Microeconomics For Business

In your introduction, you must introduce the economic theories you will be applying as well as identify your three components of the problem-solving paradigm as they are related to your topic (do not just list the three questions).  You will expand on these in the remainder of the paper and provide your input on how your problem was solved–what would you have done differently, if anything?   Reflecting on material you have learned in the course to this point, use these tools to write a short applied paper, applying some of these tools (at least two) and the problem-solving paradigm introduced in Chapter 1 to a business problem or situation of your choice. This can be a situation you have faced, one you construct, or one you have read about.  Your analysis must be your own, original work.  You should provide an introduction to the problem you are analyzing with the Problem-Solving paradigm in the introduction and indicate what theories you will be using, apply your analysis, and provide concluding comments and any recommendations to remedy the problem using the problem-solving paradigm.  These papers should be a combination of objective, tool-based analysis and subjective analysis where you are making policy recommendations to correct the problem/situation.NOTE: In your introduction, you must introduce the economic theories you will be applying as well as identify your three components of the problem-solving paradigm as they are related to your topic (do not just list the three questions).  You will expand on these in the remainder of the paper and provide your input on how your problem was solved–what would you have done differently, if anything?    You are expected to apply the theories you choose correctly.  Application means you use the theory and explain how the theory applies to your situation–it is not merely stating the theory.Your paper must be framed using the problem solving paradigm in your introduction and identify what theories you will be using in your introduction. Conduct your analysis and offer any resolution/recommendations to the problem you are discussing. This can be a problem / situation you experienced in the workplace or one you have heard or read about. It tends to work best if it is a problem you have some familiarity with instead of something you make up.The Problem-Solving paradigm is the framework This paradigm asks the following:Who made the bad decision?Did the decision maker have enough information to make a good decision?Did the decision maker have an incentive to make a good decision?Book is  Managerial Economics, 5th Edition, by Froeb, McCann, Shor, and Ward (ISBN: 978-1-337-10666-5)The paper should be no more than two, double-spaced typed pages, font-size 11, 1 inch margins, Times New Roman font. Cover page, references, tables/graphs do not count in the page length (it might be cleanest to put any figures as an appendix).Papers will be typed, double-spaced, Times New Roman, font size 11, with 1” margins all around. Cover pages, references, and graphs do not count toward length. Papers should be no more than two pages. Think of this as an executive memo of sorts within your business