Assignment:
Introduction
In this paper, you will apply what you have learned to the firm or business you selected in order to see how the concepts can be applied to a business situation.
Keep in mind that throughout this course, papers are intended to bring real-world situations to the course material that we are covering each week. Part of your grade will depend on the connections you make between your chosen firm (which could include the economic environment of your chosen firm, the markets in which your chosen firm interacts with outside actors, the decisions your chosen firm makes, etc., depending on the particular question), the material from the chapters we covered in the week, and, when applicable, your own experience.
Activity Instructions
For the particular firm/business you selected,* describe the markets in which your firm participates that are monopolistically competitive. Consider the possibility of inputs to the firm as well as your chosen firm's output. What differences are there between the monopolistically competitive firm's product and other firms' output? What causes those differences?
Are there actions that the monopolistically competitive firm is taking to differentiate its products from other firms' products in that market? Are those actions effective? What are the goals of those particular actions-how does it affect the situation the firm is facing? How and why are consumers' behaviors affected? Are there other actions that the firm could use to differentiate its product from the products of other firms? Do you think these actions would be effective? Why or why not?
Note: Most firms chosen by students have some aspects of Monopolistic Competition in their output markets. For this week's paper focus on those aspects. However, it is possible the firm you originally chose in week 1 is not a participant in any monopolistically competitive markets. In that case, you may choose another firm to discuss this week. If you are in this situation, please consult with the instructor.
Writing Requirements (APA format)
- 1.5 to 2 pages (approx. 300 words per page), not including title page or references page
- 1-inch margins
- Double spaced
- 12-point Times New Roman font
- Title page with topic and name of student