Please prepare an 8-to-15-page report concerning microeconomic issues faced by a firm of your choice. You will apply microeconomic theory and make your own recommendations in this report.
1) Please discuss the firm – What do they do? Please offer some key statistics on the firm such as sales, market share and some product information. In general, are they a successful firm or are they in trouble. Please only concentrate on one product or service if they sell many products and services.
2) Please say something about their industry – Are they operating in a competitive market, an oligopoly, cartel, monopolistic competition or a monopoly. Please comment on who their largest competitors are. What is the current situation in the industry – is the industry facing special problems such as new government regulations, international competition, etc…
3) Please comment on the firm’s demand curve – Do your best to draw the demand curve and try to calculate the firm’s elasticity. Determine if they have an elastic or inelastic demand curve. You will probably need to guess at this, but use your best judgment. It’s O.K. to use numbers that are your best estimates!
4) Please comment on the firm’s pricing strategy – Are they following a successful strategy or can you think of better ways they might be able to increase sales and market share by changing their prices or adding something of value?
5) Please make a fast overview of the firm’s major cost categories such as labor, marketing expense, cost of raw materials, etc… Can the firm do anything to minimize their costs further or are they already doing a great job? Optional: If you really want to impress your instructor, you can try to draw out the AFC, AVC, ATC, MC and supply curves.
6) Please comment on their profit maximization strategy – Are they already successful or can they do better?
7) Please comment on your other recommendations that would you make to senior management to ensure their continued business success?
8) Please comment about their stock if they are a public company – Basically do you think the firm is a good investment? If they are a private firm, then do you feel the firm is a good investment for private investors?
9) Other: You are free to add anything else.
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