Directions For this assignment, first play the simulation games Externalities Without Policy Interventions and Externalities With Policy Interventions in the MindTap environment. Then you will report...

ECO 201 Project Template
[Throughout this template, replace the content in
acketed text with your own responses, and deleted any
acketed instructions (including these).]
[The Introduction section of your report is provided and should remain standard in all submissions.]
[The placeholders for your data visualizations (e.g., charts, graphs, and tables) should be replaced with the appropriate indicated images in each case. To create an isolated image from the simulation data, it is recommended that you use a snipping tool to copy and paste your data visualizations into this template. See How to Use the Snipping Tool (Beginner’s Guide) for more information if you use a PC. A captioned version of this video is available: How to Use the Snipping Tool (Beginner’s Guide) (CC). Or, see Is There a Snipping Tool for Mac?.]
Memo
To: My Business Partne
From: [Insert your name]
Date: [Insert date]
Re: Microeconomics Simulations
Introduction
This memorandum report identifies and explains key microeconomic principles using a set of simulation games. The outcome of these games illustrate how microeconomic principles can be applied within real-life situations to help us make better business decisions. This report is a summary of the simulations I played and their results, which include the key takeaways and their significance, for your review and reference. It is divided into the following sections:
1. Comparative Advantage
2. Competitive Markets and Externalities
3. Production, Entry, and Exit
4. Market Structures (including the Price Discrimination and Cournot simulations)
5. Conclusions
6. References
Comparative Advantage
[Replace this area with the Comparative Advantage Simulation Results.]
Figure 1.1
This simulation will help the individual to choose what to produce or consume in the market based on comparative advantage.In above result the opportunity cost of producing 2 units is low compared to the opportunity cost of producing one unit.So the firm has comparative advantage in producing two units of output.The production possibility frontier help’s the firm to allocate resource efficiently between two products.
[Insert your responses to the following questions: How does this simulation demonstrate how individuals evaluate opportunity costs to make business decisions? Explain what role the production-possibility frontier (PPF) has in the decision-making process.]
Opportunity cost is introduced as a component for consideration in deciding between alternative manufacturing possibilities.
If a country has a comparative advantage, it will participate in commerce with other nations, exporting the items in which it has a relative advantage.
When two goods are dependent on the same finite resources, the production possibility frontier (PPF) is a curve that shows the changing amounts of each product that can be produced. As shown by the PPF, the production of one commodity may rise only if the other commodity's output declines. Managers use the PPF to make decisions on the optimal product mix for their firm. For example if a firm is producing cheese and
ead in equal quantities. If the the firm decide to engage in trade by looking into comparative advantage, then it will produce more of...