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Project Title: Understanding Market Dynamics Objective: The objective of this mini project is to apply microeconomic principles to analyze a real-world economic scenario. Students will choose a specic topic related to microeconomics and explore its various aspects, demonstrating a deep understanding of the concepts learned in class. Topics to select from : 1. Supply and Demand Analysis: Choose a product (e.g., smartphones, coffee) and analyze how changes in supply and demand affect its price and quantity sold. 2. Price Elasticity of Demand: Investigate the price elasticity of demand for a specic good or service. Discuss factors that inuence elasticity, such as substitutes and necessities. 3. Cost-Benefit Analysis of a Business Decision: Evaluate a business decision made by a local company. Discuss the costs and benefits, considering both explicit and implicit costs. 4. Market Structures Research: Explore different market structures (perfect competition, monopoly. oligopoly) and analyze a real-world example for each, discussing pricing and competition. 5. Environmental Economics Project: Explore the economic impact of environmental policies or issues (e.g., carbon taxes, pollution control). Discuss tradeoffs between economic growth and environmental sustainability. Project Components: 1. Introduction: (1 paragraph) - Briey introduce the chosen microeconomic topic and its relevance. - Clearly state the objective of the project. 2. Literature Review: (1 paragraph) - Provide a brief overview of relevant microeconomic theories and concepts related to your chosen topic. - Cite reputable sources to support your understanding. Term 1 2023-2024 3. Data Collection: - Gather relevant data pertaining to your chosen topic. This could include market prices, demand and supply statistics, and any other pertinent information. - Clearly document the sources of your data. 4. Graphical Representation: - Create graphs or charts to visually represent your analysis. This could include demand and supply curves, price elasticity graphs, or any other relevant visual aids. 5. Analysis: (1 paragraph) - Apply microeconomic theories to analyze the collected data. - Discuss how changes in supply, demand, and other factors impact the market equilibrium. 6. Conclusion: (1 paragraph) - Summarize your findings and the implications of your analysis. - Discuss any recommendations or insights based on your research. Instructions for Students: in Teams of 1 to 2 students 1. Topic Selection: Choose one of 5 microeconomic topics that interests you: 1) Supply and Demand Analysis, 2) Price Elasticity of Demand, 3) Cost-Benefit Analysis of a Business Decision, 4) Market Structures Research, and 5) Environmental Economics Project. 2. Research: Conduct thorough research on your chosen topic. Utilize academic journals, reputable websites, and other reliable sources to gather information. 3. Data Collection: Collect relevant data to support your analysis. Clearly document the sources of your data and ensure its accuracy. 4. Analysis: Apply microeconomic theories learned in class to analyze the data. Clearly explain the economic concepts you are applying. 5. Visual Aids: Create clear and effective visual aids to enhance the presentation of your analysis. Graphs, charts, and tables should be appropriately labeled and explained. 6. Writing and Presentation: Follow the provided rubric for organizing your project. Ensure clarity, coherence, and proper grammar throughout your report. 2