# Apply the simple Microeconomic models to real-world situations and determine how the assumptions or predictions of a model may need to be modified to apply to the real-world situations.

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required book:

Mankiw, G. (2018). Brief principles of macroeconomics. (8th ed.). Cengage. ISBN: 9781337802154

Resources

Read/review the following resources for this activity:

Textbook: Chapter 17

Videos: Chapter 17 (in Weekly Resources)

Minimum of 1 library resource for initial post

Introduction

In this discussion, you will apply what you have learned in Chapter 17 to real-world situations in order to see how the concepts can be applied to a very broad range of situations.

Keep in mind that throughout this course, discussions are intended to bring real-world situations to the course material that we are covering each week. Part of your grade will depend on the connections you make between the article or scenario in each discussion, the material from the chapters we covered in the week, and, when applicable, your own experience.

Initial Post Instructions

Find an article from a newspaper or magazine that discusses an Oligopoly. You probably won’t find the article using the word Oligopoly, so you might have to think of some examples of markets or organizations that are Oligopolies and find an article on those.

How are the decisions of the firms affected by being in an Oligopolistic market? Would the price and quantity of output change if there were more firms in the market? Are there public (government) policies that affect the market? What are the policies and what are the policies attempting to do? (Hint: you might be able to find examples by searching for articles with such policies mentioned—Anti-trust, Sherman act, collusion, or by thinking about markets that have few sellers, etc.) Are those policies effective?

Does it appear that the firms in the Oligopoly are colluding with each other or competing against each other? Why do you think so? Is that helpful or harmful to consumers?

Don’t forget to cite your article!

Writing Requirements

In addition to one initial post, respond to at least two peers.

Initial Post Length: minimum of 250 words

Secondary Post Length: minimum of 200 words per post

Use APA format for in-text citations and list of references.

Grading and Assessment

Meeting the minimum number of postings does not guarantee an A; you must present an in-depth discussion of high quality, integrate sources to support your assertions, and refer to peers’ comments in your secondary posts to build on concepts. Refer to the Discussion Forum Grading Rubric (in Course DocumentCourse Learning Outcome(s): 1, 2, 4, 5, 6

1. Apply the Ten Principles of Economics (basic economic axioms) to real-world situations.

2. Predict market outcomes using simple Microeconomic models.

4. Analyze the welfare effects of differing market allocations.

5. Apply the simple Microeconomic models to real-world situations and determine how the assumptions or predictions of a model may need to be modified to apply to the real-world situations.

6. Analyze the implications of Government interventions on market outcomes and welfare.

Course Learning Outcome(s): 1, 2, 4, 5, 6

1. Apply the Ten Principles of Economics (basic economic axioms) to real-world situations.

2. Predict market outcomes using simple Microeconomic models.

4. Analyze the welfare effects of differing market allocations.

5. Apply the simple Microeconomic models to real-world situations and determine how the assumptions or predictions of a model may need to be modified to apply to the real-world situations.

6. Analyze the implications of Government interventions on market outcomes and welfare.

the rubric is attached

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