ECON 545 Week 2 Project Part 1

Project Part 1 (PP1) consists of performing application-oriented

exercises wherein the specific economic principles learned in

this course are put to practical use. You must translate your ideas into

economic analysis using the specific economic theory

and economic terms contained in the TCOs covered in the course and

demonstrate that you are understanding and utilizing material from text chapters

covered up to this point in the course to receive full credit on the assignment.

You are being asked to submit a report containing responses to

three exercises. Exercise 1 entails a

choice of one topical microeconomic

issue out of two possible alternatives. Exercises 2

and 3 entail a choice of two

textbook questions out of a list of possible alternatives.

Exercise

1

Choose one of the following

two microeconomic issues:

Everyone’s Gasoline Problem. We are all familiar with fluctuating prices of gasoline at the pump. Why

does this happen? Research the recent history of gasoline pricing in your area,

and attempt to relate any fluctuations you observe to documented supply and

demand factors outlined in our book. Be sure to cite any references

used.

Ethical Issues in Business. It seems that every day lately we are confronted with another company

that has acted at least unethically and possibly illegally in the operation and

financial reporting of their company’s business dealings. Briefly discuss one of

these issues and then see if you can relate the issue to ANY of our TCOs. That

is, are there any effects on demand or on supply related to this topic? How

would you expect this to affect the equilibrium price and equilibrium quantity

for this company’s products and services? Is the elasticity of demand or supply

affected? What about the effect on production levels and costs? Are ethical

issues more likely to occur in one market type rather than another market type?

You don’t have to cover all of these topics; I’ve just suggested some possible

connections to our TCOs. Any connection to our TCOs is fine here. Exercises 2 and

3

Select any two of the

following questions from the text:

Chapter 3, Question 14

Chapter 3, Question 15

Chapter 5, Question 17

Chapter 5, Question 18 Chapter 7, Question 15

Chapter 8, Question 11

Chapter 8, Question 14 Specifications

Discussion

Any questions, comments, or discussion about PP1

should take place in our Q & A forum area of the weekly Discussion area of

the course.

Reporting

All project submissions should

be prepared as Word documents suitable for electronic transmission. Your

PP1 report should consist of precisely five numbered pages. The first

page is a cover sheet having on it only your name, course name, and number

(Business Economics GM545), the academic term, and your e-mail address. After

that, the response to each of the three reported exercises should be on a

separate page. On each page, state the chapter

and question number before answering it. Do not print the full

question, as that would take up valuable space. Just list the chapter and

question number.

Page 5 is your References or Works Cited

Page. This does not replace in-text citations (with

quotation marks or paraphrasing) or footnotes.

Use double spacing for your response; your overall responses to any

exercise should not exceed one page in length (including the problem statement).

Font size is also optional, as long as it is reasonable; 10 pt. fonts

and 1/2 inch margins should be the minimum used.

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ECON 545 Week 2 Project Part 1

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ECON 545 Week 2 Project Part 1