Choose and research an industry where there has been a pattern of changes of the particular market model (Monopoly, oligopoly, etc.).
Write a four to five (4-5) page paper in which you:
1.Describe the business and explain the general pattern of change of the particular market model indicating how this change is likely to impact business operations.
2.Hypothesize the basic short-run and long-run behaviors of the model in the business you have chosen in a “market economy.” Provide support for your assumptions and conclusions.
3.Researching the company, collect costs, revenue data, other data from the business or that you deem relevant. Explain how you would modify the data in order to make it relevant to decisions a manager must make.
4.Explain the major factors that affect the degree of competitiveness in your business. Use the data to develop at least three (3) measures (e.g., productivity measures) to show how the industry is evolving. Provide evidence supporting your rationale.
5.Research two of the business’ closest competitors to determine the pricing strategy for each business indicating how knowledge of this information may influence pricing decisions in your business. Provide support for your rationale.
6.Recommend a pricing policy for the business you chose. Assess how your pricing policy maximizes profits for the business. Provide support for your rationale.
7.Use at least three (3) high-quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
•Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
•Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
•Evaluate the profit-maximizing price and output level for given operating costs for monopolies and firms in competitive industries.
•Propose how differences in demand and elasticity lead managers to develop various pricing strategies.
•Use technology and information resources to research issues in managerial economics and globalization.
•Write clearly and concisely about managerial economics and globalization using proper writing mechanics.
Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills, using the following rubric found here.