ECO 550 Week 8 Assignment 3- Managerial Economics

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.

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.

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.

Research two (2) of the business’s 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.