Assignment:
Prepare a 250 - 500 word research paper about current microeconomic thought and theory
Please choose an article from the Wall Street Joumal, The Economist, Bureau of Labor/Statistics, Bureau of Economic Analysis etc... to analyze the week one Learning Objective of; Demand, Supply and the Market or Price as a Rationing Device. In your analysis please address two to three of the following criteria:
How people make decisions
Why the demand curve slopes downward and the supply curve slopes upward
Where the point of equilibrium is and what does it determine?
Define the type of market in which your selected product will compete, along with an analysis of competitors and customers.
Explain the factors that will affect demand, supply, and prices of that product e.g. Externalities and government public policy
Recommend how your organization can maximize their profit-making potential and increase their presence within the market served by the product.