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ECO 201 Final Project Guidelines and Rubric
The final project for this
course is the creation of a research paper. Every day, millions of economic choices are made by people—from what
brand of soap to buy to how many employees to hire for a factory.
Microeconomics provides us with the tools, models, and concepts to better
understand individual choices in the marketplace and how resource allocation is
determined at the micro level. The decisions made by individuals and households
impact the market and influence decisions made by firms. Firms use these tools
as a way to determine pricing, output, and profit maximization. As a student of
economics, you can use the microeconomic principles to gain an understanding of
how firms and individuals make decisions and also to make your own conclusions
about actions we can take to improve those decisions.
Now, imagine that you are a
consultant to the firm of your choice. The firm has hired you to advise it on
how it can ensure its future success as a company in its current market. To do
this, you will write a 7–9-page research paper analyzing market and business
data to explain how the core microeconomic principles impact the sustainability
of the firm and what actions it can take to ensure success.
The project is divided into three milestones, which will be submitted at
various points throughout the course to scaffold learning and ensure quality
final submissions. These milestones will be submitted in Modules Two, Four, and Five.
The final submission will occur in Module Seven.
In this
assignment, you will demonstrate your mastery of the following course
outcomes:
• ECO-201-01: Apply microeconomic models to real-world
situations for informing effective business decisions
• ECO-201-02: Analyze business and market data using
microeconomic tools for their impact on business sustainability
• ECO-201-03: Evaluate the structure of various markets
for informing effective decision-making strategies
• ECO-201-04: Assess the behavior and decisions of
individuals and firms for their relation to the microeconomic framework
You will work with your
instructor to choose a firm for which you can find reliable data and
information, both at the firm level and the industry level. The firm you select
must be a publicly traded company, must operate in the U.S. market, and must
currently be in business. You will need instructor approval before continuing
on with your research paper in order to ensure you have met the necessary
requirements. Publicly traded companies file reports with a great deal of data
that you will find useful for your analysis. Once you have selected a firm for your
case study, you will gather information and data relevant to the firm and its
industry and use the core microeconomic principles you have learned in class to
analyze the information and make a recommendation for your firm. You will
compose a 7–9-page research paper in which you will analyze the market and
business data to explain how the core microeconomic principles impact the
sustainability of the firm, and your recommendation will suggest the actions
the firm can take to ensure success.
Specifically
the following critical elements must be addressed:
I.
Introduction
Work with your instructor to choose a firm that matches
the following criteria: a publicly traded company operating in the U.S. market
that is currently in business.
a) Outline the purpose of this paper and how it will
inform your conclusion.
b) Summarize the history of the firm, and provide an overview for what the firm does and what
goods/services it sells.
II.
Explore the supply and demand conditions for your firm’s product.
a) Evaluate trends in demand over
time, and explain their impact on the industry and the firm. You should consider
including annual sales figures for the product your firm sells.
b) Analyze information and data
related to the demand and supply for your firm’s product(s) to support your
recommendation for the firm’s actions. Remember to include a graphical representation of the
data and information used in your analysis.
III.
Examine the price elasticity of demand for the product(s) your firm
sells.
a) Analyze the available data and
information, such as pricing and the availability of substitutes, and justify
how you determine the price elasticity of demand for your firm’s product.
b) Explain the factors that affect consumer responsiveness to price changes for this
product, using the concept of price elasticity of demand as your guide.
c) Assess how the price elasticity
of demand impacts the firm’s pricing decisions and revenue growth.
IV.
Examine the costs of production for your firm.
a) Analyze the various costs a firm
faces, their trends over time, and how they have impacted your firm’s profitability.
b) Apply the concepts of variable
and fixed costs to your firm for informing its output decisions. For instance, analyze how different kinds of
costs (labor, research and development, raw materials) affect the firm’s level
of output. V. Explore the overall market for your firm.
a) Discuss the market share of the firm and its top
competitors by providing details on current percentages for each firm and
describing the trend over time. You might consider presenting the data
graphically.
b) Analyze the barriers to entry in this market to illustrate
the potential for new competition and its impact on your firm’s future in the
market.
c) Describe the market structure for this firm, and analyze how
this affects the firm’s ability to influence the market.
VI. Recommendation
a) Develop a recommendation for how
the firm can manage its future production by synthesizing the data presented.
b) Suggest how the firm’s position
within the market and among its competitors will allow it to take your recommended action.
c) Describe how the firm can sustain its success going forward by evaluating the
findings from demand trends and price elasticity.
Milestone One: Introduction
In Module Two, you will submit a draft of the introduction (Section I) of your research
paper, including all critical elements of Section I as listed above. In one to
two pages, you will detail the purpose of the paper, summarize the history of
the firm, and provide an overview of the firm. This milestone is graded with the Milestone One
Rubric.
Milestone Two: Supply and Demand Conditions and Price Elasticity
of Demand
In Module Four, you will submit a draft of the supply and demand conditions (Section II) and price elasticity of demand (Section III) of your research
paper, including all critical elements as listed above for each of those
sections. Each of these sections should be one to two pages in length and
should incorporate relevant data and supporting evidence. This milestone is graded with
the Milestone Two Rubric.
Milestone Three: Costs of Production, Overall Market, and
Recommendation
In Module Five, you will submit a draft of the costs of production (Section IV), overall market (Section V), and recommendation (Section VI) of your research
paper, including all critical elements as listed above for each of those
sections. Each of these sections should be
one to two pages in length and should incorporate relevant data and supporting
evidence. This
milestone is graded with the Milestone Three Rubric.
Final Submission: Research Paper
In Module Seven, you will submit your research paper. It should be a complete,
polished artifact containing all of the critical elements of the final project. It should reflect the
incorporation of feedback gained throughout the course. This submission will be graded
with the Final Project Rubric.
Research Paper
Analyzing Market and Business Data
Student’s Name
Institution
Course Name/Number
Instructor
Due Date
Introduction
Research Paper
Analyzing Market and Business Data
I.
Introduction
Purpose of the study
This research would inform potential investors about the
availability of unexploited markets in the smartphone and electronic industry.
Besides, the investors would gain insight into the barrier to entry into the
smartphone market to help strategize how to overcome them and enter the market.
The existing companies would know their strengths and weakness in the market
hence work on improving their performance.
Apple Company History and Products
and Services it Offers
Apple
Inc. was initiated in 1976 by Steve Wozniak and Steve Jobs, but it was
registered as a company in The United States of America in January 1977. The
company is operating in a global market, and it is headquartered in Cupertino, California,
in the United States of America (Usheret al
2018). The founder of Apple Inc. produced the first computer in 1978
whose keyboard resembled a typewriter and was compatible with a regular TV
screen as a screen. Later in the same year, Woz improved the computer to the archetype
of the modern computer. Apple kept improving its product at the same pace with
advancements in technology until it invented the I-devices and dominated the
firm's brand name.
The firm is providing various products to users, which...
