demand and supply
By now you should have made your selection of a case for the first project. In each case you are asked to provide micro economic analysis of a new business start up to help your friend, relative, or acquaintance in coming to a decision. Your thoughts, impressions, and advice are to be the result of your own original effort concerning the decision itself and the surrounding economic environment. The base information supplied with the case is a good place to begin thinking about how you will structure your advice and in planning your strategy for completion of the project.
1. At this point with the completion of the first week’s studies you should be on your way toward completion of the Introduction to the project as listed on Page 4 of the project requirements under the heading, Microeconomic Paper as a Professional Report. As per the project requirements the Introduction must identify all microeconomic issues “from the perspective of the organization.”
2. There is a clue here to an important grading point. A completed project is to be a Professional Report in the sense that it establishes you as an authority for the advice you are giving. To be more specific the paper must include “the specific information, research, graphs, and math” necessary to support your conclusions in an understandable and well organized presentation and format, citing sources of information and data in text and a complete Reference Page as required by Keller and APA standards.
a. A minimum of at least five outside sources of information must be used for the reference page and tied to the discussion content. Textual, tutorial, and lecture informational sources from the Course Home Page are to be avoided as the information contained there represents general background information you are assumed to possess. Outside sources are to provide the data, and new informational content directed specifically to your case study and the new product start up.
b. Sources judged inadmissible and included in the Announcement on discussion sourcing are not acceptable and will not count toward meeting the research requirement. TURNITIN will be very useful here in helping you with questions of content and attribution. All information, thoughts and ideas, or data content taken from a published source must be cited.
3. A Professional Paper must include the Introduction together with Conclusions and Recommendations that are supported by your economic analysis of the identified microeconomic issues. A Professional Paper must be error free for spelling, grammar, word usage issues, etc., and must use correct economic terminology to the best advantage. Awkward phrasing and descriptive analysis that is not based on application of economic terminology must be edited before submission.
4. Importantly, at this stage of the process, with the completion of Week 1 studies you are able to provide an initial analysis of listed items 1, a, b, and c, Demand Determinants, on Page 1 of the overall project requirements. Keep in mind that the requirements of content, research, graphs, and mathematics are necessary to complete your analysis. You will need to determine the specific elements of each of these requirements to tailor product and market advice to your selected case.
Product is more or less identified in the case but the market area is not necessarily identified and in most cases a market area must be selected. To do this you need information on cross elasticites, or comparable kinds of information, for your product with possible competing products, demographic data for market composition and for comparison of selected markets to support your arguments for the ideal market area. This analysis may extend to foreign firms and their effect on competition in potential market areas.
There are a number of issues, though relevant, we cannot consider until we have completed Weeks 2 and 3, but you will come up with questions on supply, cost structures, and market dynamics that will need further consideration later. Make a list of these items as they become apparent and check them off as we proceed and then you can find credible answers.
Consider here that the second project ventures into macroeconomic issues such as business cycles, inflation and unemployment, governmental fiscal or monetary policies which may affect the economic and product environment, etc. that are beyond the scope of this first project. So if you think of potential macroeconomic issues and you wish to continue with this or a similar case for the second project, take a look at the selection of cases for the second project and begin your list now.
5. The Q&A Forum under each week’s tab is a good place to share information and to seek an answer to questions you may have. I expect that you will have exhausted your resources by the time you seek advice and that you will have specific questions in need of answers. I will review that area daily and if you have a question that no one has stepped in to help I will provide what assistance I can in the way of advice on the project requirements and possible issues.
This is not the forum for general advice or rehashing content covered in the discussions. I much prefer this area as a student to student forum so take a look yourself and see what you might be able to help. If you are so inclined to help others by giving advice any advice here will be welcome I am sure.
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