[Solution]Explore the overall market for your firm

The purpose of this milestone is for students to explore the various costs their firm faces and to describe their firm’s market. Using the concepts…

The purpose of this milestone
is for students to explore the various costs their firm faces and to describe
their firm’s market. Using the concepts and tools developed in Modules Four and
Five, students willanalyze the fixed and variable costs of their firm, how
those costs have changed over time, and how those changes have impacted their
firm’s overall health and sustainability. In analyzing their firm’s market,
students will detail the extent of their firm’s market power and their firm’s
ability to influence the market. Students will also describe major trends in
the market, specifically concerning new products, technologies, and new
entrants. Students can further determine the future health of their firm to
inform their final recommendations by examining theirfirm’s place within the
market.

Prompt: Submit a draft of theCosts of Production(Section
IV), Overall Market(Section V), and Recommendation(Section VI)of
your research paper, including all critical elements listed below. You will
review your firm’s financial reports and other relevant data sources to collect
and analyze cost information for your firm over the past five or so years.
Using real data and the economic tools developed in Module Four, you will
analyze your firm’s profitability and how costs impact its growth.
Additionally, you will find data on your firm’s competitors in order to detail
your firm’s place within the market currently and over the past five or so
years. Lastly, you will develop a recommendation for how the firm can manage
its future production.

Specifically the following
critical elements must be addressed:

IV. Examine the costs of
productionfor your firm.

a)
Analyze the various costs a firm faces, their trends over time, and how they
have impacted your firm’s profitability.

b) Apply the concepts of
variable and fixed costs to your firm for informing its output decisions.
For instance, analyze how different kinds of costs (labor, research and
development, raw materials) affect the firm’s level of output.

V. Explore the overall
marketfor your firm.

a)
Discuss the market shareof the firm and its top competitors by providing
details on current percentages for each firm and describing the trend over
time.You might consider presenting the data graphically.

b)
Analyze the barriers to entryin this market to illustrate the potential
for new competition and its impact on your firm’s future in the market.

c) Describe the market
structurefor this firm and analyze how this affects the firm’s ability to
influence the market.

VI. Recommendation

a)
Develop a recommendation for how the firm can manage its future productionby
synthesizing the data presented.

b)
Suggest how the firm’s position within the market and among its competitors
will allow it to take your recommended action.

c) Describe how the firm can sustain
its successgoing forward by evaluating the findings from demand trends and
price elasticity.
The post Explore the overall market for your firm

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