Project 2: Managerial Economics

Step 2: Review and Practice

Equipped with the analyses performed in the business report you submitted for Project 1, you should feel well prepared to dive into the company data provided about the industry structure. Using the  Project 2 Review and Practice Guide  provided, review supply and demand, elasticity, and industry structures to determine how these affect the company's profitability. Then apply what you have learned so far by completing the exercises referenced in the  Project 2 Review and Practice Guide .

You must review the material provided and do the practice exercises so that you can

· complete a supply and demand graph,

· calculate elasticity and assess market structure,

· understand the impact of an industry structure on an organization, and

· use the above information to make recommendations for improvements.