Define the market and identify the key competitors

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Reference no: EM133538449

Economics Principles for Business

Topic:
First, choose a firm that has a major presence in Australia. Define the market and identify the key competitors. Analyse the output market characteristics of this firm (for example, perfect competition, monopolistic competition, oligopoly etc). You should make use of the Herfindahl index OR market concentration ratio for your justification. Provide discussion and apply appropriate economic model(s) on how the firm will determine its output and/or price.

Next, assume ONE change in the market conditions (e.g. changes in cost of production, change in market trend, changes in government policy, change in interest rates etc.).

Discuss how this change will affect the firm's profit maximising level of output, price and profit/loss or any strategy the firm will need to take. Your discussion needs to be supported with appropriate economic model(s).

Make sure to provide a rationale and justification for any of the assertions you make. You are expected to draw upon the theoretical concepts contained in the course in your discussion and use proper diagrams to illustrate your answer.

RESEARCH ASSIGNMENT FORMAT:

- Your task is to write a short research paper on the above topic.
- Please note that this is an individual research assignment.

o Introduction (in 3-4 sentences)
Mention the main objectives of this research, introduce your chosen firm, and the reason(s) you chose this firm.

o Basic analysis of the market characteristics
Identify under which market structure does your firm operate in? For instance: perfect competition, monopolistic competition, oligopoly etc.? Justify this using the characteristics of the market as well as using recent data (eg market share, profits, sales etc) for this market to calculate the Herfindahl index or market concentration ratio for your justification.
Which firms are the main competitors? Discuss and apply appropriate economic model(s) on how the firm will determine its output and/or price.

o Change in market conditions
What happens when the market conditions change? Assume ONE change. You can use economic models/diagrams for Perfect competition, Monopoly and
Monopolistic Competition; and use Game Theory (Payoff Matrix) for Oligopoly, to explain your findings.
o Conclusion (in one short paragraph) Summarise your findings.
o References
Do not forget to include referencing list for the data sources and any other references you have used to write this short paper.

You will be graded based on your writing and communication abilities to a broader audience.

Reference no: EM133538449

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