Assignment
Applying economic concepts to situations at work or in the world is essential for fully understanding and using economic concepts. This writing assignment is intended to give you a chance to apply classroom concepts to real economic situations.
Think of the concepts that we have covered (markets, elasticity, production, costs, market structures, etc.). Take several of these concepts and use them to describe, analyze, and better understand economic situations or decisions that are faced in your current or former workplace. If you can't apply these concepts to your workplace, you may use recent news o current events, but these should be managerially oriented. I would like you to:
• Show how the economic concepts covered in this class provide a framework for understanding the situations or decisions from your workplace or another real world situation.
• Use economic concepts (goals, constraints, decision variables) to frame decision making. For example, market structure will determine what decisions are available to a firm, such as ability to influence price. This will include not only understanding what decisions are available and describing the tradeoffs involved, but also how to use economic concepts to choose among available alternatives to make the most informed decision.
I would like to see that you are able to appropriately apply the concepts we are covering in class and that you are able to use those concepts to further your understanding of "real world" situations in order to make better, more informed decisions.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.