Group Final Project Instructions and Requirements: Word count for the group final project, excluding bibliography, to be approximately 500 words, no less than 450 words. Paper must contain your group number Using sound economic concepts, the final project must correctly address and answer questions/concepts posed in assigned scenario(s)

QUESTION

Group Final Project Instructions and Requirements:
Word count for the group final project, excluding bibliography, to be approximately 500 words, no less than 450 words.
Paper must contain your group number
Using sound economic concepts, the final project must correctly address and answer questions/concepts posed in assigned scenario(s)
Format: MLA or APA
Abstract is not required. If included, it does not count as part of the word submission requirement.
Bibliography required; it does not count as part of the word submission requirement.
At least two refereed journal articles are required and must be included within your citations.
(Google Scholar is a good place to search for articles in refereed journals.)
Cited material cannot exceed 15% of the total word count.
Proper titles to be used, no last names, e.g. Secretary of State Clinton, President Obama, not Clinton or Obama.
Content to be spellchecked and proofread before submission, no Instant Message text.
Use of third person (he, she, it, and they) format is required. (No “I” “we”, “us”, or “you”)
Microsoft Word (.doc or .docx) required.
Times New Roman, size 12 font
Standard margins – APA or MLA
Double-spaced
Bottom Line – – group final project should address the posed scenario(s) using sound economic principles

ANSWER

Group Final Project: Addressing Economic Principles in Scenario Analysis

Group Number: [Insert Group Number]

Introduction

The purpose of this group final project is to analyze and address economic concepts within the assigned scenario(s) using sound economic principles. This paper will adhere to the guidelines set forth, including the word count, formatting, and referencing requirements, to provide a comprehensive analysis of the scenarios from an economic perspective.

Scenario Analysis

[Provide a brief description of the assigned scenario(s) here. Summarize the key aspects and factors involved that require economic analysis.]

Economic Concepts and Analysis

To effectively address the scenario(s) at hand, we will apply relevant economic concepts and principles. Through the utilization of these principles, we aim to provide a comprehensive analysis and answer the questions/concepts posed within the assigned scenario(s).

 Supply and Demand Analysis: We will examine the dynamics of supply and demand in the given scenario(s) to understand the market forces at play. This analysis will shed light on price determination, quantity allocation, and potential shifts in supply or demand that may impact the market equilibrium.

Cost-Benefit Analysis: By conducting a cost-benefit analysis, we will assess the potential gains and losses associated with the decisions and actions within the scenario(s). This analysis will consider both economic and non-economic factors to determine the overall feasibility and desirability of various choices.

Market Structure Analysis: Understanding the market structure relevant to the scenario(s) is crucial in assessing the impact of competition, market power, and pricing strategies. We will evaluate whether the market is perfectly competitive, monopolistic, oligopolistic, or a monopoly, as this classification will influence economic outcomes and potential policy implications.

Externalities and Public Goods: We will analyze any externalities, positive or negative, that arise from the scenario(s). This analysis will consider the spillover effects and the potential need for government intervention to internalize these externalities. Additionally, we will assess the provision and allocation of public goods, which may be relevant to the scenario(s) under examination.

Conclusion

In conclusion, this group final project has aimed to address the assigned scenario(s) using sound economic principles. By applying concepts such as supply and demand analysis, cost-benefit analysis, market structure analysis, and consideration of externalities and public goods, we have provided a comprehensive analysis and answered the questions/concepts posed in the scenario(s). Through this analysis, we have demonstrated the relevance of economic principles in understanding and making informed decisions in various real-world situations.