Microeconomic Concept

APPLICATION OF MICROECONOMIC CONCEPTS TO THE ECONOMY BACKGROUND Project Description: In this project, you will apply the theories studied in class to analyze the microeconomic forces affecting a business. Each and every data/graph/ table should have the Source with it. The contents of your presentation must incorporate concepts from the course. RESEARCH OUTLINE Choose your industry and your company - Brief background of the company. Explain the circular flow diagram and concentrate on each part to explain the following. DEMAND THEORY Consumer Behavior and pattern

Price elasticity of demand of the product and the shape of the demand curve. FIRM THEORY Cost structure of your company - 2-3 years of actual data. • Fixed costs, variable costs and your analysis of the same. MARKET THEORY Identify the market structure - level of competition; the barriers to entry; any game theory application PRICING THEORY Pricing strategy of the company; price movements in the last 4-5 years. CONCLUSION EXTRA CREDIT Relevant materials, apart from the PowerPoint, that will enhance the understanding of the microeconomic concepts that you have included in your resentation. ЂўResearch (newspapers or any other authentic sources) which you can include in a meaningful way in the presentation. • Use of actual data of your company from annual reports, financial statements • Your own survey, interview, analysis that you carried out for this project • Involvement of your colleagues during the presentation / discussion. • Creativity in your presentation. Your preparation and confidence during the presentation. I would like to choose Mcdonalds as a firm in this research microeconomic concept By falmarzooqil