PRINCIPLES OF ECONOMICS

PRINCIPLES OF ECONOMICS


Assignment Overview

New car prices seem to always be going up with overall volume of sales increasing and decreasing from year to year. In the last year, the sale of new autos declined. Will the trend continue?

Case Assignment

Prepare a 2- to 4-page brochure or flyer (handout) explaining what economic and market forces are at work in determining new automobile sales. The brochure or handout should be prepared for an audience of first-year undergraduate students.

Be creative in preparing your brochure. You should use illustrations (pictures, charts, and graphs) to help in your explanation. If you need help with the mechanics of making a brochure, you can find online sources of information about how to use Publisher, Word, or PowerPoint to prepare a brochure. Your brochure can be of any size, such as a folded four-section front and back brochure, a trifold brochure, or an unfolded 2- to 4-page 8.5” x 11” brochure. Keys to the Assignment

· Using the principles of supply and demand, predict the trajectory of new automobile sales, and compare it with current patterns.

· Conduct research to determine what other economic and market forces influence automobile sales.

· Use at least three library resources in your research. At least two of these resources must be high-quality references from peer-reviewed academic journals. These are found in the Trident Online Library.

· Explain your analysis using terminology and concepts introduced in this module and found in peer-reviewed journal articles. Do not use dictionaries or encyclopedias as sources for definitions.

· Cite all sources and provide a reference list using APA format.

· Proofread and edit the paper. The goal is zero errors.

· Submit your paper to TLC by the due date for this module.

· For instruction on writing papers, citing sources, proper referencing, and so forth, use Trident University’s Student Guide to Writing a High-Quality Academic Paper , or the 6th or 7th edition of the Publication Manual of the American Psychological Association (aka, the APA Manual).

Assignment Expectations

Your paper will be evaluated using the criteria as stated in the Case rubric. The following is a review of the rubric criteria:

· Assignment-Driven: Does the paper fully address all aspects of the assignment? Is the assignment addressed accurately and precisely, using sound logic? Does the paper meet minimum length requirements?

· Critical Thinking: Does the paper demonstrate graduate-level analysis, in which information derived from multiple sources, expert opinions, and assumptions has been critically evaluated and synthesized in the formulation of a logical set of conclusions? Does the paper address the topic with sufficient depth of discussion and analysis?

· Business Writing: Is the essay logical, well organized and well written? Are the grammar, spelling, and vocabulary appropriate for graduate-level work? Are section headings included? Are paraphrasing and synthesis of concepts the primary means of responding, or is justification/support instead conveyed through excessive use of direct quotations?

· Effective Use of Information: Does the submission demonstrate that the student has read, understood, and can apply the background materials for the module? If required, has the student demonstrated effective research, as evidenced by student’s use of relevant and quality sources? Do additional sources used provide strong support for conclusions drawn, and do they help in shaping the overall paper?

· Citing Sources: Does the student demonstrate understanding of APA Style of referencing, by inclusion of proper citations (for paraphrased text and direct quotations) as appropriate? Have all sources (e.g., references used from the Background page, the assignment readings, and outside research) been included, and are these properly cited? Have all sources cited in the paper been included on the References page?

· Timeliness: Has the assignment been submitted to TLC (Trident’s learning management system) on or before the module’s due date?

Module 1 – SLP

PRINCIPLES OF ECONOMICS

Recently, Apple announced that sales of its newest iPhones had not quite met expectations in the latest financial reporting period. Historically, Apple has introduced new versions of its iPhones in somewhat regular cycles, with the price and profit margin relatively stable, and the market has responded with great enthusiasm. Global consumers just are not snapping up the newest iPhone at the same rate.

In a 2- to 3-page paper, explain how the economic concept of elasticity of demand applies to the history of Apple iPhone sales. Besides elasticity of demand, what other economic and noneconomic forces might have been at work in the changes that have occurred over time in the global market’s reception to the Apple iPhone?

Keys to the Assignment

· Explain your analysis using terminology and concepts introduced in this module.

· Cite all sources and provide a reference list using APA format.

· Proofread and edit the paper. The goal is zero errors.

· Submit your paper to TLC by the due date for this module.

For instruction on writing papers, citing sources, proper referencing, and so forth, use Trident University’s: Student Guide to Writing a High-Quality Academic Paper .

SLP Assignment Expectations

Your paper will be evaluated using the criteria as stated in the SLP rubric. The following is a review of the rubric criteria:

Assignment-Driven: Does the paper fully address all aspects of the assignment? Is the assignment addressed accurately and precisely using sound logic? Does the paper meet minimum length requirements?

Critical Thinking: Does the paper demonstrate graduate-level analysis, in which information derived from multiple sources, expert opinions, and assumptions has been critically evaluated and synthesized in the formulation of a logical set of conclusions? Does the paper address the topic with sufficient depth of discussion and analysis?

Business Writing: Is the essay logical, well organized and well written? Are the grammar, spelling, and vocabulary appropriate for graduate-level work? Are section headings included? Are paraphrasing and synthesis of concepts the primary means of responding, or is justification/support instead conveyed through excessive use of direct quotations?

Effective Use of Information: Does the submission demonstrate that the student has read, understood, and can apply the background materials for the module? If required, has the student demonstrated effective research, as evidenced by student’s use of relevant and quality sources? Do additional sources used provide strong support for conclusions drawn, and do they help in shaping the overall paper?

Citing Sources: Does the student demonstrate understanding of APA Style of referencing, by inclusion of proper citations (for paraphrased text and direct quotations) as appropriate? Have all sources (e.g., references used from the Background page, the assignment readings, and outside research) been included, and are these properly cited? Have all sources cited in the paper been included on the References page?

Timeliness: Has the assignment been submitted to TLC (Trident’s learning management system) on or before the module’s due date?

COURSE MATERIALS/BIBLIOGRAPHY

Module 1

Videos

Clifford, J. (2014). EconMovies 4: Indiana Jones (demand, supply, equilibrium, shifts). Retrieved from https://www.youtube.com/watch?v=RP0j3Lnlazs. Standard YouTube License.

Clifford, J. (2014). Elasticity and the Total Revenue Test. Retrieved from https://www.youtube.com/watch?v=HHcblIxiAAk. Standard YouTube License.

Lobsey, S. (2013). Marginal cost and marginal revenue. Retrieved from https://www.youtube.com/watch?v=iViIC3A3rr8. Standard YouTube License.

McCarthy, J. (2012). Difference between fixed and variable costs – Quick Draw with Jim McCarthy, Goldstar CEO. Retrieved from https://www.youtube.com/watch?v=wBBfA9q8FSQ. Standard YouTube License.

Nichelle, E. (2012). Diminishing marginal utility. Retrieved from https://www.youtube.com/watch?v=d0AouX33WMk. Standard YouTube License.

The Law. (2019, July 21). The law (or principle) of diminishing marginal returns (or productivity) explained in one minute. One Minute Economics. Retrieved from https://youtu.be/lt6LpwBNSlM. Standard YouTube License.

Welker, J. (2012). The law of diminishing marginal returns in a toy truck factory. Retrieved from https://www.youtube.com/watch?v=CfioxJ4E_h4. Standard YouTube License.

Required Reading

Coombs, J. (2014). Slow going ahead. HRMagazine, 59(12), 34-38. Available in the Trident Online Library.

Jawad, M., Lee, J. T., Glantz, S., & Millett, C. (2018). Price elasticity of demand of non-cigarette tobacco products: A systematic review and meta-analysis. Tobacco Control, 27(6), 689. Available in the Trident Online Library.

Lee, T. W., Hom, P., Eberly, M., & Li, J. (. (2018). Managing employee retention and turnover with 21st century ideas. Organizational Dynamics, 47(2), 88-98. doi:10.1016/j.orgdyn.2017.08.004. Available in the Trident Online Library.

Marginal revenue and marginal cost of production. (2019). New York, NY: Newstex. Available in the Trident Online Library.

Price Elasticity of Demand. (2010). NetMBA. Retrieved from http://www.netmba.com/econ/micro/demand/elasticity/price/

Reh, F. J. (2018). The high cost of employee turnover. Retrieved from /The-High-Cost-Of-High-Employee-Turnover.htm.”> http://management.about.com/od/money/a/The-High-Cost-Of-High-Employee-Turnover.htm. Available in the Trident Online Library.

Optional Reading

Allen, K. & Economy, P. (2008) Chapter 21: Econ 101 – The Basics of Economics in Complete MBA for Dummies (2nd ed.). Hoboken, NJ: John Wiley & Sons. Available in the Skillsoft database in the Trident Online Library.

Law of Diminishing Marginal Returns. (2018). Investopedia. Retrieved from http://www.investopedia.com/terms/l/lawofdiminishingmarginalreturn.asp

Market Structures. (2017). Policonomics. Retrieved from http://www.policonomics.com/lp-market-structures/

Metcalf, T. (2018). What are the benefits of marginal costs equal to marginal revenue? Chron. Retrieved from com/benefits-marginal-costs-equal-marginal-revenue-59579.html”> http://smallbusiness.chron.com/benefits-marginal-costs-equal-marginal-revenue-59579.html. Copyright © 2018, Hearst Newspapers, LLC.

Pettinger, T. (2015, July 21). The law of diminishing marginal returns. EconomicsHelp. Retrieved from http://www.economicshelp.org/microessays/costs/diminishing-returns/

Silbiger, S. A. (2012). The 10-day MBA. New York, NY: Harper Business.

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