This assessment is a 2,500 words essay (10% flexibility either way) covering the concepts of market structures and elasticity of the demand. The assessment contains four questions, they are:
(a) Explain what the four main types of market structure are, and why the price and output determination of firms varies across market structures. Illustrate your answer using graphs (the graphs should be clearly labelled, severe penalty applies for the lack of/incorrect labelling)
(b) Is it possible for firms to make economic profits in the short-run and/or the long run while operating in any of the four market structures? Discuss using appropriate graphs (the graphs should be clearly labelled, severe penalty applies for the lack of/incorrect labelling).
(c) Choose an example of a monopolistically competitive firm from your home country (you can choose another country if that is easier for you). Using the key characteristics of the market structures explain why you consider this firm to be monopolistically competitive.
(d) How can this monopolistically competitive firm apply the concepts of elasticity of demand to inform its pricing strategy (Price of the 4Ps)?
Your report should consist of a short executive summary (approximately 100 words), six sections – an introduction, followed by four distinct sections each covering, sequentially, the four questions above and a conclusion. You should also include a page listing the references.
*Graphs and colour can assist in summarising key points in your report
*Photocopied and scanned graphs from books, articles or websites are not acceptable – such a practice will be penalized with a 0 being awarded. It is preferable to hand-draw a graph then scan it to insert in your file, if you cannot draw using computer software.
*You must refer, in text, to a minimum of 8 journal articles
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