Microeconomics Product Analysis

Microeconomics Product Analysis

 This individual project allows you to pursue authentic learning and to apply theories taught in class to real world situations. This encourages independence and self-confidence as well as developing one’s thinking and analytical skills when working through real world situations.

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Choosing Product Market for Analysis

This project involves choosing product(s) for your project analysis, using microeconomics concepts discussed in Lectures 1 to 5.

The product or service market can be either general or specific, local, or international.

Some examples of product or service market:

Smartphones (general)

Apple iphone (specific brand in the smartphone market)

Starbuck Coffee in China (local, specific to a country)

Coffee (international)

ECO2101 Microeconomics

Choosing Articles as References for Analysis

Search through newspapers sources (other sources are strictly not permitted), either in print or online for THREE (3) articles based on the product market you have chosen. Articles should contain real world situations. Articles that contain analysis or researched by others should not be used. The articles must be related to the concepts discussed in Lectures 1 to 5.

Articles must be from 1^st February 2024 onwards.

The articles selected should be in English and based on the following topics: Article 1 – Lecture Topic 1: PPF and Opportunity Cost

Article 2 – Lecture Topic 3: Market Equilibrium and Efficiency (Learning and understanding Lecture Topic 2: Demand and Supply is a pre-requisite to learning Topic 3)

Article 3 – Lecture Topic 4: Elasticities

OR

– Lecture Topic 5: Utility and Demand

Select THREE (3) articles on the SAME PRODUCT (for example, all 3 articles on coffee) or DIFFERENT PRODUCTS (for example, 1^st article on coffee, 2^nd article on apparel and 3^rd article on smartphone).

ECO2101 Microeconomics

Analysing your Product Market

For each article, identify the event(s) or phenomena. Summarise these events in your own words.

Analyse these events using the appropriate microeconomic concepts. Economic diagram(s), where applicable must be drawn to support your analysis. Reproducing or paraphrasing the article does NOT constitute an analysis.

The following are some suggestions for the analysis:

Using PPF concept to analyse a reduction in the production of crops due to natural disasters like earthquakes or flood (lecture 1 topic; the product can be wheat or coffee or cocoa)

Using market equilibrium analysis to analyse the rise of price of oil due to a shortage in supply or excess in demand (lecture 3 topic; the product here is oil) or using market equilibrium analysis to analyse the changes in the price of semiconductor chips due to the high demand and reduced supply of semiconductor chips (the product here is semiconductor).

Using price elasticity of demand to analyse the elasticity of oil as price of oil rises due essential needs and no close substitutability or shortage in supply and the impact on the consumer expenditure on oil consumption (lecture 4 topic; the product here is oil)

Using utility and demand to analyse on household consumption choices (lecture 5 topic: income, budget constraints and utility)

ECO2101 Microeconomics

Writing your Report

Use Calibri Font Size 12pt. Number your pages. Use single line spacing. Do a full justification (that is both left and right justified) of your report.