UOP ECO 415 Week 1 Individual A .pdf
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ECO 415 Week 1 Individual Assignment
Basic Concepts Paper
Check this A+ tutorial guideline at
Resource: Supply and Demand simulation located on your student
website• Prepare a 1,050- to 1,400-word paper that discusses basic
concepts in applied economics in the context of the simulation.
How do changes in the business environment cause changes in supply
and demand? Cite and explain at least two examples from the
o Why is marginal analysis important when making business decisions?
How is marginal analysis used to respond to shifts in supply and
demand? Cite and explain at least one example from the simulation.
o How did your team determine appropriate output levels in the
simulation? Cite at least two examples. Were your team’s output
decisions successful? If so, explain specifically how your decision making
process led to financial success. If not, identify any mistakes and explain
o What fixed and variable costs does the operating company in the
simulation have? Cite at least two examples for each.
o Describe a market situation in which the operating company faces
economic difficulties and the need to cut costs. What cost cutting
strategies might the operating company use to remain profitable? What
would be the benefits and drawbacks of each?
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