ECO 201X SNHU Costs of Production Overall Market and Recommendation Project
Question Description
This assignment will be submitted to Turnitin®.
The purpose of this milestone is for students to explore the various costs their firm faces and to describe their firms market. Using the concepts and toolsdeveloped in Modules Four and Five, students will analyze the fixed and variable costs of their firm, how those costs have changed over time, and how thosechanges have impacted their firms overall health and sustainability. In analyzing their firms market, students will detail the extent of their firms market powerand their firms ability to influence the market. Students will also describe major trends in the market, specifically concerning new products, technologies, andnew entrants. Students can further determine the future health of their firm to inform their final recommendations by examining their firms place within themarket.
Prompt: Submit a draft of the Costs of Production (Section IV), Overall Market (Section V), and Recommendation (Section VI) of your research paper, includingall critical elements listed below. You will review your firms financial reports and other relevant data sources to collect and analyze cost information for your firmover the past five or so years. Using real data and the economic tools developed in Module Four, you will analyze your firms profitability and how costs impact itsgrowth. Additionally, you will find data on your firms competitors in order to detail your firms place within the market currently and over the past five or soyears. Lastly, you will develop a recommendation for how the firm can manage its future production.Specifically the following critical elements must be addressed:
IV. Examine the costs of production for your firm.
a) Analyze the various costs a firm faces, their trends over time, and how they have impacted your firms profitability.
b) Apply the concepts of variable and fixed costs to your firm for informing its output decisions. For instance, analyze how different kinds of costs(labor, research and development, raw materials) affect the firms level of output.
V. Explore the overall market for your firm.
a) Discuss the market share of the firm and its top competitors by providing details on current percentages for each firm and describing the trendover time. You might consider presenting the data graphically.
b) Analyze the barriers to entry in this market to illustrate the potential for new competition and its impact on your firms future in the market.
c) Describe the market structure for this firm and analyze how this affects the firms ability to influence the market.
VI. Recommendation
a) Develop a recommendation for how the firm can manage its future production by synthesizing the data presented.
b) Suggest how the firms position within the market and among its competitors will allow it to take your recommended action.
c) Describe how the firm can sustain its success going forward by evaluating the findings from demand trends and price elasticity.
RubricGuidelines for Submission: Your paper must be submitted as a three- to six-page Microsoft Word document (each section should be one to two pages) withdouble spacing, 12-point Times New Roman font, one-inch margins, and sources cited in APA format.
I have include my last part of the project that is part of this paper.
This is what my Professor said about the paper so far.
Feedback for 4-2 Final Project Milestone Two: Supply and Demand Conditions and Price Elasticity of Demand
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Aimee, thanks for effectively analyzing the demand over time and further explanation on the impact it has on the firm. Great analysis on the demand and supply of the product. Thanks also for supporting your idea with a graph. Thanks for discussing price elasticity concept. Some factors that affect consumers responsiveness can be the number of substitutes available. This means a raise in price of one good will mean consumers will look around to find a good cheaper. Other factor can be the proportion of income that is spent on the good or service. If the share of income is large, consumers will be more conscious and will make the necessary effort to find a substitute. Loyalty to the products. Another factor is the nature of the good. Is the good a necessity good? Which means generally more elastic, or is it luxury? Time is also another factor in elasticity, the longer the time period, the more elastic the demand for a good will be. In short-term, consumer may not respond to consumption right away as price change. Pricing decisions is the most important decisions made by any company, and in any kind of market (you will learn about the different market structures in the coming module) .So, price is affected by the competitive nature of the market and price elasticity of demand. If a firm is selling differentiated product or service, there is a high chance that the firm can have freedom to set the price. If there are large number of firms that sell differentiated, but close substitute, firms need to be careful while setting price. In order to set prices appropriately, a firm must understand their products, the market for these, production and distribution costs, and the competition. Especially with the growth of the Internet and electronic commerce networks, consumers can compare the prices of many merchants before making a purchase decision. Example, bundle pricing, economy pricing, psychology pricing, limited edition pricing (premium pricing), loyalty members pricing, penetration pricing, promotional pricing, Mergers, Innovation and research, Clearance, availability of outlet stores, etc. Overall, your writing is clear and easy to understand. Thanks! Tizita |
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