XYZ Company is aware that microeconomics plays a general role in its organization’s success.
Top-level management has asked you to conduct research, and then write a report on specifically
what role it should play in its overall success. Management has asked for information on the
following as it relates to the organization: Elasticity and total revenue, income elasticity of
demand and price elasticity of demand, the law of diminishing marginal utility, and utility
maximizing rule, economic and normal profits, fixed costs, variable costs, marginal costs, and
average costs. Length: 5-7 pages, not including title page and references. Please use the concepts
from the required textbook as well as three additional scholarly sources for support throughout
your presentation. Additional reliable sources may also be used. Your response should
demonstrate thoughtful consideration of the ideas and concepts presented in the course by
providing new thoughts and insights relating directly to this topic. Your response should reflect
scholarly writing and current APA standards.
Microeconomics the key in a company overall success or failure, also the reliability and currency
of the information it uses. Thus providing factors on how it plays an important role in the economy. If a
company product has high elastic demands, that company can increase its revenue by decreasing the
original price of that item. If a company wants to maximize it profit they must increase their total revenue.
Initiating that Elasticity and total revenue determine the growth in a business. For example the
product the company is marketing should be on high demands, the price must be fair and competitive, ^and
the organization needs a great customer skill, ethical stander and culture^. Part of a Organization rising to it
overall success is to focus on
normal profits, fixed costs, variable costs, marginal costs, and average costs as it relates.