Economic Market, Market Equilibrium, and Price Elasticity
You have been hired as the manager in charge of economic development for a company of national and international scope to present a market structure, competitive environment, and analysis of elasticity of demand.
Help with this Unit 1 project is in Chapters 1, 2, and 6 of Managerial Economics: Foundations of Business Analysis and Strategy. Address the following in your paper:
• 1: Choose a company that sells products or services at a national and global level. You can search a company using this link (https://www.dnb.com/business-directory.html#BusinessDirectoryPageNumber=1&ContactDirectoryPageNumber=1&MarketplacePageNumber=1&SiteContentPageNumber=1&tab=Business%20Directory). Keep in mind that you will be using this same company in each unit for your final economic analysis presentation.
• 2: Does the company you chose to utilize the monopolistically competitive market model? Why or why not? If not, which model is a better fit?
• 3: How does your company apply specific economic concepts to compete within that market?
• 4: Is this market in equilibrium? Is there a surplus or shortage?
• 5: Choose 2 successful competitors of your company
o Compare their strategies with your company’s strategy.
o Examine their use of critical economic concepts as part of their success.
• 6: Analyze how companies in a monopolistically competitive market position themselves to be successful.
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