Elasticities & Market Structure

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At
midday, you share an elevator ride with AutoEdge’s Executive Vice President,
George Wirtz.

“Ingrid
tells me you gave her some useful information about the relocation issue,”
he says. “I could use your help with a presentation I’m making next week
to a group of large shareholders.”

“Of
course,” you say. “How can I help?”

“I
understand that there are four different types of market structures: monopoly,
oligopoly, monopolistic competition, and pure competition,” he says.
“I know that each of these market structures differs in the number of
companies that compete in each one, the level of competition, entry and exit in
the economy, the product price range, and the product range.”

“I’m
with you so far,” you say.

“Normally,
I wouldn’t go into all of these economic terms with shareholders,” he
says, “but I’ll be talking to a small group of sophisticated
businesspeople who understand the terminology. I’m not an expert in this end of
the business, and I want to check my understanding of it. What type of market
structure does AutoEdge fit into? How does this market structure impact our
level of competition, elasticity of demand, price, and position in the
industry?”

“Well,
there’s a long and a short answer I could give you,” you say. “I’m on
my way to a lunch meeting right now and will be out of the office for the rest
of the afternoon. Would it be okay if I send an e-mail later this
afternoon?”

“Yes,”
he says. “That would be fine, but I want some research to support the
information, too. Would you be able to send me a report about this by the end
of this week?”

“Sure,”
you say. “I’ve already done some of the research, so that deadline is
doable.”

“Oh
good,” he says. “I appreciate your help!”

MUST COVER THE FOLLOWING

  1. Word
    Requirement:1,200-2,000
  2. Discuss
    the four different types of market structures: monopoly, oligopoly,
    monopolistic competition, and pure competition. What are your findings
    about how each of these market structures differs in the number of
    companies that compete in each one, the level of competition, entry and
    exit in the economy, the product price range, and the product range?
  3. What
    type of market structure does AutoEdge fit into? How does this market
    structure impact AutoEdge level of competition, elasticity of demand,
    price, and position in the industry? Show reliable evidence of your
    findings
  4. What
    Recommendations would you have for AutoEdge?

 

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