Each student may develop their own paper, independently
of the other students (but with Peer Review by others).
But one encouraged option is to work on a JOINT author paper.

Some guidelines regarding Joint Author papers:

(1) Each of you will need to SUBSTANTIALLY contribute to the paper,
at the same level as if you were each developing your own paper.
This implies a larger paper to make sure that each of you
makes significant contributions to the joint paper.  The ANALYSIS
part of the paper should be proportionally larger (at least 10
pages PER joint author).  This means that you may need additional
analyses from the Research Paper Checklist, additional examples
for each analysis, additional figures, and/or deeper explanations
for the required analyses.  The overhead portions of the paper
(everything but the required analyses) don't need to be larger
for a joint author paper.  

(2) In the paper's abstract, be sure to have a brief biography
for EACH joint author.

(3) You need to carefully delineate which of you contributed to
specific sections.  How you do this is up to you, but I suggest that
one easy way of assuring this is to divide up the writing of the
Introduction, System Description, Conclusion, etc. and then each
contribute something (see below) for each of the required analyses
(see Research Paper checklist).

Perhaps you want to assign different analyses to each contributor.
Perhaps you want to offer a paragraph from each of you regarding
each analysis, offering different perspectives, or perhaps one of
you contributes the figure and the other person contributes the text.

Just BE SURE TO CLEARLY INDICATE "WHO CONTRIBUTED WHAT" in each
section!  You can simply indicate the author's last name in
parentheses, e.g. (Cureton).  The point is to demonstrate that you
contributed equally to the development of the paper in terms of
level of effort-- that one person didn't do most of the work.

(4) My experience is that more than three joint authors is unweildly
but possible.  I recommend working in a team of two or three people.

(5) Please plan on Peer Reviewing other student (and team) papers!
Everyone is encouraged to post partial work on the DEN Discussion
Board, such as Abstracts, Outlines, Drafts of selected sections
(especially areas where the authors are seeking feedback and help)
and Drafts (work-in-progress) of whole papers.

Obviously, you need to give other students (and your Instructor!)
sufficient time for review-- so post early and post often!