microeconomic concept
APPLICATION OF MICROECONOMIC CONCEPTS TO THE ECONOMY
BACKGROUND
Project Description: In this project, you will apply the theories studied in class to analyze the microeconomic forces affecting a business.
Each and every data/graph/table should have the Source with it.
The contents of your presentation must incorporate concepts from the course.
RESEARCH OUTLINE
Choose your industry and your company - Brief background of the company.
Explain the circular flow diagram and concentrate on each part to explain the following.
DEMAND THEORY
• Consumer Behavior and pattern
• Price elasticity of demand of the product and the shape of the demand curve.
FIRM THEORY
• Cost structure of your company – 2-3 years of actual data.
• Fixed costs, variable costs and your analysis of the same.
MARKET THEORY
• Identify the market structure – level of competition; the barriers to entry; any game theory application
PRICING THEORY
• Pricing strategy of the company; price movements in the last 4-5 years.
CONCLUSION
EXTRA CREDIT
• Relevant materials, apart from the PowerPoint, that will enhance the understanding of the microeconomic concepts that you have included in your presentation.
• Research (newspapers or any other authentic sources) which you can include in a meaningful way in the presentation.
• Use of actual data of your company from annual reports, financial statements
• Your own survey, interview, analysis that you carried out for this project
• Involvement of your colleagues during the presentation / discussion.
• Creativity in your presentation.
• Your preparation and confidence during the presentation.
I would like to choose Mcdonalds as a firm in this
BACKGROUND
Project Description: In this project, you will apply the theories studied in class to analyze the microeconomic forces affecting a business.
Each and every data/graph/table should have the Source with it.
The contents of your presentation must incorporate concepts from the course.
RESEARCH OUTLINE
Choose your industry and your company - Brief background of the company.
Explain the circular flow diagram and concentrate on each part to explain the following.
DEMAND THEORY
• Consumer Behavior and pattern
• Price elasticity of demand of the product and the shape of the demand curve.
FIRM THEORY
• Cost structure of your company – 2-3 years of actual data.
• Fixed costs, variable costs and your analysis of the same.
MARKET THEORY
• Identify the market structure – level of competition; the barriers to entry; any game theory application
PRICING THEORY
• Pricing strategy of the company; price movements in the last 4-5 years.
CONCLUSION
EXTRA CREDIT
• Relevant materials, apart from the PowerPoint, that will enhance the understanding of the microeconomic concepts that you have included in your presentation.
• Research (newspapers or any other authentic sources) which you can include in a meaningful way in the presentation.
• Use of actual data of your company from annual reports, financial statements
• Your own survey, interview, analysis that you carried out for this project
• Involvement of your colleagues during the presentation / discussion.
• Creativity in your presentation.
• Your preparation and confidence during the presentation.
I would like to choose Mcdonalds as a firm in this