ECO
201 Final Project (Selected Topic is Ford Motor Company)
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ECO
201 Final Project Guidelines and Rubric Overview
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: Apply microeconomic models to
real-world situations for informing effective business decisions• Analyze
business and market data using microeconomic tools for their impact on business
sustainability• Evaluate the structure of various markets for informing
effective decisionmaking strategies• Assess the behavior and decisions of
individuals and firms for their relation to the microeconomic framework• Prompt
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 yourfirm.
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
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