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Individual Assignment: Basic
Concepts Paper·
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.
Answer the following questions in
the paper:
How do changes in the business
environment cause changes in supply and demand? Cite and explain at least two
examples from the simulation.
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 what your team could have done differently.
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?· Format your
paper consistent with APA
guidelines
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