Reference no: EM132411618 , Length: word count:1500
FC334E Economics Assignment - Kaplan Business School, Australia
Learning Outcomes - The following learning outcomes are assessed in this task:
- Define the Economic Problem and discuss issues relating to it such as resource use and scarcity.
- Explain the theory of how the market mechanism operates to determine prices and the factors that affect it.
- Analyse different market structures and their impact on the decisions made by individual firms and the effect on consumers.
Assessment Task Instructions -
Core Task: You are required to: Choose two businesses operating in the same area in order to compare and contrast monopoly and monopolistic competition market structures. Analyse the implications for the chosen businesses and their customers of operating in each market structure. Please use diagrams to illustrate your points.
The aim of the task is to test your understanding on key market structure concepts and the ability of effective interpretation by using linguistic skills and strategies and subject-specific vocabulary.
You must ensure that this assignment is your own work and in your own words. Any ideas/theories based upon the work of other writers must be fully acknowledged and correctly referenced both within the text and the bibliography.
It is not acceptable to quote major sections of text, even if it has been fully referenced.
In your report, you are required to distinguish between different market structures, describe the differences between the short-run and the long-run. You need to demonstrate your ability in applying theoretical concepts to real situations, and explain why output is such an important decision for firms.
Report Structure -
1. Introduction (Suggested word count: 100-150)
Provide an introduction to the question you intend to address in your report.
Briefly outline the main content of your report.
2. Monopoly Market Structure (Suggested word count: 300-400)
2.1 Characteristics of Monopoly Market
Describe the general characteristics of a monopoly market (e.g. the number and size of firms in the market; market power; barriers of entry; nature of the product; diagrammatic representation etc.)
2.2 Monopoly and your business
Discuss the characteristics of your chosen business which is in a Monopoly market structure.
You need to explain why you think the business belongs to a Monopoly market structure.
3. Monopolistic Competition Market Structure (Suggested word count: 300-400)
3.1 Characteristics of Monopolistic Competition Market
Describe the general characteristics of a Monopolistic competition market (e.g. the number and size of firms in the market; market power; barriers of entry; nature of the product; diagrammatic representation etc.)
3.2 Monopolistic Competition and your business
Discuss the characteristics of your chosen business which is in Monopolistic competition market structure.
You need to explain why you think the business belongs to Monopolistic competition market structure.
4. Impacts of Market Structure (Suggested word count: 300-400)
4.1 Impacts of Monopoly
Describe how a monopoly market structure impacts on firms and consumers.
4.2 Impacts of Monopolistic competition
Describe how a Monopolistic competition market structure impacts on firms and consumers.
4.3 Assessment of impacts
Provide a brief assessment of which of these market structures gives the best outcome for consumers and which gives the best outcome for firms.
5. Conclusion (Suggested word count: 100-150)
Summarise briefly the main points in this report.
6. References
Harvard referencing - use a range of high quality reference sources (i.e. primary and secondary sources, firm data, market data).
Attachment:- Economics Assignment File.rar