Pick a business and answer the following questions about it. The goal here is to apply to the real world the theoretical aspects of how firms operate.
What is the name of the business?
Which industry does the business operate in?
What does the business produce?
What are some examples of factors of production that the business uses? Be specific.
What type of market structure does the business operate in? Briefly explain why you think this is the case.
Briefly explain what influences the supply of labor used in this business.
Briefly explain what influences the demand of labor that this business uses.
What might be some ways that this business could reduce its costs per unit (ATC)?
How might the business be able to increase its revenue?
Besides levying taxes, how does the government (state, federal or local) impact the way this business operates? Be specific.
Would you consider the demand for the good or service this business produces to be elastic or inelastic? Briefly explain why.
What would you consider to be the long-run for this business? In other words, how long would it take them to be able to alter every aspect of their production process and change all of their factors of production? Why is it not longer or shorter?