Part-1
1. Describe the industry and explain the general pattern of change of the particular market model.
2. Hypothesize the basic short-run and long-run behaviors of the model in the industry you have chosen in a "market economy."
3. Analyze at least three (3) possible areas for the industry that could lead to transaction costs, and explain each in detail.
4. Speculate about the behavior that could result from these transactions and propose at least two (2) strategies for dealing with them.
5. Collect costs, revenue data, or other data from the industry that you deem relevant. Explain how you would modify the data in order to make it relevant to decisions a manager must make.
6. Explain the major factors that affect the degree of competitiveness in your industry. Use the data to develop at least three (3) measures (e.g., productivity measures) to show how the industry is evolving.
7. Use at least three (3) high-quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
- Be typed, double-spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
- Apply the concepts of supply and demand to determine the impact of changes in market conditions in the short run and long run and the economic impact on a company's operations.
- Use short-run and long-run firm production and cost functions to evaluate the impact on industries.
- Analyze how production and cost functions in the short run and long run affect the strategy of individual firms.
- 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.
Part-2
1) Industry and general pattern of change
2) Hypothesize the basic short-run and long-run in a market economy
3) Three possible areas for the industry that could lead to transaction costs, and explain each in detail.
4) Speculate about the behavior that could result from these transactions and propose at least two strategies for dealing with them.
5) Collect costs, revenue data, or other data from the industry modify the data in order to make it relevant to decisions a manager must make
6) The major factors that affect the degree of competitiveness. Use the data to develop at least three measures (e.g., productivity measures) to show how the industry is evolving.