The purpose of the project is to provide an opportunity for students to apply theory and concept of Demand & Supply, Scarcity, Price control and Elasticity that you have been exposed to in the Microeconomics

Problem statement: Begin by clearly identifying the problem/challenge/opportunity you face and provide some context as to the magnitude of the problem, and its importance.

Individual project

The purpose of the project is to provide an opportunity for students to apply theory and concept of Demand & Supply, Scarcity, Price control and Elasticity that you have been exposed to in the Microeconomics module to a real-world problem/challenge/opportunity they face in their daily business lives, and to discuss how the insights/theory might inform their decision-making calculus differently going forward. Students have the option to apply the chosen piece of economic theory/empirical evidence to an analysis of their own firm, or to a firm they know, or to a hypothetical firm in a real-world scenario. Students are expected to produce a 2000– 2500-word paper. Note that you apply any of the listed theories /concepts (Demand & Supply, Scarcity, Price control and Elasticity) or a combination of them to your chosen piece