sss/Principles of Microeconomics

Principles of Microeconomics S2019

Final Project Guidelines

Objective: One of the primary goals of this course it to apply relevant course concepts/theories to real world events. In addition to the article analysis, this final project will instruct students to continue to apply these theories.

The primary portion of the final project will be a market analysis. As we have discussed in class, markets form the foundation of our course and drive almost all of our discussions. This type of market analysis represents the core of the final project.

This project will be relatively free form. However, students should utilize these guidelines to ensure their work is complete:

Introduction: The 1st step of this project is to choose a specific product offered by 1 company for their market analysis. I highly recommend that students choose a market that they are interested in.

For example, Professor Tung may choose the market for the video game handheld/console hybrid: the Nintendo Switch.

The introduction should include a recent history of the market. This information can include sales data, recent mergers, stock prices, new products/competitors, profit reports, a more in-depth history of the company, or any other information that will introduce this product to me. Do not feel constricted to use only this information. If other pertinent information is found, please include it in your overall market analysis. Additionally, I highly encourage students to use visual aids (graphs, profit reports, pictures of relevant figures, etc.) in this section.

Application of Course Concepts: We will cover many different topics throughout this course. Students will be required to use these concepts to analyze their chosen market. Please make sure to reference material from the entire course to more fully understand this market. For instance, the market forces of supply & demand, elasticity, surplus analysis and the efficiency of markets, international trade, and externalities.

In addition, future topics include the costs of production, firms in a competitive market, monopoly, monopolistic competition, & oligopoly. These topics will allow for in-depth analysis of the market in which student’s chosen company competes in.

Not all of these topics will be relevant for each student’s market analysis. However, students should attempt to maximize the relevant course concepts that are referenced. There are many ways that students can incorporate key concepts from class including graphical analysis, anecdotes, benefit/cost charts, and research statements. The work you have been doing on your article analyses will also bolster this aspect of the final project.

Examples of methods of incorporating key course concepts into your final project:

Analyzing a graph with sales data to demonstrate how the market has fluctuated over a short or long period of time. What was the cause?

Referencing elasticity to explain market fluctuations. How does the relative response of consumers or producers affect market outcomes? This is a great method to demonstrate the validity of our relevant course concepts.

Have taxes had a big impact in your market? What about international trade? Support your statements with graphs, visuals, and strong critical thinking.

Recommendations for Company: The primary purpose of this project is for students to utilize relevant course concepts to derive valuable conclusions. These conclusions should aid companies in making decisions. One primary way that this information can be presented is with a S.W.O.T. report.

S.W.O.T. stands for:

Strengths: What are the strengths of the company/product? In other words, does this company have a comparative advantage or other particular abilities this company may have in the production of your chosen product.

Weaknesses: On the other hand, what are the weaknesses this company may have? Do you believe that there are any deficiencies in terms of production capability, marketing, competitive position, or elsewhere?

Opportunities: Are there opportunities for this company to expand in this market or into another one altogether? Expand on these thoughts.

Threats: What kind of threats will this company potentially encounter? These threats may take the form of additional competition (domestic or foreign), government regulations, political turmoil, or shifts in sectors/industry.

-Your statements in your S.W.O.T. analysis should be comprehensive, precise, and well-formed. Companies require this kind of in-depth analysis when making decisions.

If you would like to create your own, original statements for your recommendations, that is also acceptable. However, I highly recommend that you see me to double check if your statements are appropriate if you choose to do so.

General Recommendations:

-Make sure to be highly professional in terms of wording, formatting, and presentation. Creating professional work is a valuable asset to have upon graduation.

-The length and form of this project is up to students. Though this is unorthodox, I believe students will benefit from having more freedom in terms of decision-making related to this final project.

-Please cite your sources using MLA format at the end of your final project.

Grading: The syllabus states that together the final exam and the final project will be worth 30% of your overall grade.

-If your grade on the final project is greater than on your final exam:

Final Project: 10% of your overall grade & Final Exam: 20% of your overall grade

-If your grade on the final project is lower than on your final exam:

Final Project: 5% of your overall grade & Final Exam: 25% of your overall grade

Due Date: The final project will be due on the last day of the semester: Thursday, May 15th.