Microeconomics Final Paper

● Title Page (Using APA) 

● Introduction (1 paragraph)

○ Describe briefly the purpose of the research paper and your goals for it. ○ Provide a brief introduction to the concept of microeconomics and scarcity. 

○ Explain the product of service that you will be reviewing within this paper. ● Scarcity and the Fundamental Economic Questions (minimum 0.5 pages) ○ Present your product or service of choice and explain what draws your interest to it. 

○ Note how scarcity could apply to your product or service. 

○ Explain your product or service in the context of the three fundamental economic questions: 

■ What should be produced?

■ How should goods and services be produced? 

■ For whom should goods and services be produced? 

● Market Conditions (minimum 1 pages) ○ Present an overview of the current market conditions related to the industry within which your product of service exists. 

○ Assess how economic growth would impact this product or service. 

○ Identify the top three companies in the industry that provide your product/service or a similar competing product. 

○ Discuss the supply of this product or service in the context of the Law of Supply. 

○ Discuss the demand for this product or service in the context of the Law of Demand. 

○ Explain how equilibrium is reached for this product or service and if there has ever been a surplus or shortage. 

● Price Changes (minimum 1 page) 

○ Describe how price changes would impact the demand and supply for your product or service. Give a specific example(s). 

○ Identify if your product or service is elastic or inelastic and why you believe this is the case. 

○ Connect your product or service, as applicable, with concepts such as the: budget set, budget line, marginal utility, choice, rationality, individual demand, changes in income, changes in price, and the valuation approach. ○ Explain the marginal costs and benefits of your product or service. ● Consumer Behavior and Preference (minimum 1 pages) ○ Explain consumer behaviors and preferences related to the product or service you selected. ○ Assess how your item relates to utility and how consumers make choices when they face budget and time constraints. ○ Examine the factors that influence your buying decisions related to this product or service. ○ Identify the situational, personal, psychological, and societal factors that could impact consumer choices around the product or service. ● Visualization ○ Include any type of a visual in the body of your paper to further illustrate data related to the product or service you selected or a microeconomic concept you are addressing. ○ Examples could include: a graph, chart, table, model, infographic, etc. ○ Explain the connection that this visual provides with the content being discussed within the paper. ● Conclusion (1 paragraph) ○ Conclude your research with a summary of your major findings and ideas. ● References ○ Include a minimum of 4 different references are used throughout the paper in-text and within the References page. All APA rules for paper formatting, citing and references should be followed.