Description

I was hoping you could help me with Economics. I have attached the rubric below. I want to write use “Apple” as my company of choice. The paper should be 5-6 pages. Please use each section within the rubric as the heading within the paper. Let me know if you have any questions! The microeconomic analysis paper should respond to the following prompt: Assess how microeconomic variables impact (1) your chosen product’s or service’s supply, demand, market equilibrium, production, and cost; (2) the market structure of the industry in which your chosen company operates; and (3) your company’s business strategy and financial performance. Specifically, the following critical elements must be addressed: Overview: Provide an overview consisting of a brief description of the chosen company and your chosen product or service, including the industry the product or service falls under. You should include key details about the company, including its main products and/or services, number of employees, and annual sales. Supply, Demand, and Market Equilibrium a) Determine the extent to which the supply and demand of your chosen product or service are sensitive to changes in price by applying the concept of elasticity. In other words, what is the price elasticity of supply or demand for your product or service? b) Select two nonprice factors that impact the demand of your chosen product or service. Justify your selections. c) Select two nonprice factors that impact the supply of your chosen product or service. Justify your selections. d) Define the industry related to your chosen product or service and the market equilibrium associated with the product or service. e) Predict the effect of changes in supply and demand on the market equilibrium. f) Based on the predicted changes, what decisions related to supply and demand for your product or service would you make? Production and Costs a) Describe three key inputs (or factors of production) and fixed and variable costs involved in the production of your chosen product or service. One example of an input is machines, which are fixed costs. Keep in mind that all inputs will either fall under fixed or variable cost. b) Analyze the factors that impact your choice of inputs to produce the chosen product or service. For example, how would a change in the price of raw materials impact the combination of inputs? c) Based on this analysis, what production decisions would you make? Be sure to support your decisions with examples or data. Market Structure a) Determine whether the market structure of the industry in which your chosen company operates is perfectly competitive, monopolistically competitive, oligopolistic, or monopolistic. Justify your response. b) Assess how the type of market structure impacts your chosen company’s financial performance as measured by performance variables over the past three years. Support your response with data and graphs illustrating two performance variables of your choosing (e.g., sales, net income, stock price) over time. c) How would possible changes in the industry’s market structure impact your chosen company’s business strategy in the future? Keep your company’s current business strategy in mind in your response.