$[$Throughout this template, replace the content in bracketed text with your own responses, and deleted any bracketed instructions $($including these$).]$

$[$The Introduction section of your report is provided and should remain standard in all submissions.$]$

$[$The placeholders for your data visualizations $($e$.$g$.,$ charts, graphs, and tables$)$ should be replaced with the appropriate indicated images in each case. To create an isolated image, it is recommended that you use a snipping tool to copy and paste your data visualizations into this template. See How to Use the Snipping Tool $($Beginner$$s Guide$)$ for more information if you use a PC$.$ A captioned version of this video is available: How to Use the Snipping Tool $($Beginner$$s Guide$)($CC$).$ Or$,$ see Is There a Snipping Tool for Mac?.$]$

Memo

To: My Business Partner

From: $[$Insert your name$]$

Date: $[$Insert date$]$

Re: Microeconomics Simulations

Introduction

This memorandum report identifies and explains key microeconomic principles using a set of simulation games. The outcome of these games illustrate how microeconomic principles can be applied within real$-$life situations to help us make better business decisions. This report is a summary of the simulations I played and their results, which include the key takeaways and their significance, for your review and reference. It is divided into the following sections:

$1.$ Comparative Advantage

$2.$ Competitive Markets and Externalities

$3.$ Production, Entry, and Exit

$4.$ Market Structures $($including the Price Discrimination and Cournot simulations$)$

$5.$ Conclusions

$6.$ References

$$

Comparative Advantage

$[$Replace this area with an image of a Production Possibilities Frontier to illustrate the model.$]$

Figure $1\mathrm{.}1$

$[$Insert your responses to the following questions: How do individuals evaluate opportunity costs to make business decisions? Explain what role the production$-$possibility frontier $($PPF$)$ has in the decision$-$making process.$]$

$[$Explain how comparative advantage impacts a firm$$s decision to engage in trade. Would a business$$ decision to trade cause a change to its PPF$?$ Provide specific reasoning to support your claims.$]$

Competitive Markets and Externalities

$[$Replace this area with an image of a supply and demand diagram to illustrate the model.$]$

Figure $2\mathrm{.}1$

$[$Replace this area with an image of a supply and demand diagram showing consumer and producer surplus to illustrate the model.$]$

Figure $2\mathrm{.}2$

$[$Insert your responses to the following questions: 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. Explain how price elasticity can impact pricing decisions and total revenue of the firm.$]$

$[$What policy intervention can cause a change in consumer or producer surplus? Explain why using specific reasoning.$]$

$$

Production, Entry, and Exit

$[$Replace this area with an image of a firm$$s cost curves diagram to illustrate the concepts.$]$

Figure $3\mathrm{.}1$

$[$Insert your responses to the following questions: Analyze a business owner$$s decision making regarding whether to enter a market. Use economic models from the textbook to support your analysis.$]$

$[$How does a business owner apply the concept of marginal cost and marginal revenue to decide how much to produce? 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 textbook to demonstrate this impact.$]$

Market Structures

$[$Complete the table by selecting the appropriate response from the drop$-$down select menu within each cell, except for the final column in which you will enter your text$-$based response.$]$

Market Structure Number of Firms Type of Product Sold Price Taker? Price Formula Freedom of Entry? Short$-$run Profit? Long$-$run Profit? Industry Examples

Perfect Competition Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

$[$Insert two to three example industries that meet the criteria of the market structure.$]$

Monopolistic Competition Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

$[$Insert two to three example industries that meet the criteria of the market structure.$]$

Monopolies Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

$[$Insert two to three example industries that meet the criteria of the market structure.$]$

Oligopolies Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

$[$Insert two to three example industries that meet the criteria of the market structure.$]$

Table $4\mathrm{.}1$

$[$Insert your responses to the following questions: E