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1. DEVRY ECON 545 Week 3 Course Project 1 Microeconomic
Analysis (Situation B) NEW
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The Microeconomic Paper tests your ability to apply economic principles to a
business decision. Select one situation from the items outlined below: A to D.
Complete the paper on the selected situation as specified below. The completed
paper is a professional report and is due in Week 3 (230 points). See the grading
rubric at the end of this document. Be sure to use the DeVry library for finding data;
avoid questionable sources, such as Wikipedia.
The following is a list of the specific required information, research, graphs, and
math to be included in each answer regardless of the scenario chosen.
1. Demand Determinants:
a. Each individual determinant analyzed for your
situation, with examples applicable to your
situation (5 points each) and research (3
points each) showing current Demand data or
most recent past data, except for the
Expectations Determinant in which you need
to use data estimating future market
conditions.
b. (20 points) Price Elasticity of Demand facing
you in your scenario, including actual
calculation of it using the midpoint formula. If
you can’t find data, then determine the Price
Elasticity from the Characteristics and make
up numbers to use. Be sure to identify this if

2. you use this approach. This will help you in
deciding the slope of your Demand curve
below.
c. (10 points) Graph the Demand facing your
situation. Note that this requires information
from the Supply Determinant analysis before
deciding how to draw the curve(s), as you may
need a separate MR curve.
2. Supply Determinants:
a. Each individual determinant analyzed for your
situation, with examples applicable to your
situation (5 points each) and research (3
points each) showing current Supply data or
most recent past data, except for the
Expectations Determinant in which you need
to use data estimating future market
conditions.
i. (40 points) You need to be very specific
in the Cost of Production Determinant
to identify Fixed, Variable, and Marginal
Cost in order to derive your Supply
curve for the graphing component. You
will need to explain and show how
Profit Maximization or Loss
Minimization output and price are
determined. You will need to do the
math using actual figures [cited] or your
own estimated figures [identified as
such] and explain why you expect Short
Run Economic or Normal Profits,
Acceptable Loss or temporary Shut
Down and how you will know which it
is.
ii. The Number of Sellers determinant
must contain your analysis of the kind
of market structure in which your firm
or labor service will be sold.
b. (20 points) Price Elasticity of Supply you have
based on the Cost of Production changes as
output changes, including actual calculation of
it using the midpoint formula. If you can’t find

3. data, then determine the Price Elasticity from
the Characteristics and make up numbers to
use. Be sure to identify this if you use this
approach. This will help you in deciding the
slope of your Supply curve.
c. (10 points) Graph your Supply situation using
the numbers from your earlier Cost of
Production analysis.
3. Recommendations—(40 points) what are your
recommendations explained by your analysis?
4. Paper presentation—(10 points) good format,
citations, lack of spelling errors, etc.
Situation A
Jenny, your niece, is a smart high-school student who wants to make intelligent
choices for her future. Hearing of your course in business economics, she has e-
mailed you asking for advice on whether to become a doctor and on the best location
to practice it. She recognizes the high costs of tuition and the years of study involved
in becoming a doctor. She wants to evaluate if that career choice is an optimal
decision for her, so she has asked you for advice.
Having read the piece “Fewer Physicians Move, a Sign of Career Caution” on page 20
of the textbook, you recognize the significance of such a career decision for Jenny.
You decide to educate yourself about the market for physicians in terms of supply
and demand, elasticity, costs of production, pricing, and economic or normal profit
or loss. You want to provide Jenny with the most informed advice possible.
Situation B
Your neighbor Cindy wants to start a contracting business for installing solar panels.
She has heard of the cost savings that households and businesses can make each year
by installing solar panels on their roofs. Cindy has also heard of government
incentives for installing solar panels. Being concerned about the environment and
wishing to reduce pollution, Cindy thinks installing solar panels also serves a good
social purpose. But she does not want to risk her life savings on a venture that might
not succeed or become profitable enough. After hearing from you about taking this
course in business economics, she decides to ask you for advice.

4. At first you are hesitant to give investment advice. Then you read the piece “US
boosts ‘game-changer’ solar technology in bid for global market share” on page 374
of the textbook. You realize there are more pieces to the decision than Cindy is
considering. You decide to research the market in terms of supply and demand,
elasticity, costs of production, pricing, and economic or normal profit or loss. You
want to provide Cindy with the most informed advice possible.
Situation C
Cousin Edgar is always thinking of the next business idea. This time, he plans to
invest in buying two gas stations. He reckons American consumers have come to
accept the high gasoline prices, and estimates world prices for gasoline to increase
even further with high demand from India and China. Besides, Cousin Edgar thinks
he will make a good profit on the sale of convenience items at each station. But
before buying the gas stations, he decides to ask for your advice because you are
taking this course in business economics.
You happened to read the piece “$4-a-Gallon Gas Fueling Fears for Recovery” on page
196 of the textbook. Being skeptical of Cousin Edgar’s optimism on the profitability
of selling gasoline and convenience items, you decide to research the market in
terms of supply and demand, elasticity, costs of production, pricing, and normal or
economic profit or loss. You want to provide Cousin Edgar with the most informed
advice possible.
Situation D
After hearing of you taking this course in business economics, Uncle Dan has e-
mailed you asking for advice on his 100-acre corn farm. He mentioned how, after 30
years of growing corn, he wishes to leave that commodity’s market and enter a more
profitable market instead. He is thinking of planting some organic crop. But he is not
sure which crop would be most profitable. He already knows that going organic
requires changing some of his practices to qualify for the certification. Therefore he
wants to know how much it costs to become a certified organic farmer, and which
crop would be best suited for him to grow given his current equipment.
Luckily before you can find time to answer Uncle Dan’s e-mail, you read the piece on
organic farming in the United Kingdom on page 422 of the textbook. Recognizing the
costs and risks for Uncle Dan in making the switch, you decide to research the
market in terms of supply and demand, elasticity, production costs, pricing, and
economic or normal profit or loss. You decide to educate yourself about organic
farming so that you can provide Uncle Dan with the most informed advice possible.

5. Microeconomic Paper as a Professional Report
Your paper should be organized into five parts as listed below.
1. Title Page—Name, course, and date
2. Introduction to situation, but do NOT copy the
scenario. Briefly summarize the situation and
identify the microeconomic issue(s) to be decided
from the perspective of the organization.
3. Relevant Economic Principles: Determinants of
Demand, Supply, etc. and Relevant Data
Identify the variables that are critical in addressing the
issue(s). Gather and present the relevant data on the
variables by searching the DeVry Online Library. Ask a
librarian for help if needed. Use in-text citation to report
the source(s) of the data. Graphs may be included here.
4. Recommendations and Economic Justification
Formulate and present your recommendations for
addressing the issue(s) based on the relevant data and
economic principles identified above. Justify your
recommendations in terms of the economic impact on
those affected.
5. References
List the full references for at least five sources
alphabetically in APA format.

6. Microeconomic Paper as a Professional Report
Your paper should be organized into five parts as listed below.
1. Title Page—Name, course, and date
2. Introduction to situation, but do NOT copy the
scenario. Briefly summarize the situation and
identify the microeconomic issue(s) to be decided
from the perspective of the organization.
3. Relevant Economic Principles: Determinants of
Demand, Supply, etc. and Relevant Data
Identify the variables that are critical in addressing the
issue(s). Gather and present the relevant data on the
variables by searching the DeVry Online Library. Ask a
librarian for help if needed. Use in-text citation to report
the source(s) of the data. Graphs may be included here.
4. Recommendations and Economic Justification
Formulate and present your recommendations for
addressing the issue(s) based on the relevant data and
economic principles identified above. Justify your
recommendations in terms of the economic impact on
those affected.
5. References
List the full references for at least five sources
alphabetically in APA format.