For this assignment, due in Module Three, you will submit the supply, demand, and market equilibrium component of your microeconomic analysis paper. This milestone should be a 2–3-page paper structured as follows: First, it describes the price elasticity of supply or demand for your product or service. Second, it explains how two non price factors impact the demand of your chosen product or service. Third, it explains how two nonprice factors impact the supply of your chosen product or service. Fourth, it defines the industry and the market equilibrium associated with the product or service.Fifth, it predicts the effect of changes in supply and demand on the market equilibrium. Finally, it describes the decisions related to supply and demand for the product or service that you would make based on the predicted changes in supply and demand on the market equilibrium.
mba502_part_i_milestone_one_guidelines_and_rubric.pdf
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MBA 502 Part I Milestone One Guidelines and Rubric
For this assignment, due in Module Three, you will submit the supply, demand, and market equilibrium component of your microeconomic analysis paper. This
milestone should be a 2–3-page paper structured as follows: First, it describes the price elasticity of supply or demand for your product or service. Second, it
explains how two nonprice factors impact the demand of your chosen product or service. Third, it explains how two nonprice factors impact the supply of your
chosen product or service. Fourth, it defines the industry and the market equilibrium associated with the product or service. Fifth, it predicts the effect of
changes in supply and demand on the market equilibrium. Finally, it describes the decisions related to supply and demand for the product or service that you
would make based on the predicted changes in supply and demand on the market equilibrium.
Specifically, the following critical elements must be addressed:
I.
Supply, Demand, and Market Equilibrium
a) Determine the extent to which the supply and demand of your chosen product or service are sensitive to changes in price by applying the
concept of elasticity. In other words, what is the price elasticity of supply or demand for your product or service?
b) Select two nonprice factors that impact the demand of your chosen product or service. Justify your selections.
c) Select two nonprice factors that impact the supply of your chosen product or service. Justify your selections.
d) Define the industry and the market equilibrium associated with the product or service.
e) Predict the effect of changes in supply and demand on the market equilibrium.
f) Based on the predicted changes, what decisions related to supply and demand would you make for your product or service?
Guidelines for Submission: Part I Milestone One should adhere to the following formatting requirements: 2–3 pages (not including cover page or appendix),
double-spaced, using 12-point Times New Roman font and the most current guidelines for APA formatting.
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
Supply, Demand, and
Market Equilibrium:
Elasticity
Proficient (100%)
Determines extent to which supply
and demand of chosen product or
service are sensitive to changes in
price by applying the concept of
elasticity
Needs Improvement (75%)
Determines extent to which supply
and demand of chosen product or
service are sensitive to changes in
price by applying the concept of
elasticity but with gaps in accuracy
or detail
Not Evident (0%)
Does not determine extent to
which supply and demand of
chosen product or service are
sensitive to changes in price by
applying the concept of elasticity
Value
15
Supply, Demand, and
Market Equilibrium:
Nonprice Factors for
Demand
Selects and logically justifies two
nonprice factors impacting the
demand of chosen product or
service
Supply, Demand, and
Market Equilibrium:
Nonprice Factors for Supply
Selects and logically justifies two
nonprice factors impacting the
supply of chosen product or service
Supply, Demand, and
Market Equilibrium:
Industry and Market
Equilibrium
Supply, Demand, and
Market Equilibrium: Predict
Accurately defines the industry and
the market equilibrium associated
with the product or service
Supply, Demand, and
Market Equilibrium:
Decisions
Proposes decisions related to
supply and demand for product or
service based on predicted changes
Articulation of Response
Predicts effect of changes in supply
and demand on the market
equilibrium
Submission has no major errors
related to citations, grammar,
spelling, syntax, or organization
Selects two nonprice factors
impacting the demand of chosen
product or service, justifying
selections but selection(s) are
inaccurate or justification is illogical
Selects two nonprice factors
impacting the supply of chosen
product or service, justifying
selections but selection(s) are
inaccurate or justification is illogical
Defines the industry and the
market equilibrium associated with
the product or service but with
gaps in accuracy
Predicts effect of changes in supply
and demand on the market
equilibrium but with gaps in
accuracy or necessary detail
Proposes decisions related to
supply and demand for product or
service based on predicted changes
but with gaps in logic or detail
Submission has major errors
related to citations, grammar,
spelling, syntax, or organization
that negatively impact readability
and articulation of main ideas
Does not select two nonprice
factors impacting the demand of
chosen product or service and
justify selections
15
Does not select two nonprice
factors impacting the supply of
chosen product or service and
justify selections
15
Does not define the industry and
the market equilibrium associated
with the product or service
15
Does not predict effect of changes
in supply and demand on the
market equilibrium
15
Does not propose decisions related
to supply and demand for product
or service based on predicted
changes
Submission has critical errors
related to citations, grammar,
spelling, syntax, or organization
that prevent understanding of
ideas
Total
15
10
100%
…
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