21 Jun APPLY THE CONCEPTS OF VARIABLE AND ÖXED COSTS TO YOUR ÖRM FOR INFORMING ITS OUTPUT DECISIONS.
Economics Research Paper – Imagine that you are a consultant to the Örm of your choice. The Örm has hired you to advise it on how it can ensure its future success as a company in its current market. To do this, you will write a 7–9-page research paper analyzing market and business data to explain how the core microeconomic principles impact the sustainability of the Örm and what actions it can take to ensure success. In this assignment, you will demonstrate your mastery of the following course outcomes: · Apply microeconomic models to real-world situations for informing effective business decisions · Analyze business and market data using microeconomic tools for their impact on business sustainability · Evaluate the structure of various markets for informing effective decision-making strategies · Assess the behavior and decisions of individuals and Örms for their relation to the microeconomic framework. You will gather information and data relevant to the Örm and its industry and use the core microeconomic and make a recommendation for your Örm. You will compose a research paper in which you will analyze the market and business data to explain how the core microeconomic principles impact the sustainability of the Örm, and your recommendation will suggest the actions the Örm can take to ensure success. SpeciÖcally the following critical elements must be addressed: a) Outline the purpose of this paper and how it will inform your conclusion. b) Summarize the history of the Örm, and provide an overview for what the Örm does and what goods/services it sells. II. Explore the supply and demand conditions for your Örm’s product. a) Evaluate trends in demand over time, and explain their impact on the industry and the Örm. You should consider including annual sales Ögures for the product your Örm sells. b) Analyze information and data related to the demand and supply for your Örm’s product(s) to support your recommendation for the Örm’s actions. Remember to include a graphical representation of the data and information used in your analysis. III. Examine the price elasticity of demand for the product(s) your Örm sells. a) Analyze the available data and information, such as pricing and the availability of substitutes, and justify how you determine the price elasticity of demand for your Örm’s product. b) Explain the factors that affect consumer responsiveness to price changes for this product, using the concept of price elasticity of demand as your guide. c) Assess how the price elasticity of demand impacts the Örm’s pricing decisions and revenue growth. IV. Examine the costs of production for your Örm. a) Analyze the various costs a Örm faces, their trends over time, and how they have impacted your Örm’s proÖtability. b) Apply the concepts of variable and Öxed costs to your Örm for informing its output decisions. For instance, analyze how different kinds of costs (labor, research and development, raw materials) affect the Örm’s level of output. V. Explore the overall market for your Örm. a) Discuss the market share of the Örm and its top competitors by providing details on current percentages for each Örm and describing the trend over time. You might consider presenting the data graphically. b) Analyze the barriers to entry in this market to illustrate the potential for new competition and its impact on your Örm’s future in the market. c) Describe the market structure for this Örm, and analyze how this affects the Örm’s ability to in×uence the market. VI. Recommendation a) Develop a recommendation for how the Örm can manage its future production by synthesizing the data presented. b) Suggest how the Örm’s position within the market and among its competitors will allow it to take your recommended action. c) Describe how the Örm can sustain its success going forward by evaluating the Öndings from demand trends and price elasticity
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