You have been hired as a consultant by your local mayor to look at the various market structures. Your role is to provide analysis and answers to these important questions that will help the mayor understand the structures of many of the businesses in his city:
- Describe each market structure discussed in the course (perfect competition, monopolistic competition, oligopoly, and monopoly) and discuss two of the market characteristics of each market structure.
- Identify one real-life example of a market structure in your local city and relate your example to each of the characteristics of the market.
- Describe how high entry barriers into a market will influence long-run profitability of the firms.
- Explain the competitive pressures that are present in markets with high barriers to entry.
- Explain the price elasticity of demand in each market structure and its effect on pricing of its products in each market.
- Describe how the role of the government affects each market structure’s ability to price its products.
- Discuss the effect of international trade on each market structure.
Your paper will need to include a title page, a reference page, and in-text citations properly formatted according to the APA style guide. Also, your content should be eight to ten pages, which does not include your reference or title page. You will need to include at least five scholarly sources from the Ashford Library in your paper as part of your research to support your analysis.
Writing the Final Paper
The Final Paper:
- Must be eight to ten double-spaced pages in length and formatted according to APA style as outlined in the approved APA style guide.
- Must include a cover page that includes:
- Title of paper
- Student’s name
- Course name and number
- Instructor’s name
- Date submitted
- Must include an introductory paragraph with a succinct thesis statement.
- Must address the topic of the paper with critical thought.
- Must conclude with a restatement of the thesis and a conclusion paragraph.
- Must use at least five scholarly resources from the Ashford University Library.
- Must use APA style as outlined in the approved APA style guide to document all sources.
- Must include, on the final page, a Reference Page that is completed according to APA style as outlined in the approved APA style guide.
- Read the following chapters from Microeconomics Principles and Policies:
- Chapter 12: Marginal Productivity Theory and Labor Markets
- Chapter 13: Poverty, Inequality, and Income Redistribution Policies
- Chapter 14: Government Failure and Public Choice
- Chapter 15: Global Trade
- Cororaton, C. B. & Peterson, E. B. (2012). Potential of regional and seasonal requirements in US regulation of fresh lemon imports. World Economy, 35(8), 1022-1036. Retrieved from the EBSCOhost database.
- Mandel, B. R. (2012). Why is the U.S. share of world merchandise exports shrinking? Current Issues in Economics & Finance, 18(1), 1-11. Retrieved from the EBSCOhost database.
- Khan Academy (n.d.). Currency exchange introduction [Video file]. Retrieved from http://www.khanacademy.org/science/core-finance/money-and-banking/currency-tutorial/v/currency-exchange-introductio. To view with subtitles, under the video window click on “Options” and check “Translated subtitles” in the drop down.
Please see the Grading Rubic and then start the work. Its more than 30 percent of the total course grade. My course grade is dependent on this paper, So it has to be the best in one shot.