In this assignment students will demonstrate their ability to research and apply the principles of economics covered in the first Ten classes. Demonstrating their ability to combine text and graphs to make decisions within a variety of strategic objectives.

Select a specific INDUSTRY (my choice is design industry) and analyse the following subjects.

EXPECTATIONS:

Students are required to demonstrate their ability to combine text and graphs to make decision regarding their chosen industry. The format of this analysis could be in research paper or slide presentation.

The Analysis should include should include:

0. An overview of your industry

– How does Economics, effect this industry and Why Is It Important?

– Microeconomics and Macroeconomics of the specific Industry

I. Consumption Choices

– Calculate total utility

– Propose decisions that maximise utility

– Explain marginal utility and the significance of diminishing marginal utility

(USE TABLES AND GRAPHS)

II. How Changes in Income and Prices Affect Consumption Choices

– Explain how income, prices, and preferences affect consumer choices

– Contrast the substitution effect and the income effect

– Utilise concepts of demand to analyse consumer choices

– Apply utility-maximising choices to governments and businesses

– Analyse what could or would cause Shifts in Demand and Supply

(USE GRAPHS)

III. Labor-Leisure Choices

– Interpret labor-leisure budget constraint graphs

– Predict consumer choices based on wages and other compensation

– Explain the backward-bending supply curve of labor

(USE TABLES AND GRAPHS)

My textbook:

 

https://www.openstaxcollege.org/textbooks/principles-of-microeconomics/get

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