The objective of the assignment is to demonstrate the application o...
Question
The objective of the assignment is to demonstrate the application of microeconomic theory as presented to a current topic you have chosen.
It is the application of the theory that is important; this is not just a research paper which describes a current situation with some economic features.
The selected topic must be one that relates to microeconomics; that is, any of the subjects listed in the Arnold table of contents under microeconomics, for example, market failure.
Macroeconomic topics and analysis are not acceptable for a micro class.
The paper should not be long. Provide enough information and detail on your chosen topic to serve as the basis for economic analysis.
The topic must be relatively current; an analysis of some past event is not acceptable.
Show how the theory you've learned from the course and presented in Arnold applies to or explains the current situation.
The analysis need not be complex, but must include a written explanation and a graphical analysis similar to those used throughout Arnold.
Basically, you are just selecting the appropriate tools from Arnold and showing how they apply to a specific situation.
Write a short conclusion. This might include some predictions for the future.
The paper should include the following:
Title page
Insert page numbers. A Running Head is fine but not necessary.
Abstract - not required but OK if desired
Table of Contents - not required
Section Headings - strongly encouraged
Citations - cite all references in the body of the text and in the Reference list.
Plagiarism - Do not copy text from another author or Web source unless it is quoted.
Appendices - Not necessary but may be appropriate for raw data.
Resources on APA Style
It is the application of the theory that is important; this is not just a research paper which describes a current situation with some economic features.
The selected topic must be one that relates to microeconomics; that is, any of the subjects listed in the Arnold table of contents under microeconomics, for example, market failure.
Macroeconomic topics and analysis are not acceptable for a micro class.
The paper should not be long. Provide enough information and detail on your chosen topic to serve as the basis for economic analysis.
The topic must be relatively current; an analysis of some past event is not acceptable.
Show how the theory you've learned from the course and presented in Arnold applies to or explains the current situation.
The analysis need not be complex, but must include a written explanation and a graphical analysis similar to those used throughout Arnold.
Basically, you are just selecting the appropriate tools from Arnold and showing how they apply to a specific situation.
Write a short conclusion. This might include some predictions for the future.
The paper should include the following:
Title page
Insert page numbers. A Running Head is fine but not necessary.
Abstract - not required but OK if desired
Table of Contents - not required
Section Headings - strongly encouraged
Citations - cite all references in the body of the text and in the Reference list.
Plagiarism - Do not copy text from another author or Web source unless it is quoted.
Appendices - Not necessary but may be appropriate for raw data.
Resources on APA Style
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The Effects of GMOs on Global Food Market and Consumer Behavior
Outline
1. Introduction
A. Definition of GMOs
B. Market Significance
2. Factors for Adoption
A. Increased efficiency
B. Stable pricing strategy
C. Ease of access
3. Effects of GMOs at microeconomics level of global market
A. Additional substitutes
B. Change in consumers’ behavior
4. Factors for consistency
A. Increased utility
B. Low cost foregone
C. Lack of health information
D. Consumers’ preference
5. Causes of low adoption
A. Increased health education
B. Legal issues
C. Low marginal utility and higher costs
6. Microeconomic Theories applied in the paper
A. Consumer Demand theory- The concept is applicable in explaining the initial shift in consumers’ preference- from natural food to the GMO products.
B. Classical Demand Theory- The theory encompasses consumer behavior as guided by-product’s basic properties, utility, and preference.
C. Expected utility theory- With the medical information on possible future nutrition issues, the consumers reduced on GMO consumption due to expected health liabilities.
D. Competitive markets- The concept examines the market shift between GMOs and Natural food subsequent the underlying market factors.
The Effects of GMOs on Global Food Market and Consumer Behavior
Microeconomic Theories applied in the paper
• Consumer Demand theory- The concept is applicable in explaining the initial shift in consumers’ preference- from natural food to the GMO products.
• Classical Demand Theory- The theory encompasses consumer behavior as guided by product’s basic properties, utility, and preference.
• Expected utility theory- With the medical information on possible future nutrition issues, the consumers reduced on GMO consumption due to expected health liabilities.
• Competitive markets- The concept examines the market shift between GMOs and Natural food subsequent the underlying market factors.
The main aim of application of microeconomic theories is to minimize on cost
Outline
1. Introduction
A. Definition of GMOs
B. Market Significance
2. Factors for Adoption
A. Increased efficiency
B. Stable pricing strategy
C. Ease of access
3. Effects of GMOs at microeconomics level of global market
A. Additional substitutes
B. Change in consumers’ behavior
4. Factors for consistency
A. Increased utility
B. Low cost foregone
C. Lack of health information
D. Consumers’ preference
5. Causes of low adoption
A. Increased health education
B. Legal issues
C. Low marginal utility and higher costs
6. Microeconomic Theories applied in the paper
A. Consumer Demand theory- The concept is applicable in explaining the initial shift in consumers’ preference- from natural food to the GMO products.
B. Classical Demand Theory- The theory encompasses consumer behavior as guided by-product’s basic properties, utility, and preference.
C. Expected utility theory- With the medical information on possible future nutrition issues, the consumers reduced on GMO consumption due to expected health liabilities.
D. Competitive markets- The concept examines the market shift between GMOs and Natural food subsequent the underlying market factors.
The Effects of GMOs on Global Food Market and Consumer Behavior
Microeconomic Theories applied in the paper
• Consumer Demand theory- The concept is applicable in explaining the initial shift in consumers’ preference- from natural food to the GMO products.
• Classical Demand Theory- The theory encompasses consumer behavior as guided by product’s basic properties, utility, and preference.
• Expected utility theory- With the medical information on possible future nutrition issues, the consumers reduced on GMO consumption due to expected health liabilities.
• Competitive markets- The concept examines the market shift between GMOs and Natural food subsequent the underlying market factors.
The main aim of application of microeconomic theories is to minimize on cost
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