MICROECONOMICS

MICROECONOMICS

Following is a description of the final project for ECO-112. The project has several parts, each of which must be answered to complete the project.
1. Select two companies whose product(s) you use in your daily life. You may choose any firms you wish, as long as their information is publicly available (as to their products and financial information) and they are known to the average person.
2. Describe, in detail, each company’s product line in terms of:
a. Product description and usage
b. Factors that determine the demand for the products
c. Factors that determine the supply of the products
d. Available substitutes for the product
e. Available complements for the product
f. Is demand for the product elastic or inelastic in the short run? In the long run?
g. Is the firm’s production capital-intensive or labor-intensive? How important is technology in the producing the product? Why?
3. In which of the four market structures does each firm operate? Describe the attributes of the firm’s market that show why that is the relevant market structure.
4. What do you think are the long term prospects for the product? Why?
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