ECO 201 Project Template (1) (1)
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Southern New Hampshire University *
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Course
201
Subject
Economics
Date
May 17, 2024
Type
Pages
6
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ECO 201 Project Template
Memo
To: My Business Partner
From: Samantha Ortiz
Date: April 4, 2024
Re: Microeconomics Simulations
Introduction
This memorandum report identifies and explains key microeconomics principles using a set of simulation games. The outcome of these games illustrate how
microeconomics principles can be applied within real-life situations to help us make better business decisions. This report is a summary of the simulations I
played and their results, which include the key takeaways and their significance, for your review and reference. It is divided into the following sections:
1.
Comparative Advantage
2.
Competitive Markets and Externalities
3.
Production, Entry, and Exit
4.
Market Structures
(including the Price Discrimination and Cournot simulations)
5.
Conclusions
6.
References
Comparative Advantage
Figure 1.1
Figure 1.2
Opportunity cost is what we give up to get that item. In the simulation, I sold more combos when I traded. Production possibilities frontier (PPF) shows
the various mixes of output that an economy can produce. If there are two producers forming the same product, each producer will have an opportunity cost in
order to form each of their products. If these businesses focused more on what they are each good at, it would allow them both to produce more products to
sell. In the “No Trade” simulation, 80 combos were made and sold. But in the “Trade” simulation, where PPF comes into play, I focused on producing one product
and traded with another producer who was producing another product. I was able to sell 91 combos. When making a business related decision, it’s important to
evaluate the cost of each product and the time it takes to produce it.
Competitive Markets and Externalities
Figure 2.1
Figure 2.2
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Related Questions
Assignment Content
Suppose a firm uses sugar in a product that you purchase. The firm vertically integrates by purchasing sugar farms that produce the sugar organically and in a way that makes it also sustainable for the environment. How would that influence your demand for that product? What other purpose than profitability might cause the firm to make this decision to vertically integrate in this way?
Your journal entry must be at least 200 words in length. No references or citations are necessary.
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CASE STUDY
Jeff Spud from ‘Spud’s Farm’ is your client and is a medium sized potato farmer on the north-west coast of Tasmania.
You are asked to give him financial and business advice on how his business can survive the problems he is facing from powerful buyers of his produce and with competition from other local, interstate and overseas producers.
His previous contracts for his potato crop have been from McCain, a global company. Previously he was able to form a collective with other farmers in the region to negotiate the price to be paid by McCain per tonne. He understands there is some legal issue on negotiating price as a collective and requests advice on this.
Jeff has explained that he can produce 50 tonnes of potatoes per hectare and the contract price per tonne he has been given is $248. He has potentially 45 hectares of farm he can use for potatoes. He has provided you with the estimated fixed and variable costs for each farmed hectare.
Below are some snippets from recent…
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ework (Ch 09)
4.00
3.50
Monopoly Outcome
3.00
ATC
2.50
Profit
2.00
1.50
Loss
MC
1.00
K 0.50
D
2.0
QUANTITY OF OUTPUT (Thousands of cans of beer)
0.5
1.0
1.5
2.5
3.0
35
4.0
Suppose that BYOB charges $2.75 per can. Your friend Musashi says that since BYOB is a monopoly with market power, it should charge a higher p
of $3.00 per can because this will increase BYOB's profit.
Complete the following table to determine whether Musashi is correct. If BYOB is suffering a loss, enter a negative value for profit.
Price
(Dollarc nor can)
Quantity Demanded
Total Revenue
Total Cost
Profit
nollare)
nallare)
IDallare-1
17 +
ho.
144
DII
DDI
&
*
5.
6.
7.
8.
ba
R
PRICE AND COST PER UNIT (Dollars per can)
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7
Topic:
Electric vehicles are being promoted by governments and automakers worldwide as a critical innovation for reducing oil consumption and combating climate change.
Can you help me with the introduction, body, and conclusion? maybe 1-3 pages will do. Thanks!
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Learning Task 7: Read and analyze the texts below. In your notebook,
write its connection to your personal experiences, to your community, or to
the world by completing the table below.
The Global Pandemic
Recently, the globe was alarmed with the outbreak of the new
Corona Virus, known as COVID-19. This posed alarm to all the
inhabitants of the earth.
At present, it continues to affect millions of people weakening
their immune system. No vaccine is yet discovered so people are
advised to stay indoor and observe minimum health protocols set by
the World Health Organization (WHO).
This doesn't only affect people's health but so with great
countries
economic
losses
among
the
it hits resulting to
unemployment, hunger, death toll and increase in prices of prime
commodities making humans to suffer.
What is the selection's connection to:
Me?
My Community?
The World?
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Mircoeconomics production and cost concept: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefited from the hurricane. Why did this occur? What information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods?
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Specific Subject: Microeconomics - Cost Functions
Complete the following attached table, assuming that P = 100
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View a video conference from YouTube titled: “A Conference Call in Real Life by Tripp and Tyler.” Then answer the following questions.
What was the topic of the video conference?
Who were the participants? Where were they from?
How was the flow of the video conference?
Were there some technical glitches encountered? Were they resolved immediately? Explain further.
After viewing the sample video conference, what do you think are some of the constraints of this communication mode?
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Topic A Problem: While on vacation, you go to a miniature golf course on a weekday and notice no other
customers there while you golf. Why do you think a miniature golf course would stay open during the week
when it seems like the revenue from so few customers could not possibly cover the costs of running the golf
course? What is an example of another business that stays open even when it's slow, and their revenue does
not seem like it could cover their costs?
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economics
Assigned company Name: BAXTER INTERNATIONAL
analyze strategy threats using Michael Porter’s Five Forces analysis.
Provide a brief introduction to your assigned company (e.g. what is its business, in what market is it, how long has it been in business, etc.)
Apply each of Porter’s five forces to your assigned company, indicating the threat level (e.g., high, moderate or low), why you have made this assessment.
Do NOT make recommendations for addressing these threats; only provide your assessment of the threats.
Include a graphic of the Five Forces model that provides a bulleted synopsis of your assessment for each of the five forces.
PLEASE HELP WITH ALL THE BULLET POINTS PLEASE
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Question 33
Handicrafts making done at a small scale in Pakistan follows ________ production capacity and ________ structure.
Mass Level & Organic
Mass Level & Mechanistic
Unit Level & Mechanistic
Unit Level & Organic
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SUBJECT: ENGINEERING ECONOMYTOPIC: BASIC METHODS IN MAKING ECONOMY STUDIES
NOTES:
USE 2 DECIMAL PLACES ONLY
BOX THE FINAL ANSWERS
SHOW DETAILED SOLUTION (GIVEN, WHAT IS BEING ASKED, FORMULA TO BE USED, SOLUTIONS, ANSWER)
PLEASE HAVE A CLEAR AND UNDERSTANDABLE SOLUTIONS
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Instructions: Analyze and answer the following questions
A US Company plans to sell farm equipment in a country in Asia. This country traditionally had not conducted business with companies outside of its geographic region. Answer these questions for the US company.
1. What geographic factors might influence the company's international business activities?
2. How might economic conditions affect business decision
3. What social and cultural influences could affect business decisions?
4. How could politics and laws after the company's exporting activity?
Limit your answer/s to 2-4 sentences only.
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Course Title: Macroeconomics
Steve and Craig have been shipwrecked on a deserted island in the South Pacific. Their economic activity consists of either gathering pineapples or fishing. We know Steve can catch four fish in one hour or harvest two baskets of pineapples. In the same time Craig can reel in two fish or harvest two baskets of pineapples.
Question: If they each specialize in either fishing or harvesting pineapples, what should Steve specialize in? What should Craig specialize in? What will their total production be? (Show opportunity cost calculations.) Should they specialize? Why or Why not?
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Activity 2
Directions: Read the story carefully. Analyze the business. Then answer
the questions at the end of the story.
Anne and Cherry are friends since high school. Anne is good in baking and
Cherry is good in selling. To increase their income, they decided to put up an
online business of bakery products. They contributed 10,000 each to start the
business and decided to split the profit equally as business partners. The
friends agreed that Anne will be in charge of the production while Cherry will be
in charge of the online site for taking marketing and promotion. Cherry started
taking orders while Anne is busy on baking products. The business started to
get big orders from their regular clients and other who visited their online site.
After one year of operation, while Cherry continue with her regular work Anne
as in-charge of the production, started getting sick and advised to rest. Now,
Anne can no longer continue baking for their business.
1. What went wrong with the business?…
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SUBJECT: MICROECONOMICS
TOPIC: THE THEORY OF FIRM: PRODUCTION AND COST
COMPUTE AND EXPLAIN
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Note: I really need help with the last question, and the table please!
The answer should be typed.
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Topic: What is the world going to be like if we continue to have bilateral economic war in the next 25 years? the tensions that lead to war still exist: religion, money, natural resource, and history all provide way too many “reasons” for countries to want war to achieve their perception of national goals.
Question: How important is money and Natural resources during bilateral economic wars and what are the effects.
please answer in paragraphs, thank you for your time!
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Operations Strategy Question: Which of the following is not a component of the production process? a) Inputs b)
Outputs c) Operations strategy d) Transformation process
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Topic: What is the world going to be like if we continue to have bilateral economic war in the next 25 years? the tensions that lead to war still exist: religion, money, natural resource, and history all provide way too many “reasons” for countries to want war to achieve their perception of national goals.
Question: How does money and Natural resources effect our economy during wars?
please answer in paragraphs, thank you for your time!
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MindTap-Cengage Learning X
/static/nb/ui/evo/index.html?deploymentld-58326557198082800211662038eISBN=9781337914413&nbld-3236996&snapshotld-3236996&id=16:
Courses
My Drive - Google...MyHarper | Students
CENGAGE MINDTAP
Aplia Homework: Demand, Supply, and Markets
WAGE (Dollars per hour)
20
18
16
14
12
10
8
6
4
2
0
X
0
•
I
Supply
I
I T Demand
I I
II I
|| 1
50 100 150 200 250 300 350 400 450 500
LABOR (Thousands of workers)
In this market, the equilibrium hourly wage is S
H
Graph Input Tool
Market for Labor in the Fast Food Industry
Chapter 4 HW Flashcards | Quizle X +
Wage
(Dollars per hour)
Labor Demanded
(Thousands of
workers)
and the equilibrium quantity of labor is
Search L pe
U
8
8
Suppose a senator introduces a bill to legislate a minimum hourly wage of $8. This type of price control is called a
300
Labor Supplied
(Thousands of
workers)
thousand workers.
O
3
D
200
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Please could you help me answering this question, based on if you created a Virtual Reality game.
Please make sure that your answer is very detailed throughout each step of the answer
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Homework (Ch 09)
* MindTap - Cengage Learning
x +
atic/nb/ui/evo/index.html?deploymentld=58830023220612202193347127562&elSBN=9781337622349&id=D908491136&snapshotld=19375308&
CENGAGE MINDTAP
Homework (Ch 09)
Suppose Ginny gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some
market power. Assume that she does not incur fixed costs, and the only significant variable cost to Ginny is her time. As she gives more haircuts,
Ginny must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast.
If she gives two haircuts, she gives up reading the paper and sleeping an extra half-hour.
Ginny's clients are a varied group willing to pay between $16.00 and $28.00 for a haircut. Assume that Ginny cannot price discriminate, i.e., charge
different clients different prices. If Ginny charges $28.00 per haircut, she will have one client per week; if…
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Instructions: Analyze and answer the following questions
A US Company plans to sell farm equipment in a country in Asia. This country traditionally had not conducted business with companies outside of its geographic region. Answer these questions for the US company.
1. How could politics and laws after the company's exporting activity?
2 How might economic conditions affect business decision (Please cite additional info from previous answers if possible)
3. What social and cultural influences could affect business decisions (Please cite additional info from previous answers if possible)
Limit your answer/s to 3-4 sentences only.
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readings: Rousseau, Selection from A Discourse on Political Economy; Rousseau, Selections from Emile; Wollstonecraft, Selections from A Vindication of the Rights of Woman all in pdf on course website
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Topic: : Cost function, economies of scale, technological change
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Subject : Literacy in English
Revise the following thesis statements so they become thesis statements appropriate for agumentative essays :
Total revenue of Bitcoin and Ethereum miners fell sharply in June compared to May 2021
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Related Questions
- Assignment Content Suppose a firm uses sugar in a product that you purchase. The firm vertically integrates by purchasing sugar farms that produce the sugar organically and in a way that makes it also sustainable for the environment. How would that influence your demand for that product? What other purpose than profitability might cause the firm to make this decision to vertically integrate in this way? Your journal entry must be at least 200 words in length. No references or citations are necessary.arrow_forwardCASE STUDY Jeff Spud from ‘Spud’s Farm’ is your client and is a medium sized potato farmer on the north-west coast of Tasmania. You are asked to give him financial and business advice on how his business can survive the problems he is facing from powerful buyers of his produce and with competition from other local, interstate and overseas producers. His previous contracts for his potato crop have been from McCain, a global company. Previously he was able to form a collective with other farmers in the region to negotiate the price to be paid by McCain per tonne. He understands there is some legal issue on negotiating price as a collective and requests advice on this. Jeff has explained that he can produce 50 tonnes of potatoes per hectare and the contract price per tonne he has been given is $248. He has potentially 45 hectares of farm he can use for potatoes. He has provided you with the estimated fixed and variable costs for each farmed hectare. Below are some snippets from recent…arrow_forwardework (Ch 09) 4.00 3.50 Monopoly Outcome 3.00 ATC 2.50 Profit 2.00 1.50 Loss MC 1.00 K 0.50 D 2.0 QUANTITY OF OUTPUT (Thousands of cans of beer) 0.5 1.0 1.5 2.5 3.0 35 4.0 Suppose that BYOB charges $2.75 per can. Your friend Musashi says that since BYOB is a monopoly with market power, it should charge a higher p of $3.00 per can because this will increase BYOB's profit. Complete the following table to determine whether Musashi is correct. If BYOB is suffering a loss, enter a negative value for profit. Price (Dollarc nor can) Quantity Demanded Total Revenue Total Cost Profit nollare) nallare) IDallare-1 17 + ho. 144 DII DDI & * 5. 6. 7. 8. ba R PRICE AND COST PER UNIT (Dollars per can)arrow_forward
- 7 Topic: Electric vehicles are being promoted by governments and automakers worldwide as a critical innovation for reducing oil consumption and combating climate change. Can you help me with the introduction, body, and conclusion? maybe 1-3 pages will do. Thanks!arrow_forwardLearning Task 7: Read and analyze the texts below. In your notebook, write its connection to your personal experiences, to your community, or to the world by completing the table below. The Global Pandemic Recently, the globe was alarmed with the outbreak of the new Corona Virus, known as COVID-19. This posed alarm to all the inhabitants of the earth. At present, it continues to affect millions of people weakening their immune system. No vaccine is yet discovered so people are advised to stay indoor and observe minimum health protocols set by the World Health Organization (WHO). This doesn't only affect people's health but so with great countries economic losses among the it hits resulting to unemployment, hunger, death toll and increase in prices of prime commodities making humans to suffer. What is the selection's connection to: Me? My Community? The World?arrow_forwardMircoeconomics production and cost concept: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefited from the hurricane. Why did this occur? What information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods?arrow_forward
- Specific Subject: Microeconomics - Cost Functions Complete the following attached table, assuming that P = 100arrow_forwardView a video conference from YouTube titled: “A Conference Call in Real Life by Tripp and Tyler.” Then answer the following questions. What was the topic of the video conference? Who were the participants? Where were they from? How was the flow of the video conference? Were there some technical glitches encountered? Were they resolved immediately? Explain further. After viewing the sample video conference, what do you think are some of the constraints of this communication mode?arrow_forwardTopic A Problem: While on vacation, you go to a miniature golf course on a weekday and notice no other customers there while you golf. Why do you think a miniature golf course would stay open during the week when it seems like the revenue from so few customers could not possibly cover the costs of running the golf course? What is an example of another business that stays open even when it's slow, and their revenue does not seem like it could cover their costs?arrow_forward
- economics Assigned company Name: BAXTER INTERNATIONAL analyze strategy threats using Michael Porter’s Five Forces analysis. Provide a brief introduction to your assigned company (e.g. what is its business, in what market is it, how long has it been in business, etc.) Apply each of Porter’s five forces to your assigned company, indicating the threat level (e.g., high, moderate or low), why you have made this assessment. Do NOT make recommendations for addressing these threats; only provide your assessment of the threats. Include a graphic of the Five Forces model that provides a bulleted synopsis of your assessment for each of the five forces. PLEASE HELP WITH ALL THE BULLET POINTS PLEASEarrow_forwardQuestion 33 Handicrafts making done at a small scale in Pakistan follows ________ production capacity and ________ structure. Mass Level & Organic Mass Level & Mechanistic Unit Level & Mechanistic Unit Level & Organicarrow_forwardSUBJECT: ENGINEERING ECONOMYTOPIC: BASIC METHODS IN MAKING ECONOMY STUDIES NOTES: USE 2 DECIMAL PLACES ONLY BOX THE FINAL ANSWERS SHOW DETAILED SOLUTION (GIVEN, WHAT IS BEING ASKED, FORMULA TO BE USED, SOLUTIONS, ANSWER) PLEASE HAVE A CLEAR AND UNDERSTANDABLE SOLUTIONSarrow_forward
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