Homework: Microeconomics
1) Then go to a store, as discussed above, and observe. Observation is a well-established method of real world research. It will probably be easier and perhaps more informative if you pick on one product line to observe and observe by brand name. In particular, look for:
a) Product prices,
b) Product packaging (design, colors, logos, etc.); and,
c) Product shelve placement relative to other similar products.
2) Based on what you observe can you identify:
a) Which products/brand names compete most closely with each other? Are they placed close to each other on the shelves or far apart?
b) Which products/brand names are aimed at cost conscious consumers? Where are these on the store shelves for grocery stores?
c) Which are aimed at higher end consumers? Where are these on the store shelves for grocery stores?
d) Which products/brand names have a narrower market and command brand loyalty? This one could be tricky to figure out.
3) Share what you find with the class on the discussion board.
a) What do you think you have learned from this activity?
b) What have you learned about monopolistic competition?
4) Post your views to the discussion board and refer to at least two different concepts from this week's Chapters. Your illustration of concepts MUST include an explanation why you think they are relevant to the week's topic using specific information from the articles, videos and other research that you have done.
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.