Microeconomics Writing Project Part Two The next part of your project is to writ

Microeconomics Writing Project Part Two
The next part of your project is to write a brief history of the company and its competition,
describe the industry in which it operates, and describe and explain the market model that best
approximates competition in this industry and why you believe this is the correct model for
your industry.
To do this completely you will need to include the following:
1. Write a brief descriiption of your company and its history. information about the
formation and evolution of the company up to today including products and product
changes.
2. Include in your company history a brief descriiption of the most important recent (last 6
months or so) news or developments to your company or its industry. (Has your
company or one of its competitors introduced a brand-new product, etc.)
3. Write a brief history of competition in your industry, i.e. who the competitors were,
who they are now, how the number of companies has changed, and how the methods
of competing have changed over the years. You can look up “naics codes” at
https://www.naics.com/search/ to find the official name for your company’s industry
and let Google help from there.
4. Describe the market model that best characterizes the way competition in your industry
works. See chapters 13-15 in your textbook for an explanation of the various market
structures.
5. Explain why your company and industry fit this market model. Give real examples to
illustrate your point. Use the 3 characteristics described in chapter 12 of your e-text.
6. Consider at least one other market structure your firm COULD be part of, and explain
why the industry competition for your firm is NOT this structure. It’s BEST to consider
the next-best choice for the other market structure. If your firm is KFC, then you could
say “KFC is not a monopoly because there are other places to get fried chicken.” But it
would be better to say, “Even though there are lots of places to get fried chicken (like
Zaxby’s, Bo Jangles, Popeye’s and Mrs. Winners) – KFC has its special seasoning that
makes their chicken a little bit different, and some customers will buy from them even if
they’re not the cheapest, so it’s NOT perfect competition.”
Part II should be around 500 words (typed, double spaced). Do not cut and paste from any
source. Include a list of references and cite your sources. Your assignment will be graded
according to:
 Whether you have clearly identified your company and its product(s).
 Whether you have clearly described your company’s history.
 Whether you have described the history of competition within your company’s industry.
 Whether you have identified the most important recent development affecting your
company or its industry.
 Whether you have identified clearly what market structure you believe best fits your
company’s industry.
 Whether you have explained fully why the market structure you selected is correct. You
should consider:
1. How many competitors your firm has;
2. Whether your firm offers the same products as the competitors or
differentiated products;
3. How difficult is it for a new firm to enter the industry (barriers to entry).
 Whether you have considered some other possible market structure, and why this
structure is NOT correct. You should consider the same 3 factors as the previous case.
 Whether you have provided complete documentation of your sources.
 Whether your writing is clear and grammatically correct.