Write a 1,050- to 1,400-word paper summarizing the content of the simulation and address the following:
- Identify two microeconomics and two macroeconomics principles or concepts from the simulation.
- Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.
- Identify at least one shift of the supply curve and one shift of the demand curve in the simulation.
- Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.
Include responses to the following:
- How might you apply what you learned about supply and demand from the simulation to your workplace or your understanding of a real-world product with which you are familiar?
- How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?
- How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?
- How does the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy as it relates to the simulation?
Cite a minimum of 3 peer reviewed sources.
Imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed product. The marketing director has asked your team to do a competitive market analysis to determine the product’s potential success. The analysis will focus on your primary competitor in the product’s market.
Select a potential competitive organization and a product in that organization.
Write a 1,400- to 1,750-word paper analyzing the current market conditions. Address the following topics:
- A short history of the organization and a description of their product
- Factors that affect demand, supply, and prices in the market in which the competitor organization operates
- Define the market for your chosen product, including an analysis of its competitors, and customers.
- Any issues or opportunities your organization faces that affect its competitiveness and long-term profitability with regards to your product: This may include but is not limited to the following elements:
- Price elasticity of demand
- Technological innovation
- The relationship between the amount of labor & capital employed and the law of diminishing marginal productivity
- Cost structure
- Factors affecting variable costs, including productivity and others that change the supply of and demand for labor
- Factors affecting fixed costs
Make recommendations on how your organization can maximize their profit-making potential and successfully compete in the new market. Consider the effect your recommendations may have on marginal revenues and costs.
Use a minimum of 3 peer reviewed sources