Reference no: EM132311670 , Length: word count : 2000
Detailed requirements of the assignment
Organize yourselves into groups of 4 or 5 students and give your group details to your lecturer(s) no later than Week 6 (for Normal Mode) or Week 4 (for Block Mode 1) and Week 8 (for Block Mode 2).
Suppose you are a group of economic consultants working for the hypothetical consultancy company “Business Solutions Inc.”
There are currently no projects for you to work on so instead the Director has asked you to research a particular industry to develop expertise in.
You may choose to do your research in one of the following industries: construction/housing/ property development, education (which can be narrowed down to international education industry), or mining.
Your task is to write a 2000 word report about that industry.
The report should, as a minimum, address the following key issues:
1. An overview of the industry (including some key statistics such as revenue, employment, the industry’s contribution to national GDP, and industry growth rate).
2. An analysis of the market structure the industry is in, including:
The type of market structure it is in and why (based on the characteristics of the industry).
The market leaders in the industry and some statistics about them.
3. A discussion about (i) two determinants of demand, and (ii) two determinants of supply for your industry’s product(s) or service(s) that you consider to be the most influential.
4. A discussion about the demand elasticity for the industry’s product(s) or service(s) which answers the following question:
Is your product(s) or service(s) elastic or inelastic? Why?
5. An analysis of a recent event that has (or is likely to have) substantial impacts on your industry. The analysis may include:
A brief description about that event.
How has that event affected (or is likely to affect) the market demand and/or supply?
What is the likely effect of that event on the market price and quantity?
Draw a market demand/supply diagram to illustrate that impact.