ECON 625 Assignment:Applying economic concepts to situations at work or in the world isessential for fully understanding and using economic concepts. This writing assignment isintended to give you a chance to apply classroom concepts to real economic situations.
Think of the concepts that we have covered (markets, elasticity, production, costs, marketstructures, etc.). Take several of these concepts and use them to describe, analyze, and betterunderstand economic situations or decisions that are faced in your current or formerworkplace. If you can’t apply these concepts to your workplace, you may use recent news ocurrent events, but these should be managerially oriented. I would like you to:
-Show how the economic concepts covered in this class provide a framework forunderstanding the situations or decisions from your workplace or another real world
situation. .-Use economic concepts (goals, constraints, decision variables) to frame decision making.For example, market structure will determine what decisions are available to a firm,such as ability to influence price. This will include not only understanding what decisionsare available and describing the tradeoffs involved, but also how to use economicconcepts to choose among available alternatives to make the most informed decision.
I would like to see that you are able to appropriately apply the concepts we are covering inclass and that you are able to use those concepts to further your understanding of “real world”situations in order to make better, more informed decisions.
You should provide needed background about the situation or decision so I can see how you areusing the economic concepts. You do not need to define the economic concepts, only use themappropriately.
To get an A on these papers (90% or above) you must demonstrate that you can choose andapply the appropriate concepts. Better integration of the concepts and/or deeper thoughtabout how the concepts apply and aid in understanding and decision making will move thegrade higher into the 90s. To get a B on these papers (80-89) you must demonstrate that youhave found a situation or decision for which economic concepts apply, but your paper didn’tfully demonstrate appropriate comprehension of what economic principles apply and/or howthey apply.
One thing to keep in mind as you write; I am trying to give you an opportunity to use what youare learning in class in a real world situation. If what you turn in could largely have beenwritten without having taken this class it will likely not earn a very good grade. The more youshow that you are seeking ways to apply class material, the higher your grade will be. I am notlooking for perfection; I recognize that you are just now learning this material. Mostly I want to