This week, you are to apply economic principles presented in Weeks One through Three. Your assignment will be reviewed by your peers and by your facilitator.
Assignment: New Good or Service Business Paper
Select a new good or service for an existing business or a business that you want to develop.
Write a 1,050- word business paper for your chosen good or service. Include assumptions about the elasticity of demand and the market structure for the good or service. You will need to create hypothetical data or collect real data to determine fixed and variable costs.
Students who do poorly on this assignment write a paper that devotes 95-100% to ?marketing? type issues, and almost nothing to the economic issues below. To earn a grade ABOVE 10/15 you must do the opposite, as this is an economics course. Devote 90% of the word count to the economic issues below, and just one-two paragraphs to marketing issues
Include specific answers for the following ECONOMIC questions:
? How will you increase revenue?
? How will you determine the profit-maximizing quantity?
? How could you use the concepts of marginal cost and marginal revenue to maximize profit? What information do you need to determine this? Without this information, how would you make a decision?
? What is your suggested mix of pricing and nonpricing strategies? Explain your answer.
? Can you create or increase barriers to entry? If so, how?
? How will you increase product differentiation?
? Are there other ways to minimize costs for the product?
Format your business paper consistent with APA guidelines.
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