ECO 201 Project Template Module Four

.docx

School

Southern New Hampshire University *

*We aren’t endorsed by this school

Course

201

Subject

Economics

Date

Apr 3, 2024

Type

docx

Pages

7

Uploaded by CountFire11348

Report
ECO 201 Project Template [Throughout this template, replace the content in bracketed text with your own responses, and deleted any bracketed instructions (including these).] [The Introduction section of your report is provided and should remain standard in all submissions.] [The placeholders for your data visualizations (e.g., charts, graphs, and tables) should be replaced with the appropriate indicated images in each case. To create an isolated image from the simulation data, it is recommended that you use a snipping tool to copy and paste your data visualizations into this template. See How to Use the Snipping Tool (Beginner’s Guide) for more information if you use a PC. A captioned version of this video is available: How to Use the Snipping Tool (Beginner’s Guide) (CC) . Or, see Is There a Snipping Tool for Mac? .] Memo To: My Business Partner From: [Insert your name] Date: [Insert date] Re: Microeconomics Simulations Introduction This memorandum report identifies and explains key microeconomic principles using a set of simulation games. The outcome of these games illustrate how microeconomic 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 [Replace this area with the Production Decisions graph.] Figure 1.1 [Replace this area with the Production and Trade graph.] Figure 1.2 [Insert your responses to the following questions: How does this simulation demonstrate how individuals evaluate opportunity costs to make business decisions? Use the Production Decisions graph from the simulation as a reference to explain what role the production-possibility frontier (PPF) has in the decision-making process.] [Explain how comparative advantage impacts a firm’s decision to engage in trade. Would a business’s decision to trade cause a change to its PPF? Provide specific reasoning to support your claims.] Competitive Markets and Externalities
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help