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Writing Assignment | Econ
Objective: Students will write an essay containing at least 750 words, excluding headings and
bibliography. The essay must use at least four sources of information that are included in a bibliography
and cited at least once in the essay using a popular citation method, such as MLA. Two of the sources
must be scholarly and the remaining two can be either scholarly or popular sources.
Assessment: Students’ work will be assessed using the following rubric. A maximum of six points will be
awarded to students who exhibit the highest quality work.
Core Learning
Outcomes
1.
Apply the
methods of the
social science(s)
to the study of
human social
behavior.
3 points
Outstanding
2 points
Acceptable
1 point
Deficient
Demonstrates full
knowledge of theoretical
frameworks, concepts, and
descriptive terms and how
they relate to each other
Partial understanding of
theoretical frameworks,
concepts, and descriptive
terms and how they relate
to each other
Lacks understanding of
theoretical frameworks;
fails to demonstrate an
understanding of the
relationship of concepts,
terms, and important ideas
to each other
Consistently demonstrates a
detailed, evidence-based
understanding of
individuals as members of a
particular culture and/or
community
Demonstrates an
understanding of
individuals as members of
a particular culture and/or
community
Lacks an understanding of
individuals as members of
a particular culture and/or
community
Topic:
Imagine that you are planning to start your own small business. An entrepreneur must use
analytical skills to determine the day-to-day operation and financial outcomes of a new startup,
not leaving out any details.
Your task is to describe the product that your new startup will produce, describe the industry
that your startup will exist in, and determine what the cost and revenue structure will look like.
Be sure to describe your product in detail. Is it different from competitors’ products? How so?
When describing the industry, try to determine which kind of industry your startup exists in
(perfect competition, monopoly, oligopoly, or monopolistic competition). Do firms in the
industry compete on price, on quality, or on differentiation (or a mixture of each)? Does your
firm sell a commodity/standardized product? Will your startup be a price taker or a price
maker? Are there any barriers to entry? Use these attributes to determine what is most likely to
be the industry structure your startup faces. Remember that reality is not as straight forward as
theory, so you will have to make a best-guess.
When you describe the cost and revenue structure: 1) define the product, 2) determine what
fixed inputs are used, 3) determine what variable inputs are used, 3) estimate fixed and variable
cost for at least several different levels of output that your firm is likely to encounter, 4)
determine the level of revenue that would be generated at different production levels. It might
be handy to make a table when describing the cost and revenue structure. Try to determine the
profit level associated with the production levels.
How does the market for your new startup’s product look for the long run? Can you earn profit
into the long run?
Through the discussion, consider and integrate economic theory that was learned during class
and show the reader that you understand how economic models work and apply them in a way
that allows the reader to view the startup through them. Remember that economic models
help us understand and predict economic realities, so be sure to choose an appropriate model
and use it appropriately to predict the future. Assume the reader has a college-level education
and can follow economic theory well, but could use a “refresher”.
Due Date and Format:
The writing assignment is due by 11:59 pm on May 7, 2017 (Sunday)
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