microeconomic concept

Topics: Supply and demand, Cost, Economics Pages: 2 (251 words) Published: December 3, 2013
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 research
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