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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 decision-making 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 fir ’s produ t. 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 de a d a d supply for your fir ’s produ t s to support your re o e datio for the fir ’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 fir ’s produ t. 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 ho the pri e elasti ity of de a d i pa ts the fir ’s pricing decisions and revenue growth. IV. Examine the costs of production for your firm.

a) Analyze the various osts a fir fa es, their tre ds o er ti e, a d ho they ha e i pa ted your fir ’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) affe t the fir ’s le el 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 fir ’s future i the arket. c) Describe the market structure for this firm, a d a alyze ho this affe ts the fir ’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) “uggest ho the fir ’s positio ithi the arket 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.

Milestones

Milestone One: Introduction

In Module Two, you will submit a draft of the introduction (Section I) of your research paper, including all critical elements of Section I as listed above. In one to

two pages, you will detail the purpose of the paper, summarize the history of the firm, and provide an overview of the firm. This milestone is graded with the

Milestone One Rubric.

Milestone Two: Supply and Demand Conditions and Price Elasticity of Demand

In Module Four, you will submit a draft of the supply and demand conditions (Section II) and price elasticity of demand (Section III) of your research paper,

including all critical elements as listed above for each of those sections. Each of these sections should be one to two pages in length and should incorporate

relevant data and supporting evidence. This milestone is graded with the Milestone Two Rubric.

Milestone Three: Costs of Production, Overall Market, and Recommendation

In Module Five, you will 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 as listed above for each of those sections. Each of these sections should be one to two pages in length and should

incorporate relevant data and supporting evidence. This milestone is graded with the Milestone Three Rubric.

Final Submission: Research Paper

In Module Seven, you will submit your research paper. It should be a complete, polished artifact containing all of the critical elements of the final project. It

should reflect the incorporation of feedback gained throughout the course. This submission will be graded with the Final Project Rubric.

Deliverables

Milestone Deliverables Module Due Grading

1 Introduction Two Graded separately; Milestone One Rubric

2 Supply and Demand Conditions and

Price Elasticity of Demand

Four Graded separately; Milestone Two Rubric

3 Costs of Production, Overall Market,

and Recommendation

Five Graded separately; Milestone Three Rubric

Final Submission: Research Paper Seven Graded separately; Final Project Rubric

Final Project Rubric Guidelines for Submission: Your research paper must be 7 to 9 pages in length (plus a cover page and references) and must be written in APA format. Use double

spacing, 12-point T imes New Roman font, and one-inch margins. Include at least five references cited in APA format.

Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information,

review these instructions.

Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value

Introduction:

Purpose

Meets Profi ie t riteria a d uses industry-specific language to

establish expertise

Outlines the purpose of the

paper and how it will inform the

conclusion

Outlines the purpose of the

paper, but does not explain how

it will inform the conclusion

Does not outline the purpose of

the paper

6.5

Introduction: History

and Overview

Meets Profi ie t riteria, and choice of company is well suited

to the analysis

Comprehensively summarizes the

history of the firm and provides

an overview for what the firm

does and what goods/services it

sells

Summarizes the history of the

firm and provides an overview for

what the firm does and what

goods/services it sells, but

summary is not comprehensive

or overview lacks details

Does not summarize the history

of the firm or provide an

overview

6.5

Conditions: Impact

Meets Profi ie t riteria a d explains in detail reasons for the

trend

Effectively evaluates trends in

demand over time and explains

their impact on the industry and

the firm

Evaluates trends in demand over

time, but evaluation is ineffective

or does not explain their impact

on the industry and firm

Does not evaluate trends in

demand over time

6.5

Co ditio s: Fir ’s Actions

Meets Profi ie t riteria a d is well qualified with concrete

examples

Analyzes information and data

related to the demand and

supply for the fir ’s produ t s to support recommendation for the

fir ’s a tio s a d i ludes graphical representation of data

and information

Analyzes information and data

related to the demand and

supply for the fir ’s product(s), but information and data do not

support recommendation for the

fir ’s a tio s or do not include graphical representation of data

and information

Does not analyze information and

data related to the demand and

supply for the fir ’s produ t s

6.5

Price Elasticity of

Demand: Analyze

Meets Profi ie t riteria a d uses research to illustrate claims

Analyzes the available data and

information and justifies how the

price elasticity of demand for the

fir ’s produ t as deter i ed

Analyzes the available data and

information, but does not justify

how the price of elasticity of

demand for the fir ’s produ t was determined

Does not analyze the available

data and information to

determine the price elasticity of

demand

6.5

Price Elasticity of

Demand: Consumer

Responsiveness

Meets Profi ie t riteria a d reviews all factors of elasticity

Explains the factors that affect

consumer responsiveness to

price changes for the product

using the concept of price

elasticity of demand as a guide

Explains the factors that affect

consumer responsiveness to

price changes for the product,

but does not use the concept of

price elasticity of demand as a

guide

Does not explain the factors that

affect consumer responsiveness

to price changes for the product

6.5

Price Elasticity of

Demand: Pricing

Decisions

Meets Profi ie t riteria a d uses research to illustrate claims

Accurately assesses how the price

elasticity of demand impacts the

fir ’s pri i g de isio s a d revenue growth

Assesses how the price elasticity

of demand i pa ts the fir ’s pricing decisions and revenue

growth, but assessment is

inaccurate

Does not assess how the price

elasticity of demand impacts the

fir ’s pri i g de isio s a d revenue growth

6.5

Costs of Production:

Profitability

Meets Profi ie t riteria and provides concrete examples to

substantiate claims

Analyzes the various costs a firm

faces, their trends over time, and

how they have impacted the

fir ’s profita ility

Analyzes the various costs a firm

faces and their trends over time,

but does not discuss how they

ha e i pa ted the fir ’s profitability

Does not analyze the various

costs a firm faces, their trends

over time, or how they have

i pa ted the fir ’s profita ility

6.5

Costs of Production:

Output Decisions

Meets Profi ie t riteria and provides insight into how the firm

can manage those costs

Accurately applies the concepts

of variable and fixed costs to the

firm for informing its output

decisions

Applies the concepts of variable

and fixed costs to the firm for

informing its output decisions,

but applies concepts inaccurately

Does not apply the concepts of

variable and fixed costs to the

firm for informing its output

decisions

6.5

Overall Market:

Market Share

Meets Profi ie t riteria a d presents the data graphically and

over time

Discusses 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

Discusses the market share of the

firm and its top competitors, but

does not provide details on

current percentages for each firm

or does not describe the trend

over time

Does not discuss the market

share of the firm and its top

competitors

6.5

Overall Market:

Barriers to Entry

Meets Profi ie t riteria a d provides specific examples of

successful and/or failed entrants

into the market

Analyzes the barriers to entry in

this market to illustrate the

potential for new competition

a d its i pa t o the fir ’s future in the market

Analyzes the barriers to entry in

this market, but does not

illustrate the potential for new

competition or its impact on the

fir ’s future i the arket

Does not analyze the barriers to

entry in this market

6.5

Overall Market:

Market Structure

Meets Profi ie t riteria a d provides specific examples to

demonstrate the market

stru ture a d fir ’s i flue e

Describes the market structure

for this firm and accurately

analyzes how this affects the

fir ’s a ility to i flue e the market

Describes the market structure

for this firm, but does not analyze

ho this affe ts the fir ’s ability to influence the market or

analysis is inaccurate

Does not describe the market

structure for this firm

6.5

Recommendation:

Future Production

Meets Profi ie t riteria a d relates recommendation to the

economic principles presented in

the paper

Effectively develops a

recommendation for how the

firm can manage its future

production by synthesizing the

data presented

Develops a recommendation for

how the firm can manage its

future production, but

recommendation is not effective

or is not based on a synthesis of

the data presented

Does not develop a

recommendation

6.5

Recommendation:

Recommended

Action

Meets Profi ie t riteria a d provides advice for how to

strengthen its position in the

market

“uggests ho the fir ’s positio within the market and among its

competitors will allow it to take

the recommended action

“uggests ho the fir ’s positio within the market and among its

competitors will allow it to take

the recommended action, but

suggestions are not appropriate

Does not suggest how the fir ’s position within the market and

among its competitors will allow

it to take the recommended

action

6.5

Recommendation:

Sustain its Success

Meets Profi ie t riteria a d provides specific ideas for how

the firm can sustain its success

Describes how the firm can

sustain its success going forward

by evaluating the findings from

demand trends and price

elasticity

Describes how the firm can

sustain its success going forward,

but does not evaluate the

findings from demand trends and

price elasticity in the discussion

Does not describe how the firm

can sustain its success going

forward

6.5

Articulation of

Response

Submission is free of errors

related to citations, grammar,

spelling, syntax, and organization

and is presented in a professional

and easy-to-read format

Submission has no major errors

related to citations, grammar,

spelling, syntax, or organization

Submission has major errors

related to citations, grammar,

spelling, syntax, or organization

that negatively impact readability

and articulation of main ideas

Submission has critical errors

related to citations, grammar,

spelling, syntax, or organization

that prevent understanding of

ideas

2.5

Earned Total 100%