ECO 201 Milestone Three Guidelines and Rubric
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The
purpose of this milestone is for students to explore the various costs their
firm faces and to describe their firm’s market. Using the concepts and tools
developed in Modules Four and Five, students will analyze the fixed and
variable costs of their firm, how those costs have changed over time, and how
those changes have impacted their firm’s overall health and sustainability. In
analyzing their firm’s market, students will detail the extent of their firm’s
market power and their firm’s ability to influence the market. Students will
also describe major trends in the market, specifically concerning new products,
technologies, and new entrants. Students can further determine the future
health of their firm to inform their final recommendations by examining their
firm’s place within the market. Prompt:
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 listed below. You will review your firm’s financial reports and other
relevant data sources to collect and analyze cost information for your firm
over the past five or so years.
Using
real data and the economic tools developed in Module Four, you will analyze your
firm’s profitability and how costs impact its growth. Additionally, you will
find data on your firm’s competitors in order to detail your firm’s place
within the market currently and over the past five or so years. Lastly, you
will develop a recommendation for how the firm can manage its future
production. Specifically the following critical elements must be addressed:
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.
Rubric Guidelines for Submission:
Your
paper must be submitted as a three- to six-page Microsoft Word document (each
section should be one to two pages) with double spacing, 12-point Times New
Roman font, one-inch margins, and sources cited in APA format.
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