Consumer choice theory and the theory of demand

Reference no: EM132482269 , Length: word count:1500

Managerial Economics

Term Paper Brief:

You are the founder of ONE1 of the companies below that offers a new product and/or service in the digital economy. With the aim of (1) securing industry mentors, (2) raising funding and (3) gaining cutting edge theoretical and practical insights, you have agreed to prepare a comprehensive report for a combined panel of (1) industry experts, (2) venture capitalists and (3) business academics.

The panel expects you to focus on how the distinct characteristics of (i) consumer choice theory as well as the resulting theory of demand (session 3 & 4) in the digital economy OR (ii) production cost theory as well as the resulting theory of supply (session 5 & 6) in the digital economy help your company gain a competitive advantage. In particular, you should identify, analyze and synthesize opportunities and challenges, distill the available options and determine the optimal course of action for your company while clearly spelling out your assumptions, arguments, and conclusions.

For your report you are required to use relevant micro-economic theories, concepts, models and reasoning as well as real-world information and data, including a one page executive summary and customized diagrams for illustrate purposes. Your proposal will then be judged by the panel on its commercial acumen, feasibility, effectiveness and efficiency as well as its academic rigor, sophistication, novelty and presentation.

For consumer choice theory and the theory of demand, you may wish to focus on the economics of social media, the economics of intangible goods such as experience goods etc. For production cost theory and the theory of supply you may wish to focus on the economics of the Internet of Things (IoT), the economics of intangible goods and services such as intellectual property etc.

1,500 word limit (excluding one page executive summary, diagrams, references and appendix)

Attachment:- Managerial Economics.rar

Reference no: EM132482269

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