You will apply economic principles presented in Weeks One through Three in this week’s assignment. Your assignment will be reviewed by your peers and by your facilitator in week five and should be revised as necessary based on feedback as the first part of the final assignment in week six.
Select a new, realistic good or service for an existing industry.
Write the economic analysis section of a business proposal. This will include statements about the market structure and the elasticity of demand for the good or service, based on text book principles. You need to create hypothetical data, based on similar real world products to estimate fixed and variable costs.
Identify market structure
Identify elasticity of the product
Include rationale for the following questions:
How will pricing relate to elasticity of your product?
How will changes in the quantity supplied as a result of your pricing decisions affect marginal cost and marginal revenue?
Besides your pricing decisions, what are your suggested nonpricing strategies? What non pricing strategies will you use to increase barriers to entry?
How could changes in your business operations alter the mix of fixed and variable costs in line with your strategy?
In addition to your week four paper, the second part of your paper will use the revised information tore commend appropriate pricing and nonpricing strategies for your new or existing good or service based on the projected economy’s stage in the business cycle and the prevailing projected economic conditions for one or more macroeconomic factors. Explain the evidence that supports these recommendations.
Describe the current global economic conditions and their effect on local macroeconomic indicators for your good or service.
Describe the local economy’s stage in the business cycle.
Describe how current credit market conditions affect your planning or operating decision for your good or service.
No more than 2100 words (in addition to the 1400 word paper completed in week four, an additional three pages at most is needed
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