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Final Project Part I Milestone One: Supply, Demand, and Market Equilibrium

  • Date Submitted: 04/03/2016 12:09 AM
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Final Project Part I Milestone One: Supply, Demand, and Market Equilibrium


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3-2 Final Project Part I Milestone One: Supply, Demand, and Market Equilibrium
This milestone, which covers Section II of Final Project Part I, should be a paper structured as follows:
1. Describe the price elasticity of supply or demand for your product or service.
2. Explain how two nonprice factors impact the demand of your chosen product or service.
3. Explain how two nonprice factors impact the supply of your chosen product or service.
4. Define the industry and the market equilibrium associated with the product or service.
5. Predict the effect of changes in supply and demand on the market equilibrium.
6. Describe the decisions related to supply and demand for the product or service that you would make based on the predicted changes in supply and demand on the market equilibrium.
5-2 Final Project Part I Milestone Two: Production and Costs
This milestone, which covers Section III of Final Project Part I, should be a paper structured as follows:
1. Describe three key inputs (or factors of production) and fixed and variable costs involved in the production of your chosen product or service.
2. Analyze the factors that impact your choice of inputs to produce the chosen product or service.
3. Examine the production decisions that you would make based on the analysis of the factors impacting the choice of inputs to produce the chosen product or service.
7-1 Final Project Part I Final Submission: Microeconomic Analysis Paper
The microeconomic analysis paper should be a complete, polished artifact containing all of the critical elements of Final Project Part I, including Sections I and IV , which were not covered in the milestones.

In addition to covering all of the critical elements of Part I...

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