Question 1: Your first task is to determine whether your firm is in a competitive industry.
Based on the following demand function for the firm’s product, what would you answer?
Q = 50,000 – 25*P
Q is the amount produced and P is the price.
Before starting your calculations, review materials on industry structure demands and prices and price, cost, and profit analysis.
Submit your Competitive Industry Report and Calculations to the dropbox below. Be sure to show your calculations in Excel and provide a narrative analysis in PowerPoint. Your narrative analysis should summarize the results of your analysis and make recommendations for the benefit of company.
Before you submit your assignment, review the competencies below, which your instructor will use to evaluate your work. A good practice would be to use each competency as a self-check to confirm you have incorporated all of them in your work.
- 3.1 Identify numerical or mathematical information that is relevant in a problem or situation.
- 3.2 Employ mathematical or statistical operations and data analysis techniques to arrive at a correct or optimal solution.
- 3.3 Analyze mathematical or statistical information, or the results of quantitative inquiry and manipulation of data.
- 3.4 Employ software applications and analytic tools to analyze, visualize, and present data to inform decision-making.
- 10.1 Apply relevant microeconomics principles to support strategic decisions for the organization.
- 10.2 Analyze financial statements to evaluate and optimize organizational performance.