{"id":104511,"date":"2022-11-11T20:15:31","date_gmt":"2022-11-11T20:15:31","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/eco-415-week-1-individual-assignment-basic-concept-paper\/"},"modified":"2022-11-11T20:15:31","modified_gmt":"2022-11-11T20:15:31","slug":"eco-415-week-1-individual-assignment-basic-concept-paper","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/eco-415-week-1-individual-assignment-basic-concept-paper\/","title":{"rendered":"Eco 415 week 1 individual assignment &#8211; basic concept paper"},"content":{"rendered":"<div>\n<p>ECO 415 Week 1 Basic Concepts Paper<\/p>\n<p><strong>Resource:<\/strong>\u00a0Supply and Demand simulation located on your student website<\/p>\n<p><strong>Write\u00a0<\/strong>a 1,050- to 1,400 word paper that discusses basic concepts in applied economics in the context of the simulation. Answer the following questions in the paper:<\/p>\n<p>\u00b7\u00a0 How do changes in the business environment cause changes in supply and demand? Cite and explain at least two examples from the simulation.<\/p>\n<p>\u00b7\u00a0 Why is marginal analysis used when making business decisions? How is marginal analysis used to respond to shifts in supply and demand? Cite and explain at least one example from the simulation.<\/p>\n<p>\u00b7\u00a0 How did your team determine appropriate output levels in the simulation? Cite at least two examples. Were your team\u2019s output decisions successful? If so, explain specifically how your decision making process led to financial success.\u00a0 If not, identify any mistakes and explain what your team could have done differently.<\/p>\n<p>\u00b7\u00a0 What fixed and variable costs does the operating company in the simulation have? Cite at least two examples for each.<\/p>\n<p>\u00b7\u00a0 Describe a market situation in which the operating company faces economic difficulties and the need to cut costs. What cost cutting strategies might the operating company use to remain profitable? What would be the benefits and drawbacks of each?<\/p>\n<p>\u00a0<\/p>\n<p><strong>Format\u00a0<\/strong>your paper consistent with APA guidelines.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>ECO 415 Week 1 Basic Concepts Paper Resource:\u00a0Supply and Demand simulation located on your student website Write\u00a0a 1,050- to 1,400 word paper that discusses basic concepts in applied economics in the context of the simulation. Answer the following questions in the paper: \u00b7\u00a0 How do changes in the business environment cause changes in supply and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-104511","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/104511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=104511"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/104511\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=104511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=104511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=104511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}