Note to Student: You are required to do research to complete this project. Be sure to document your sources properly in APA style-do not merely copy tables or material from other sources and present them as your own. Your mentor has the option of running any of your activities through originality-checking software. Also, Wikipedia is not an acceptable research source. You will be penalized for using it.
- Select two companies whose product(s) you use in your daily life. You may choose any firms you wish, as long as their information is publicly available (as to their products and financial information) and they are known to the average person.
- Describe, in detail, each company's product line in terms of:
Product description and usage
Factors that determine the demand for the products
Factors that determine the supply of the products
Available substitutes for the product
Available complements for the product
Is demand for the product elastic or inelastic in the short run? In the long run?
Is the firm's production capital-intensive or labor-intensive? How important is technology in the producing the product? Why?
- In which of the four market structures does each firm operate? Describe the attributes of the firm's market that show why that is the relevant market structure.
- What do you think are the long term prospects for the product? Why?