What Need To Be Worked On From The Below Assignment Develop

What Need To Be Worked On From the Below Assignmentdevelop A Knowledge

Develop a Knowledge Deficiencies Statement taking into consideration what further information is needed for your team to address the question and what you hope that information will help you understand. This is what we need to do last assignment we did work on problem statement right, in this assignment we need to talk about what we lack to solve the problem.

Learning Outcomes Students will be able to: Discuss economic theory and how it relates to your industry. Utilize economic data to help solve the problem statement within your industry.

Paper For Above instruction

The assignment requires developing a Knowledge Deficiencies Statement that identifies the additional information needed by a team to effectively address a specific economic problem within their industry. Building upon the previous work on the problem statement, this task emphasizes recognizing gaps in data, models, and market knowledge that hinder problem resolution. As in the initial problem formulation, a balance must be maintained between the quantity of information gathered and practical constraints such as time and resources.

Understanding the purpose of this step is critical: identifying what is missing to inform better decision-making. It involves analyzing what specific data, models, or insights are necessary to advance the team's understanding of the problem. This includes both quantitative, numerical data—such as sales figures, cost estimates, or profit impacts—and qualitative information, like consumer preferences or regulatory implications. Economic theory guides this process by highlighting relevant market forces, government interventions, and product characteristics that influence the problem at hand.

For example, if the team's problem is declining profits, one deficiency might be insufficient understanding of consumer demand factors or price elasticity. Alternatively, the team might need better insights into international trade policies affecting exports. The goal is to specify what further information will clarify the relationships and variables involved, allowing for more precise analysis and effective solutions. This can involve expanding research into market institutions, key industry players, or shifts in government regulations, which can all influence economic outcomes.

The deliverable must reference the earlier problem statement and theoretical framework, outlining different possible approaches to solving the problem—such as reducing costs, boosting demand, or adjusting prices—and noting the specific data requirements for each. For instance, if demand reduction is a concern, understanding consumer preferences and behavior becomes paramount. The assignment emphasizes that research is exploratory; discovering new or unforeseen information might shift the focus or suggest different pathways to solutions.

From a team perspective, collaboration is essential to ensure shared understanding of what additional information is necessary. Teams should review the relevant rubrics and resources to align their work with academic standards and course expectations. The process involves planning collective efforts to gather and analyze data, using tools such as the PBL Team Forum for coordinated development of the Knowledge Deficiencies Statement. This statement should be formatted according to APA guidelines and submitted by one team member by the specified deadline, typically no later than the end of Workshop Three.

Overall, this task reinforces the importance of data-driven decision-making in economics, encouraging teams to critically assess their informational gaps and plan targeted research steps. It exemplifies the iterative nature of economic analysis—using theory, data, and market insights to refine understanding and support strategic choices that enhance industry performance.

References

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• Mankiw, N. G. (2020). Principles of Economics (8th ed.). Cengage Learning.
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• Varian, H. R. (2014). Intermediate Microeconomics: A Modern Approach (9th ed.). W.W. Norton & Company.
• Frank, R. H., & Bernanke, B. S. (2019). Principles of Economics (7th ed.). McGraw-Hill Education.
• Peterson, P. G., & Fleischman, R. B. (2020). Economics (19th ed.). Pearson.
• Krugman, P. R., Wells, R., & Ohanian, L. (2018). Economics (5th ed.). Worth Publishers.
• Schmalensee, R., & Willig, R. D. (2018). Handbook of Industrial Organization. Elsevier.
• Hubbard, R. G., & O'Brien, A. P. (2018). Economics (7th ed.). Pearson.
• Perloff, J. M. (2016). Microeconomics (7th ed.). Pearson.