ECO 204 week 5

John Mureithi Eyes Only Please

Market Structure


You have been hired as a consultant by your local mayor to look at the various market structures. Your role is to provide analysis and answers to these important questions that will help the mayor understand the structures of many of the businesses in his city:

1. Describe each market structure discussed in the course (perfect competition, monopolistic competition, oligopoly, and monopoly) and discuss two of the market characteristics of each market structure.
2. Identify one real-life example of a market structure in your local city and relate your example to each of the characteristics of the market.
3. Describe how high entry barriers into a market will influence long-run profitability of the firms.
4. Explain the competitive pressures that are present in markets with high barriers to entry.
5. Explain the price elasticity of demand in each market structure and its effect on pricing of its products in each market.
6. Describe how the role of the government affects each market structure’s ability to price its products.
7. Discuss the effect of international trade on each market structure.

Your paper will need to include a title page, a reference page, and in-text citations properly formatted according to the APA style guide. Also, your content should be eight to ten pages, which does not include your reference or title page. You will need to include at least five scholarly sources from the Ashford Library in your paper as part of your research to support your analysis.

Writing the Final Paper

The Final Paper:

1. Must be eight to ten double-spaced pages in length and formatted according to APA style as outlined in the approved APA style guide.
2. Must include a cover page that includes:
   1. Title of paper
   2. Student's name
   3. Course name and number
   4. Instructor's name
   5. Date submitted
3. Must include an introductory paragraph with a succinct thesis statement.
4. Must address the topic of the paper with critical thought.
5. Must conclude with a restatement of the thesis and a conclusion paragraph.
6. Must use at least five scholarly resources from the Ashford University Library.
7. Must use APA style as outlined in the approved APA style guide to document all sources.
8. Must include, on the final page, a Reference Page that is completed according to APA style as outlined in the approved APA style guide.

  References


 Amacher, R., & Pate, J. (2013). Microeconomics Principles and Policies. San Diego, CA: Bridgepoint Education, Inc.

Byrns, R. (n.d.). Comparative Advantage and Absolute Advantage. In Economics Interactive. Retrieved January 22, 2012, from http://www.unc.edu/depts/econ/byrns_web/Economicae/Essays/ABS_Comp_Adv.htm.

CBS News. (October 2012).  As fiscal cliff looms, Americans face hefty tax hike. Retrieved March 5, 2013 from http://www.cbsnews.com/8301-505123_162-57523641/as-fiscal-cliff-looms-americans-face-hefty-tax-hike/.

Dobson, R. (2012, March 11). Cotton Imports by China May Jump Amid State Stockpiling, Association Says. Bloomberg News. Retrieved August 23, 2012, from http://www.bloomberg.com/news/2012-03-11/cotton-imports-by-china-may-jump-amid-state-stockpiling-association-says.html.

Episode 15: Price Floors and Price Ceilings. (n.d.). In Episode 15: Price Floors and Price Ceilings - You Tube. Retrieved January 17, 2012 from http://www.youtube.com/embed/XgBPAucs-W4 .

Khan Academy. (n.d.). Negative Externalities.  In Negative Externalities, Public goods and externalities, Khan Academy. Retrieved March 3, 2013 from https://www.khanacademy.org/science/microeconomics/consumer-producer-surplus/externalities-topic/v/negative-externalities.

(Macro) Episode 28: Taxes & Budget . (n.d.). In (Macro) Episode 28: Taxes & Budget - You Tube. Retrieved February 1, 2012, from http://www.youtube.com/watch?v=lafDykKJ_9I.

U.S. Department of Labor. (n.d.). In U.S. Bureau of Labor and Statistics. Retrieved February 16, 2013, from http://www.bls.gov.

Required Text

Amacher, R., & Pate, J. (2013).

Microeconomics principles and policies

. San Diego, CA: Bridgepoint Education, Inc.

This text is a Constellation™ course digital materials (CDM) title. 

Required Resources

Article

Martin, E. R. (2014, March 27). The ethics of big data. Forbes. Retrieved from http://www.forbes.com/sites/emc/2014/03/27/the-ethics-of-big-data/

Multimedia

Khan Academy (n.d).

Fixed, variable, and marginal cost

  [Video file]. Retrieved from https://www.khanacademy.org/economics-finance-domain/microeconomics/firm-economic-profit/average-costs-tutorial/v/fixed-variable-and-marginal-cost

Recommended Resources

1. Bailey, M. J., Olson, M., & Wonnacott, P. (1980). The marginal utility of income does not increase: Borrowing, lending,and Friedman-savage gambles. The American Economic Review, 70 (3), 372. Retrieved from the EBSCOhost database.
2. Beattie, B. R., & LaFrance, J. T. (2006). The law of demand versus diminishing marginal utility. Review of Agricultural Economics, 28(2), 262-271. doi:10.1111/j.1467-9353.2006.00286.x The full-text version of this article is available through the EBSCOhost database in the Ashford Library.
3. Bishop, J. A., & Yoo, J. H. (1985). "Health scare,'' excise taxes and advertising ban in the cigarette demand and supply. Southern Economic Journal, 52(2), 402. Retrieved from the ProQuest database.
4. Cororaton, C. B. & Peterson, E. B. (2012). Potential of regional and seasonal requirements in US regulation of fresh lemon imports. World Economy, 35(8), 1022-1036. Retrieved from the EBSCOhost database.
5. Jamieson, A. & Giesecke, L. (2007, November 19). US gasoline supply deficit to more than halve by 2010. Oil & Gas Journal,105, 58-61. Retrieved from the ProQuest database.
6. Larson, B. (1991). A dilemma in the theory of short-run production and cost. Southern Economic Journal, 58(2), 465..Retrieved from the EBSCOhost database.
7. Mandel, B. R. (2012). Why is the U.S. share of world merchandise exports shrinking? Current Issues in Economics & Finance, 18(1), 1-11. Retrieved from the EBSCOhost database.
8. Shimomura, K.-I. & Thisse, J.-F. (2012). Competition among the big and the small. RAND Journal of Economics, 43(2), 329-347. Retrieved from the EBSCOhost database.
9. Theilen, B. (2012). Product differentiation and competitive pressure. Journal of Economics (Zeitschrift Fur Nationalokonomie), 107(3), 257-266. Retrieved from the EBSCOhost database.
 

Multimedia

1. Khan Academy (n.d.). Currency exchange introduction [Video file].  Retrieved from http://www.khanacademy.org/science/core-finance/money-and-banking/currency-tutorial/v/currency-exchange-introduction. To view with subtitles, under the video window click on “Options” and check “Translated subtitles” in the drop down.
   
2. Khan Academy. (n.d.). Oligopolies and monopolistic competition  [Video file]. Retrieved from http://www.khanacademy.org/science/microeconomics/perfect-competition-topic/monopolistic-competition-oligop/v/oligopolies-and-monopolisitc-competition. To view with subtitles, under the video window click on “Options” and check “Translated subtitles” in the drop down.
3. Khan Academy (Producer) (n.d.). Law of demand [Video file].  Retrieved from https://www.khanacademy.org/science/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/v/law-of-demand. To view with subtitles, under the video window click on “Options” and check “Translated subtitles” in the drop down.
4. Khan Academy (Producer). (n.d.). Law of supply [Video file]. Retrieved from https://www.khanacademy.org/science/microeconomics/supply-demand-equilibrium/supply-curve-tutorial/v/law-of-supply. To view with subtitles, under the video window click on “Options” and check “Translated subtitles” in the drop down.

Course Guide

For a printable version of the course, download the Course Guide.