Project #82997 - Microeconomics

 

I need 3 papers written. All of them deal with microeconomics so if you have no familiarity with microeconomics please do not bother with this assignment. I need someone who is familiar with microeconomics. The papers are relatively short at 2-3 pages, double-spaced and in APA format.

 

Paper 1

 

Identify one important entrepreneur that you would consider an "entrepreneurial legend" and state why you consider the person to be (or have been) exemplary. You must identify at a minimum one economic decision made by this entrepreneur that was significant in their success and provide a detailed example of that decision. Your reason for selecting the person should include examples of managerial economics and should include other criteria such as social responsibility and ethics. Remember to properly cite all your resources and do not to plagiarize.

 

Paper 2

 

Identify and describe two markets of your choosing; the first should be characterized by an elastic demand and the second by an inelastic demand. Indicate why your choices have the relative elasticities they do. Use the determinants of elasticity to sort why some products are elastic and others are inelastic. Utilize the following as a guide.

 

Market One: What are some of the goods you purchase in your life for which your demand is most elastic? Why?

 

Market Two: What are some of the goods you purchase in your life for which your demand is highly inelastic? Why?

 

Paper 3

 

Identify and describe the conditions you have observed for a business in Monopolistic Competition or a Differentiated Oligopoly who differentiates their product. Your paper should also provide brief market analysis including the state of the market before and after the differentiation, as well as the observed changes that resulted. Specifically, the following questions should be addressed:

 

1) What type of market structure was the product or service in when the differentiation occurred?

 

2) What is the differentiation? Describe specifically what the differentiation was and tell us what that means for rational business price and production decisions.

 

3) What was the observed change in the equilibrium price and quantity in the market, as well as the company?

 

4) Evaluate the result of the observed change from perspectives of efficiency and equity drawing upon price/cost margins for your explanation.

 

5) Evaluate whether the decision to differentiate the product was a good move for that business at that time.

 

6) Evaluate whether the decision to differentiate the product was a good economic decision for that business at that time. That is, were economic or normal profits realized as a result?

Subject Business
Due By (Pacific Time) 09/23/2015 12:00 am
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