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As the business consultant for this specific business exactly what would you recommend based on all the information you have just learned about monopolistic competition?

Specifically include: product or service type; level of competition that currently exists; strategies for expanding market share; short and long run goals; and how to achieve these goals.

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Collen Von
Collen VonLv2
28 Jun 2018

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Related questions

This assignment will enable you to:

Create graphs and tables to illustrate costs and revenues for firms in different market structures

You have learned about the market structures of pure competition, monopoly, monopolistic competition, and oligopoly. In this assignment, you will apply this learning to create cost and revenue graphs for businesses in these different market structures.

Think of four businesses, each operating in one of these market structures. Then, do the following:

Create the revenue data for each business. Be sure to include all the data that could have an impact on the business' operations and profits.

Determine the cost data for each business, both in the short and long run. Again, be sure to include all types of costs that can influence the operating and profit maximization decisions of the business.

Create any supporting data that you require, and list the assumptions that you make for each business in the short and long run.

Analyze the costs of each business for the short run and the long run. What conclusions can you draw about the business' operations and profits in the short and long-run?

Plot the revenue and cost data for each business on a graph. You need to do this for the short and long run, thus creating eight graphs in all.

Determine the price, output, and profit/loss for each business in the short and long run.

Analyze the graphs and briefly describe the similarities and differences between the short and long-run operations of each business.

This assignment will enable you to:

Create graphs and tables to illustrate costs and revenues for firms in different market structures

You have learned about the market structures of pure competition, monopoly, monopolistic competition, and oligopoly. In this assignment, you will apply this learning to create cost and revenue graphs for businesses in these different market structures.

Think of four businesses, each operating in one of these market structures. Then, do the following:

Create the revenue data for each business. Be sure to include all the data that could have an impact on the business' operations and profits.

Determine the cost data for each business, both in the short and long run. Again, be sure to include all types of costs that can influence the operating and profit maximization decisions of the business.

Create any supporting data that you require, and list the assumptions that you make for each business in the short and long run.

Analyze the costs of each business for the short run and the long run. What conclusions can you draw about the business' operations and profits in the short and long-run?

Plot the revenue and cost data for each business on a graph. You need to do this for the short and long run, thus creating eight graphs in all.

Determine the price, output, and profit/loss for each business in the short and long run.

Analyze the graphs and briefly describe the similarities and differences between the short and long-run operations of each business.

The microeconomic market structure I would like my business to be in is a monopoly in the utility industry. Using this business model to make the most amount of money, over a long period of time, without regard to service, quality, or competition could be interesting. Creating a company that could produce residual income with little effort is very appealing to the owner or its shareholders. Economies of scale will help the consumer save money when adjustments to internal costs are decreased. Once a monopoly was established you as a business owner could enjoy the benefits of no competition, depending on the product you may be able to compete internationally. The downside for consumers is with the limiting of competition there could be a limit on innovation and this could affect quality for the consumer. Depending on where an individual is in their life they may be in business to strictly make money with little regard for everyone else, if this is the case then a monopoly is the right type of business to have.

It is important to note that individuals enter business for different reason all are generally to make money but some individuals do it for other reasons as well. They may start a business in a rural area as a farmer and due to the fact that they sell fruit or vegetables would find themselves in a perfect competition market structure. This market is fairly easy to enter, there is lots of competition and the products are identical to each other between competitors. Others may start a restaurant business because they like food, they like providing and making people happy and they like the day to day interactions with people. This business is just fine and would fit into the monopolistic competition structure. This business is different from the monopoly structured business because it doesn't run itself, there is lots of competition, quality & price must always be considered, and if customers are not happy they can choose a different option.

I need a peer reply for this discussion of at least 200 words.

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