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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.