Economics, Principles of Microeconomics ECO204 The Fundamentals of Microeconomics
Description
Pick any ONE business/company of your choice. The company you choose can be a small local restaurant or a large multinational company. Based on your selection, answer the following questions:
In your paper,
– Describe the basics of the business you chose- including the size of the business, types of goods/services the business sells, and possible barriers to entry/exit.
– Distinguish among four market structures: perfect competition, monopolistic competition, oligopoly, and monopoly in this order.
– Discuss what kind of market structure your company falls under. Why?
– Analyze whether the demand of the goods/services sold by the business are elastic or inelastic. Why?
– Discuss if there are any externalities involved. If so, explain how the externalities can be fixed.
– Discuss any roles that larger companies can play in promoting inclusion, equality and reducing poverty.
The Fundamentals of Microeconomics final paper
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