elements listed below. You will analyze data on firm sales and in the market overall to identify trends and inform your recommendation for the firm’s future

05 Jun elements listed below. You will analyze data on firm sales and in the market overall to identify trends and inform your recommendation for the firm’s future

Question
ECO 201 Milestone Two Guidelines and Rubric

The purpose of this milestone is for students to begin their firm analysis from a microeconomic perspective, applying concepts learned in Modules One, Two, and

Three. Specifically, students will examine the supply and demand conditions for the goods or services the firm produces, paying special attention to how sales

and product development have evolved over time. Students will then apply the elasticity concept to determine how the price elasticity of demand for the firm’s

goods or services would be categorized, and they will examine what that suggests for the firm’s ability to increase or decrease prices.

Prompt: Submit a draft of the supply and demand conditions (Section II) and price elasticity of demand (Section III) of your research paper, including all critical

elements listed below. You will analyze data on firm sales and in the market overall to identify trends and inform your recommendation for the firm’s future

actions. You will also use available data to determine the price elasticity for the goods or services your firm produces and explain the factors that influence

consumers’ reactions and the firm’s pricing decisions.

Specifically the following critical elements must be addressed:

II. Explore the supply and demand conditions for your firm’s product.

a) Evaluate trends in demand over time and explain their impact on the industry and the firm. You should consider including annual sales figures for

the product your firm sells.

b) Analyze information and data related to the demand and supply for your firm’s product(s) to support your recommendation for the firm’s

actions. Remember to include a graphical representation of the data and information used in your analysis.

III. Examine the price elasticity of demand for the product(s) your firm sells.

a) Analyze the available data and information, such as pricing and the availability of substitutes, and justify how you determine the price elasticity

of demand for your firm’s product.

b) Explain the factors that affect consumer responsiveness to price changes for this product, using the concept of price elasticity of demand as your

guide.

c) Assess how the price elasticity of demand impacts the firm’s pricing decisions and revenue growth.

Rubric

Guidelines for Submission: Your paper must be submitted as a two- to three-page Microsoft Word document with double spacing, 12-point Times New Roman

font, one-inch margins, and sources cited in APA format.

Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information,

review these instructions.

Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value

Conditions: Impact Effectively evaluates trends in

demand over time and explains

their impact on the industry and

the firm

Evaluates trends in demand over

time, but evaluation is ineffective

or does not explain their impact

on the industry and firm

Does not evaluate trends in

demand over time

18

Conditions: Firm’s

Actions

Analyzes information and data

related to the demand and supply

for the firm’s product(s) to

support recommendation for the

firm’s actions and includes

graphical representation of data

and information

Analyzes information and data

related to the demand and supply

for the firm’s product(s), but

information and data do not

support recommendation for the

firm’s actions or do not include

graphical representation of data

and information

Does not analyze information and

data related to the demand and

supply for the firm’s product(s)

18

Price Elasticity of

Demand: Analyze

Analyzes the available data and

information and justifies how the

price elasticity of demand for the

firm’s product was determined

Analyzes the available data and

information, but does not justify

how the price of elasticity of

demand for the firm’s product

was determined

Does not analyze the available

data and information to

determine the price elasticity of

demand

18

Price Elasticity of

Demand: Consumer

Responsiveness

Explains the factors that affect

consumer responsiveness to price

changes for the product using the

concept of price elasticity of

demand as a guide

Explains the factors that affect

consumer responsiveness to price

changes for the product, but does

not use the concept of price

elasticity of demand as a guide

Does not explain the factors that

affect consumer responsiveness

to price changes for the product

18

Price Elasticity of

Demand: Pricing

Decisions

Accurately assesses how the price

elasticity of demand impacts the

firm’s pricing decisions and

revenue growth

Assesses how the price elasticity

of demand impacts the firm’s

pricing decisions and revenue

growth, but assessment is

inaccurate

Does not assess how the price

elasticity of demand impacts the

firm’s pricing decisions and

revenue growth