ECO week 6 -- rewriting work -- 1750 words (excluding reference)

Content

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Identify the market structure your chosen firm operates in, analyze your chosen firm's current market share, and identify the firm's local/global competitors. Analyze the barriers to entry in this market to illustrate the potential for new competition and its impact on your firm's future in the market. Hints: Be sure you review the barriers to entry discussed in the course text.  You might consider presenting the data graphically.

You stated that Walmart is a monopoly; however, they are not the only company in their industry. A monopoly only exists if a company is the ONLY company in their industry. The industry is monopolistic competition. By the way, Walmart has changed its name from Wal-Mart to Walmart.

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Identified/ explained trends in current macroeconomic indicators for last three years including:

· Current stage of the business cycle.

· Real gross domestic product (GDP).

· Inflation as measured by the consumer price index (CPI).

· Unemployment rate.

· Federal funds rate.

· Current rate for borrowing funds such as the so-called “prime rate.”

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Evaluated trends in demand over last three years and explained their impact on the industry and the firm. Included quarterly (last two quarters) and annual sales (last three years) figures for the product student’s firm sells. Created business strategies by analyzing information and data related to the demand for and supply of firm’s product(s) to support student’s recommendation for the firm’s actions.  Included a graphical representation of the data used in your analysis.

You did not provide the statistics for quarterly sales. This was required.

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Examined available, current information, such as pricing and the availability of substitutes, and explained the price elasticity of demand for firm’s product can be determined. Assessed how price elasticity of demand affects the firm’s pricing decisions and revenue growth.

You did not discuss how price elasticity of demand affects the firm’s pricing decisions and revenue growth. Price elasticity measures price sensitivity. If a company raises its prices 10% and demand drops less than 10%, that would indicate that the company's products are inelastic. However, if a company raises its prices 10% and demand drops 15%, then the product is elastic. You did not answer this question in terms of the relationship between price and demand.

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Applied how the concepts of variable and fixed costs affect the firm's output decisions. Analyzed how different costs (labor, R&D, raw materials) affect the firm’s level of output.

You discussed costs in general (and did a good job on it) but did not fully discuss how the concepts of variable and fixed costs affect the firm's output decisions.

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Based on the data gathered and analysis performed student’s conclusion included:

· Business strategies, including price and non-price strategies, based on market structure to ensure the market share and potential market expansions. Also included exploration of global opportunities for student’s business in a dynamic business environment and provided recommendations.

· A recommendation for how the firm can manage its future production by synthesizing the macroeconomic and microeconomic data presented.

· Proposal for how the firm’s position within the market and among its competitors will allow it to take your recommended action.

· Recommended strategies for the firm to sustain its success going forward by evaluating the findings from demand trends, price elasticity, current stage of the business cycle, and government policies.

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Cited a minimum of three peer-reviewed references and a minimum of two government economic data sources/references.

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The analysis is a minimum of 1,050 words in length.

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Available 7 points

Earned

4.5 /./7

Writing Guidelines

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The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements.

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Intellectual property is recognized with in-text citations and a reference page.

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Paragraph and sentence transitions are logical, and maintain the flow throughout the paper.

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Sentences are complete, clear, and concise.

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Rules of grammar and usage are followed including spelling and punctuation.

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Available 3 points

Earned

3./3