professional Report
Your paper should be organized into five parts as listed below.
1. Title Page? Name, course, and date
2. Introduction to situation, but do NOT copy the scenario. Briefly summarize the situation and identify the microeconomic issue(s) to be decided from the perspective of the organization.
3. Relevant Economic Principles: Determinants of Demand, Supply, etc. And Relevant Data Identify the variables that are critical in addressing the issue(s). Gather and present the relevant data on the variables by searching the Diver Online Library. Ask a librarian for help if needed. Use in-text citation to report the source(s) of the data.
Graphs may be included here.
4. Recommendations and Economic Justification
Formulate and present your recommendations for addressing the issue(s) based on the relevant data and economic principles identified above. Justify your recommendations in terms of the economic impact on those affected.
5. References List the full references for at least five sources alphabetically in PAPA format. Grading Rubric Section Points earned Points Description Paper Presentation 10 Good format, citations, lack of spelling errors, etc.
Correct Title page and Reference pages Relevant Data:
Demand: 70 points Supply:
110 points 180 Demand Determinants and research data (40 points)
Price Elasticity of Demand (20 points)
Graph of Demand (10 points)
Supply Determinants and research data (40 points + Profit Max/Cost of Production analysis = 40 points for total of 80 points)
Price Elasticity of Supply (20 points)
Supply graph (10 points)
What are your recommendations explained by your analysis?