1.Describe the business and explain the general pattern of change of the particular market model indicating how this change is likely to impact business operations.
2.Hypothesize the basic short-run and long-run behaviors of the model in the business you have chosen in a “market economy.” Provide support for your assumptions and conclusions.
3.Explain the major factors that affect the degree of competitiveness in your business. Use the data to develop at least three (3) measures (e.g., productivity measures) to show how the industry is evolving. Provide evidence supporting your rationale.
4.Research two of the business’ closest competitors to determine the pricing strategy for each business indicating how knowledge of this information may influence pricing decisions in your business. Provide support for your rationale.
5.Recommend a pricing policy for the business you chose. Assess how your pricing policy maximizes profits for the business. Provide support for your rationale.
6.Use at least three (3) high-quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.
The specific course learning outcomes associated with this assignment are:
Evaluate the profit-maximizing price and output level for given operating costs for monopolies and firms in competitive industries.
Propose how differences in demand and elasticity lead managers to develop various pricing strategies.
Use technology and information resources to research issues in managerial economics and globalization.
Write clearly and concisely about managerial economics and globalization using proper writing mechanics.