Milestone Assignment
This assignment will be your milestone assignment, which is an assignment to reflect on what you have learned in this course. The objectives of this assignment are to (1) gain practice applying microeconomic theory, (2) to become familiar with sources of economic market information and (3) present various economic concepts and apply to a firm. You will answer the following questions based on a company that you have identified. It is important to make sure to pick a company that has relevant data that is easy able to access.
1. Identify the company by name and location.
2. Identify the firm's primary industry and market structure
3. Describe the firm's customers (households, business, schools, governments, etc.).
4. Explain the major determinants of demand for the firm's primary product that they sell.
5. Does the firm face elastic or inelastic demand with regard to its primary product? Relate the characteristics of the price elasticity of demand in your answer.
6. How would you describe the market structure of the industry in which your firm operates? You will need to relate to each of the characteristics of the market structure in your answer. Make sure that you pick the correct market structure and are able to relate the market characteristics. Does the firm have pricing power? If yes, by how much?
7. Calculate the company's sales and profit growth rates for the past year and the past three years. Do the same for the firm's rivals (firms with the same industry classification). Has the firm's growth rates matched its rivals? Summarize the company's performance relative to its rivals.
8. Has the Department of Justice or the Federal Trade Commission (FTC) taken action recently against this firm? Report any major findings.
Format your assignment 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 assignment, 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.