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Writing Assignment | Royce Vaughn – Adjunct Lecturer
***Before submitting your file, be sure the file name includes your own name, so that I know who the
file was submitted by.
Due Date and Format: The writing assignment is due by 11:55 pm on Tuesday May 07, 2019. The
document must exist in a PDF file format and be submitted through Moodle. Late submissions will not
Here is a link that describes how to save your document as PDF:
Objective: Students will write an essay containing at least 750 words, excluding headings and
bibliography. The essay must use at least two sources of information that are included in a bibliography
and each cited at least once in the essay using a popular citation method, such as MLA. One of the
sources must be scholarly and the remaining two can be either scholarly or popular sources.
For assistance on properly citing sources, you may find the King’s library helpful:
Assessment: Students’ work will be assessed using the following rubric. A maximum of sixty points will
be awarded to students who exhibit the highest quality work.
You will apply the material learned in chapters 11 through 15 to think of opening your own business.
Use the following steps as an outline for the paper you will write:
#1 – Determine a product you will consider selling. It can be a good or service. It can be produced by
you, or simply purchased from a manufacturer and re-sold. It can be a physical product, service, or an
intangible one. Describe these aspects in detail.
#2 – Determine the characteristics of the market in which your business will exist. It can exactly match
the market conditions for any industry structure we learned about, like perfect competition or
monopoly. The market you face could share components from different structures. If so, you should list
them. Here are some of the characteristics you should consider:
a. Is your firm a price-maker, price-taker, or have any price setting ability?
b. Will your firm compete with other similar firms? How many competitors should you expect?
c. Are you selling a standardized product or commodity? A differentiated product? If so, how is it
d. Are there any barriers-to-entry? How will you face them?
#3 – Describe your firm’s possible cost structure. Consider your major fixed and variable cost. Will they
change with different levels of output? Describe these costs with words or with a table of figures.
#4 – Determine a pricing strategy. Can you copy other firms’ prices? Can you determine a minimum
price you must sell at, as not to lose money? Where can you get this data? Describe this strategy as best
#5 – Based on your research, is your firm likely to be profitable? Can you maintain those profits into the
long run? Could you actually start this business, and what would be your first steps to doing so?
Through the discussion, integrate some concepts of economic and show the reader that you understand
them. Assume the reader has a college-level education and can follow economic theory well but could
use a “refresher”.
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