This simulation checkpoint assignment directly supports your success on the course project. You will play the simulation games, create the image file of your simulation report, and discuss learned concepts and experiences in your submission.
For this assignment, first play the simulation games Externalities Without Policy Interventions and Externalities With Policy Interventions in the MindTap environment. Then you will report your experiences playing those games. Your work in this assignment will directly support your success on the course project.
In your submission, remember to include the images of your simulation reports. See the How to Submit a Simulation Report Image document for more information. Then, reflect on the decisions you made in the simulation and address the following government intervention options in your submission:
Government Tools: Discuss tools available to the government to correct a market failure. Provide examples from the textbook.
Supply and Demand Equilibrium: Describe how government intervention affects the supply and demand equilibrium. Refer to the simulation game to explain your responses.
Consumer or Producer Surplus: Specify which government interventions cause a consumer or producer surplus. Explain how they impact consumer or produce surplus. Provide examples from the textbook.
Submit your assignment as a Word document. Use Section 2 of the
Final Project Template
.
CriteriaProficient (100%)Needs Improvement (55%)Not Evident (0%)ValueSimulation Image FileThe submission includes images of the simulation reportsThe submission does not include an image of the simulation reportDoes not make a submission20Government ToolsIdentifies tools that are available to the government to correct market failures, using examples from the textbookShows progress toward proficiency, but with errors or omissionsDoes not attempt criterion20Supply and Demand EquilibriumExplains how government intervention affects the supply and demand equilibrium, referring to the simulation game to explain the answersShows progress toward proficiency, but with errors or omissionsDoes not attempt criterion20Consumer or Producer SurplusIdentifies government interventions that cause a consumer or producer surplus, and explains using examples from the textbookShows progress toward proficiency, but with errors or omissionsDoes not attempt criterion20Articulation of ResponseClearly conveys meaning with correct grammar, sentence structure, and spelling, demonstrating an understanding of audience and purposeShows progress toward proficiency, but with errors in grammar, sentence structure, and spelling, negatively impacting readabilitySubmission has critical errors in grammar, sentence structure, and spelling, preventing understanding of ideas10Citations and AttributionsUses citations for ideas requiring attribution, with consistent minor errorsUses citations for ideas requiring attribution, with major errorsDoes not use citations for ideas requiring attribution10Total: 100%
[Throughout this template, replace the content in bracketed text with your own responses, and deleted any bracketed instructions (including these).]
[The
section of your report is provided and should remain standard in all submissions.]
[The placeholders for your data visualizations (e.g., charts, graphs, and tables) should be replaced with the appropriate indicated images in each case. To create an isolated image from the simulation data, it is recommended that you use a snipping tool to copy and paste your data visualizations into this template. See
How to Use the Snipping Tool (Beginner’s Guide)
for more information if you use a PC. A captioned version of this video is available:
How to Use the Snipping Tool (Beginner’s Guide) (CC)
. Or, see
Is There a Snipping Tool for Mac?
.]
To: My Business Partner
From: [Insert your name]
Date: [Insert date]
Re: Microeconomics Simulations
Introduction
This memorandum report identifies and explains key microeconomic principles using a set of simulation games. The outcome of these games illustrate how microeconomic principles can be applied within real-life situations to help us make better business decisions. This report is a summary of the simulations I played and their results, which include the key takeaways and their significance, for your review and reference. It is divided into the following sections:
1.
Comparative Advantage
2.
Competitive Markets and Externalities
3.
Production, Entry, and Exit
4.
Market Structures
(including the Price Discrimination and Cournot simulations)
5.
Conclusions
6.
References
Comparative Advantage
[Replace this area with the Production Decisions graph.]
Figure 1.1
[Replace this area with the Production and Trade graph.]
Figure 1.2
[Insert your responses to the following questions: How does this simulation demonstrate how individuals evaluate opportunity costs to make business decisions? Use the Production Decisions graph from the simulation as a reference to explain what role the production-possibility frontier (PPF) has in the decision-making process.]
[Explain how comparative advantage impacts a firm’s decision to engage in trade. Would a business’s decision to trade cause a change to its PPF? Provide specific reasoning to support your claims.]
[Replace this area with the Supply and Demand chart.]
Figure 2.1
[Replace this area with the Outcomes by Market table.]
Figure 2.2
[Insert your responses to the following questions: What impact do policy interventions have on the supply and demand equilibrium for a product? Provide specific examples from the simulation to illustrate.]
[What are the determinants of price elasticity of demand? Identify at least three examples. Based on the outcome of the simulation, explain how price elasticity can impact pricing decisions and total revenue of the firm.]
[Based on the results of the simulation, can policy market interventions cause consumer or producer surplus? Explain why using specific reasoning.]
[Replace this area with the Aggregate Outcomes chart.]
Figure 3.1
[Insert your responses to the following questions: Analyze a business owner’s decision making regarding whether to enter a market. For example, what factors determined the driver’s entry and exit into the market in the simulation? Use economic models to support your analysis.]
[How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day? Use economic models to explain.]
[How does the impact of fixed costs change production decisions in the short run and in the long run? Use the average-total-cost (ATC) model included in the module reading chapters to demonstrate this impact.]
Market Structures
[Complete the table by selecting the appropriate response from the drop-down select menu within each cell, except for the final column in which you will enter your text-based response.]
Market Structure
Number of Firms
Type of Product Sold
Price Taker?
Price Formula
Freedom of Entry?
Short-run Profit?
Long-run Profit?
Industry Examples
Perfect Competition
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
[Insert two to three example industries that meet the criteria of the market structure.]
Monopolistic Competition
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
[Insert two to three example industries that meet the criteria of the market structure.]
Monopolies
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
[Insert two to three example industries that meet the criteria of the market structure.]
Oligopolies
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
Choose an item.
[Insert two to three example industries that meet the criteria of the market structure.]
Table 4.1
[Insert your responses to the following questions: Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples from the textbook to support your claims.]
[How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claims.]
[Explain how firms that compete in the four different market structures determine profitability. Use specific examples from the simulations or the textbook to support your claims.]
[Insert your overall conclusions about the relevance and significance of microeconomics. How will microeconomics principles impact your business decisions moving forward? Provide recommendations to your business partner for your future business venture.]
Mankiw, N. G. (2021). Principles of microeconomics (#9 edition). Cengage.
[Add other citations, as needed, in
APA format
].
1/29/22, 11:59 AM Module Four Simulation Checkpoint Assignment Guidelines and Rubric – ECO-201-T3822 Microeconomics 22EW3
https://learn.snhu.edu/d2l/le/content/956443/viewContent/16363088/View 1/2
Overview
This simula�on checkpoint assignment directly supports your success on the course project. You will play the simula�on games, create the image file of your simula�on report, and
discuss learned concepts and experiences in your submission.
Direc�ons
For this assignment, first play the simula�on games Externali�es Without Policy Interven�ons and Externali�es With Policy Interven�ons in the MindTap environment. Then you will
report your experiences playing those games. Your work in this assignment will directly support your success on the course project.
In your submission, remember to include the images of your simula�on reports. See the How to Submit a Simula�on Report Image document for more informa�on. Then, reflect on the
decisions you made in the simula�on and address the following government interven�on op�ons in your submission:
Government Tools: Discuss tools available to the government to correct a market failure. Provide
examples from the textbook.
Supply and Demand Equilibrium: Describe how government interven�on affects the supply and demand equilibrium. Refer to the simula�on game to explain your responses.
Consumer or Producer Surplus: Specify which government interven�ons cause a consumer or producer surplus. Explain how they impact consumer or produce surplus. Provide
examples from the textbook.
Guidelines for Submission
Submit your assignment as a Word document. Use Sec�on 2 of the Final Project Template.
Module Four Simula�on Checkpoint Assignment Rubric
Criteria Proficient (100%) Needs Improvement (55%) Not Evident (0%) Value
Simula�on Image File The submission includes images of the
simula�on reports
The submission does not include an
image of the simula�on report
Does not make a submission 20
Government Tools Iden�fies tools that are available to the
government to correct market failures,
using examples from the
textbook
Shows progress toward proficiency, but
with errors or omissions
Does not a�empt criterion 20
Supply and Demand
Equilibrium
Explains how government interven�on
affects the supply and demand
equilibrium, referring to the simula�on
game to explain the answers
Shows progress toward proficiency, but
with errors or omissions
Does not a�empt criterion 20
Consumer or Producer
Surplus
Iden�fies government interven�ons that
cause a consumer or producer surplus,
and explains using examples from the
textbook
Shows progress toward proficiency, but
with errors or omissions
Does not a�empt criterion 20
https://learn.snhu.edu/content/enforced/956443-ECO-201-T3822-OL-TRAD-UG.22EW3/Course%20Documents/ECO%20201%20Project%20Template x?_&d2lSessionVal=AzmQgg3dw9pXs98aFIBYb5HGk&ou=956443
https://app.readspeaker.com/cgi-bin/rsent?customerid=9568&url=https%3A%2F%2Flearn.snhu.edu%2Fcontent%2Fenforced%2F956443-ECO-201-T3822-OL-TRAD-UG.22EW3%2FModule%2520Four%2520Simulation%2520Discussion%2520Guidelines%2520and%2520Rubric.html&lang=en_us&voice=9568&readid=d2l_read_element_1
1/29/22, 11:59 AM Module Four Simulation Checkpoint Assignment Guidelines and Rubric – ECO-201-T3822 Microeconomics 22EW3
https://learn.snhu.edu/d2l/le/content/956443/viewContent/16363088/View 2/2
Criteria Proficient (100%) Needs Improvement (55%) Not Evident (0%) Value
Ar�cula�on of Response Clearly conveys meaning with correct
grammar, sentence structure, and
spelling, demonstra�ng an understanding
of audience and purpose
Shows progress toward proficiency, but
with errors in grammar, sentence
structure, and spelling, nega�vely
impac�ng readability
Submission has cri�cal errors in grammar,
sentence structure, and spelling,
preven�ng understanding of ideas
10
Cita�ons and A�ribu�ons
Uses cita�ons for ideas requiring
a�ribu�on, with consistent minor errors
Uses cita�ons for ideas requiring
a�ribu�on, with major errors
Does not use cita�ons for ideas requiring
a�ribu�on
10
Total: 100%
