Pick a PRODUCT or SERVICE (hereafter, called the “PRODUCT”) made by a COMPANY that you are interested in, and also find several ARTICLEs related to your project and company.
write a short research essay that looks at 2 key parts of the transaction: the market that supports and drives this product, and the type of company that makes this product.
With the following components:
1. An INTRODUCTION. Provide a summary and overview of the product you have chosen. Why did you pick this? What is interesting about it? Are there any unique or fun things about this product or the company? Where do you buy the product, and where is the company located? demonstrate that you have a solid understanding of the product and company you have picked. Maximum 2 paragraphs.
2. A MARKET ANALYSIS of your product. Let’s dive into the market for your PRODUCT. Here, you need to show a detailed understanding of the components of demand, supply, and market equilibrium. Fill in the Determinants chart below with specifics related to your Product. Do some research on PRICE. What is the price of your product? Is the market in equilibrium? Are there (or do you forecast) surpluses or shortages? What are some shocks that might change equilibrium? Comment on price elasticity of demand for your product. What do you think is the most important determinant in this market? include a GRAPH that shows Supply, Demand, and any shifts that you think are currently (or in the future) impacting your product.
Determinant of Demand:
Your Product
Determinant of Supply
Your Product
Income
Input Costs
Tastes and Preferences
Technology
Consumer expectations
Producer Expectations
Price of other goods
# sellers
# buyers in the market
3. A COMPANY ANALYSIS complete in the chart below. Provide some background information on the company: where is it? How big? Private or public? And then jump into economic analysis: Is this company competitive or monopolistic? Is it monopolistic competition? Why do you think so? How did the pandemic impact this company or industry? What will this company or industry look like in 5 years? What are this company’s strengths and/or weaknesses? And anything else you find of interest.
Market Characteristic # of Firms in the market Describe Product Price determined
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Barriers to Entry Profitability?
Your company analysis
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A CONCLUSION. Wrap it up for me. Give me your own insightful, economic thoughts on the product and the company. Did this research project increase your knowledge of the product or company? Did your perspective change on how consumers buy this good or producers make this good?