ECO365 Week3: Current Market Conditions Competitive Analysis
Firm Behavior and the Organization of Industry
ECO365 Week3: Purpose of Assignment
Students will develop cost curves on which firm behavior is based and will utilize these cost curves to determine the behavior of their chosen organization in the market served. Using the concept of comparative advantage, students analyze trade opportunities and use the model of supply and demand to explain factors that could affect demand, supply and prices. Students will determine various factors that could affect their organization’s total revenue and will recommend actions the firm could use to maximize their profit and their presence in the market served.
Assignment Steps
Scenario: You have been given the responsibility of working with your organization’s CEO to do a competitive market analysis of the potential success of one of their existing products.
Research an organization and a product produced by that organization in which an analysis can be conducted.
Write a minimum of a 1,500-word analysis of the current market conditions facing your product, making sure that you address the following topics in separate sections with appropriate headings:
- Define the type of market in which your selected product will compete, along with an analysis of competitors and customers.
- Analyze any comparative advantages and international trade opportunities.
- Explain the factors that will affect demand, supply, and prices of that product.
- Examine factors that will affect Total Revenue, including but not limited to, price elasticity of demand and productivity.
- Examine various measures of costs, including opportunity costs
- Examine government public policy in relation to externalities in the market and the effect on marginal revenue and marginal cost
- Recommend how your organization can maximize their profit-making potential and increase their presence within the market served by the product. This MUST be separate from the conclusion.
Cite a minimum of 3 peer-reviewed sources from the University Library in addition to your textbook. Failure to properly cite and reference the paper is considered plagiarism. See the CWE page of the Library on how to prevent plagiarism.
Format your paper consistent with APA guidelines, including an introduction, conclusion, citations, a title page, and a reference page. The correct in-text citation for the textbook is (Mankiw, 2015) and the reference is:
Mankiw, N.Gregory. (2015). Principles of Microeconomics, 7th Edition, Stamford, CT. Cengage Learning.
This assignment contains a Word document.
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