Select a relevant microeconomics industry of your choice in the region in which you reside. Differentiate between the firm's implicit and explicit cost and discuss the firm's variable and fixed costs. Is your firm profitable? Do they have an optimistic or uncertain outlook for the near future?

Locate a recent article or event (published within the last year) that highlights your relevant microeconomics topic.

• State the article or event you selected.
• Identify the microeconomic concept(s).
• Describe your findings.
• Analyze the relevance to real-life applications.