Your final exam will explore a single question:
What is the role of a microeconomist?
You may expand on this question however you see fit, but should focus primarily on an understanding of efficiency. How are markets meant to operate, and how do externalities prevent them from doing so? What considerations must be made for firms operating in different competitive environments? How do these different competitive environments or external factors affect both firms and consumers?
Guidelines:
1. I am choosing to leave this assignment open ended because I want you to be able to choose how you showcase your understanding of this material. I suggest approaching this paper as though you are writing it for someone who has never taken this class and has no background in the study of economics whatsoever. If this person approached you asking for an essential understanding of microeconomics, could they read your paper and feel as if they understood the basics of the subject?
2. Be concise and specific. No less than 2 pages, but absolutely not more than 4.
3. Typed. Double Spaced. 12 point font. Times New Roman.
4. Feel free to use graphs to illustrate your point. Any graphs will not be included in your page count.
5. You may use whatever other resources you like so long as they are cited. Sources beyond our Moodle page and your assigned textbook are not required, but if they are used should be cited in APA style. Work cited will not be included in your page count
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