Competencies In this project, you will demonstrate your mastery of the following

Competencies
In this project, you will demonstrate your mastery of the following competencies:
Inform business decisions using microeconomic models and theories
Determine the impact of economic costs on organizational and individual decision making
Explain how market structure impacts a business’s entry and exit into a market and its ability to generate economic profit
Scenario
You and your friend from college have just graduated. You majored in business, and your friend majored in a creative field. Your friend is highly inventive and has come up with an excellent idea for a new product. You both believe in this idea so much that you have agreed to become business partners. However, before you embark on your entrepreneurial adventure, you will have to explain some key microeconomics concepts to your partner that are important to make sound business decisions.
Your business partner is less than enthusiastic about this prospect and has never had an interest in what is often described as the dry and boring field of economics. Every time you have tried to engage your partner in practical discussions, they brush you off and decide to go play video games instead.
Aha! This gives you an idea: What if you could convince your friend to learn about economics through games? You have found several simulation games that demonstrate in real and interesting ways the economic principles that you know your partner needs.
Once you have played the games, you will create a memorandum report summarizing for your friend the educational value of your experiment. In your memorandum, you will restate the key principles and takeaways of each simulation, as well as illustrate how these ideas are relevant to your future entrepreneurial success.
Directions
First, assemble the materials that you will need to complete this assignment:
You will need several simulation report images for your memorandum. All the necessary data visualizations will be generated after you have completed each simulation game. You will be required to save image files of your simulation reports for your simulation discussions. These should also be used to create your memorandum report for the course project. If you have any questions or concerns about the simulation data that should be used for your project, you should promptly reach out to your instructor.
Review and use the Project Template located in the What to Submit section.
You are expected to reference any source material used in your memorandum report with appropriate citations. To support you, a References page has been added to the project template with a citation for this course’s reading already provided. Any other references you add should be cited according to APA format.
Once you have assembled the required materials listed above, you can now begin drafting your memorandum report by completing the following steps:
Comparative Advantage: Discuss the Comparative Advantage (With Trade) simulation that you played in Module Two. You should add the Production Decisions graph and the Production Trade graph (i.e., the graph showing how many hamburgers per fries) from you simulation report into the project template as Figures 1.1 and 1.2. Then, answer the following questions in the paragraphs below the figures:
How does this simulation demonstrate how individuals evaluate opportunity costs to make business decisions? Use the Production Decisions graph from the simulation as a reference to explain what role the production-possibility frontier (PPF) has in the decision-making process.
Explain how comparative advantage impacts a firm’s decision to engage in trade. Would a business’s decision to trade cause a change to its PPF? Provide specific reasoning to support your claims.
Competitive Markets and Externalities: Discuss the Competitive Markets and Externalities simulations (both with and without policy interventions) that you played in Modules Three and Four. Add the Supply and Demand chart and the Outcomes by Market table from your simulation reports into the project template as Figures 2.1 and 2.2. Then, answer the following questions in the paragraphs below the figures:
What impact do policy interventions have on the supply and demand equilibrium for a product? Provide specific examples from the simulation to illustrate.
What are the determinants of price elasticity of demand? Identify at least three examples. Based on the outcome of the simulation, explain how price elasticity can impact pricing decisions and total revenue of the firm.
Based on the results of the simulation, can policy market interventions cause consumer or producer surplus? Explain why using specific reasoning.
Production, Entry, and Exit: Discuss the Production, Entry, and Exit simulation that you played in Module Five. Add the Aggregate Outcomes chart from your simulation report into the project template as Figure 3.1. Then, answer the following questions in the paragraphs below the figure:
Analyze a business owner’s decision making regarding whether to enter a market. For example, what factors determined the driver’s market entry and exit in the simulation? Use economic models to support your analysis.
How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day? Use economic models to explain.
How does the impact of fixed costs change production decisions in the short run and in the long run? Use the average-total-cost (ATC) model included in the module reading chapters to demonstrate this impact.
Market Structures: Discuss the market structures simulations (Price Discrimination and Cournot) that you played in Modules Six and Seven. Then, do the following in the project template:
Complete Table 4.1 as a reference guide for your business partner. The table should compare the attributes of each of the four listed market structures.
Answer the following questions in the paragraphs below the table:
Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples from the textbook to support your claims.
How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claims.
Explain how firms that compete in the four different market structures determine profitability. Use specific examples from the simulations or the textbook to support your claims.
Conclusions: Draw your overall conclusions about the relevance and significance of microeconomics. How will microeconomics principles impact your business decisions moving forward? Provide recommendations to your business partner for your future business venture.
Finally, ensure that all of your sources are properly cited using in-line citations and references according to APA format.
What to Submit
To complete this project, you must submit the following:
Memorandum Report
Your memorandum report should summarize the key principles and takeaways of each microeconomics simulation for your business partner. It should also illustrate how these ideas are relevant to your future entrepreneurial success.
Template: Project Template Word Document
Use this template to structure your memorandum report, and submit it as a Word document. Sources should be cited according to APA style.

Assignment Guide CW1 – Portfolio including media ‘Product’ (Part 1+Part2) For

Assignment Guide
CW1 – Portfolio including media
‘Product’ (Part 1+Part2)
For this assignment task you will need to create a portfolio within which you must include the following elements:
Part 1: Design and make a media ‘product’ which could be presented on a specified online media platform.
Table of Contents
Part One (LO4)
Title of media product ………………………………………………………………………………………………..page number
Full Discussion
References (part one)…………………………………………………………………………………………………………page number
Part Two
Title: Commentary on the role and impact of media in 21st Century world
A brief introduction of what will be covered in this section……………………………………………….page number
‘Power’ in and around media………………………………………………………………………………………………….page number
Contemporary social issues with digital and social media…………………………………………………………..page number
A reflection on media use ………………………………………………………………………………………………………page number
Conclusion …………………………………………………………………………………………………………………………..page number
References (part two) …………………………………………………………………………………………………………….page number
Your media product should be ONE of the following:
Blog
–should adhere to academic writing styles with good citations, references and clear subheadings where necessary. It must be included in the portfolio with clear heading reflecting the title of the blog.
Choose one of these topics:
1. The representation of one social group within media
2. Media representation of crime
3. Media representation of health
4. The blurring of the public and private realms in new
Media
5. Digital media, social activism and democracy
Part 2: Commentary in which you discuss the role and impact of media in 21st century. (1000 WORDS):
Your commentary must include the following:
1.    ‘Power’ in and around media – LO2: Discuss and debate the issues of power in and around media. Suggestions about what may be included:  Think about media ownership and the implications in society (why does media ownership matter?;  think about Rupert Murdoch’s media empire and the implication of media power he commands, think about how media industries are overwhelmingly dominated by a few powerful companies and its implication; think about Noam Chomsky – Manufacturing consent and many other theorists; you may also consider  the perspective of Giddens & Sutton and other theorists of your choice.
2.    Contemporary social issues with digital and social media
You can demonstrate your understanding of LO1 by discussing the key debates and theories around the character, content, role and impact of media in contemporary societies. Suggestions about what may be included:
– some theories explaining contemporary media, think about Karl Max and his followers; think about Gidden and Sutton, Braston and Stafford, Hodkinson and many others; Also, think about the Frankfurt School; Functionalism and media pluralism and many others. Also, think about the positive and negative consequences of digital and social media in  contemporary society. 
3.    A reflection on your own media use based on your media diary (LO3) over the semester in relation to the themes discussed on this course (you may use the first person where appropriate). Suggestion about how you might approach this question:
Please provide separate references list for part 1 and part2 of your portfolio. Use the Harvard referencing format.

“Write an essay (with introduction and conclusion) on the suggested topic. Your

“Write an essay (with introduction and conclusion) on the suggested topic.
Your introduction should include the thesis statement – main idea of the paper (here is more detailed explanation – https://essayshark.com/blog/how-to-write-a-thesis-statement-to-make-it-clear/). Don’t include any new information in the conclusion. It should  restate the thesis statement of the paper.
Support your ideas with relevant arguments and examples (in-text citations). List 2-3 sources in the references. Make sure you stick to a required formatting style. Get benefits of these sources citationmachine.net and easybib.com.
MLA format – https://owl.english.purdue.edu/owl/resource/747/01/ https://owl.purdue.edu/owl/research_and_citation/mla_style/mla_formatting_and_style_guide/mla_in_text_citations_the_basics.html”