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For this assignment, select a specific product made by a single specific company
For this assignment, select a specific product made by a single specific company. Select something you’re interested in and something you know about (by choosing something you know will greatly limit any actual research you’ll need to do). This project is not designed to have you do research (information on the web or in print). However, sometimes, finding some basics facts is useful.
Explain your answers. Graphs not needed. You may not know some of the answers, but the point is for you to make educational speculations about the answers using the concepts we’ve learned in this class.
Each question should be answered in 70-80 words for this assignment. (about 375 words in total)
Prompt
1) What is your product? What is the firm who makes it? In what industry does this firm operate? Why did you select this product / industry?
2) Describe a significant change in demand for this product in the recent or distant past and describe what caused that change. What do you predict will be the next significant change in demand in the future and why? Note: the change can be specific to only the product or it can be something that affects the whole industry.
3) Describe a significant change in supply for this product in the recent or distant past. What caused the change? What do you predict will be the next significant change in supply in the future and why? Note: the change can be specific to only the product or it can be something that affects the whole industry.
4) Looking at your product only (not all of the products in the industry), describe how elastic or inelastic you think demand might be and justify your position. Looking at the demand for the whole industry’s products, describe how the elasticity compares to just the demand for your product and explain any difference (e.g. elasticity of demand for all cereal versus demand for just Cheerios). Finally, describe how elastic you think supply might be.
5) Rate, using a scale of 0 (nothing like) to 10 (exactly like), how closely your industry fits the model for perfect competition? Make sure to explain your answer referring to all assumptions of the market in perfect competition model.
Include any references you used in your research at the end of your essay. As always, college-level writing is required. Grammar, spelling, and punctuation will be graded.
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