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Homework answers / question archive / Prepare a minimum 1,050-word analysis of economic data and business data to explain how the core economic principles impact the sustainability of the firm and what actions the firm can take to ensure success

Prepare a minimum 1,050-word analysis of economic data and business data to explain how the core economic principles impact the sustainability of the firm and what actions the firm can take to ensure success

Economics

Prepare a minimum 1,050-word analysis of economic data and business data to explain how the core economic principles impact the sustainability of the firm and what actions the firm can take to ensure success. 

Address the following:

  • Identify the market structure your chosen firm operates      in, analyze your chosen firm's current market share, and identify the      firm's local/global competitors. Analyze the barriers to entry in this      market to illustrate the potential for new competition and its impact on      your firm's future in the market. Hints: Be sure you review the      barriers to entry discussed in the course text.  You might consider      presenting the data graphically.
  • Identify and explain trends in current macroeconomic      indicators for last three years including:
    • Current stage of the business cycle.
    • Real gross domestic product (GDP).
    • Inflation as measured by the consumer price index       (CPI).
    • Unemployment rate.
    • Federal funds rate.
    • Current rate for borrowing funds such as the so-called       "prime rate."  Note: A requirement of the Week 1       Influence of Economics on Household Decision Making report was to gather       data on the CPI, GDP, and interest rates, so you should consider       reviewing the feedback you received on the Week 1 report.
  • Evaluate trends in demand over last three years and      explain their impact on the industry and the firm. Include quarterly (last      two quarters) and annual sales (last three years) figures for the product      your firm sells. Create business strategies by analyzing information and      data related to the demand for and supply of your firm's product(s) to      support your recommendation for the firm's actions. Remember to include a      graphical representation of the data and information used in your      analysis.
  • Examine available, current data and information, such      as pricing and the availability of substitutes, and explain how you could      determine the price elasticity of demand for your firm's product. Assess      how the price elasticity of demand impacts the firm's pricing decisions      and revenue growth.
  • Apply the concepts of variable and fixed costs to your      firm for informing its output decisions. For instance, analyze how different      kinds of costs (labor, research and development, raw materials) affect the      firm's level of output.
  • Based on the data gathered and analysis performed for      this report write a conclusion in which you:
    • Create business strategies, including price and non-price       strategies, based on your market structure to ensure the market share and       potential market expansions and explore global opportunities for your       business in a dynamic business environment and provide recommendations.
    • Develop a recommendation for how the firm can manage       its future production by synthesizing the macroeconomic and microeconomic       data presented.
    • Propose how the firm's position within the market and       among its competitors will allow it to take your recommended action.
    • Recommend strategies for the firm to sustain its       success going forward by evaluating the findings from demand trends,       price elasticity, current stage of the business cycle, and government       policies. 

Cite a minimum of three peer-reviewed references and a minimum of two government economic data sources/references. 

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