Choose a firm/ industry and answer the following..

timer Asked: Oct 7th, 2015

Question description

Considering the particular firm/industry you work for now or you may use one from the past if it lends itself to this question better. Answer ALL the following questions. You may either answer these in an enumerated form or written paragraph form. If you would like to “interview” a friend or family member about his/her job that will work as well. Make sure to document and comment on what the job is as well.

    1. What were the key forces shaping the nature of competition and the opportunities for profit in that industry?

    2. What, if anything, did firms do to insulate themselves from these forces?

    3. Was the product homogenous or heterogeneous?

    4. Note some of the substitute products for the product being produced.

    5. Was geography a factor in the determination of this market?

    6. Were there many competitors or was this industry dominated by a small number of large firms?

    7. Was the demand for the product elastic or inelastic?

    8. What type of control did your firm exert over prices?

    9. Was this industry government regulated? Or did regulatory policies affect your pricing and output decisions?

Each answer must be at least 50-100 words, no plagiarism what so ever. Will be checking once I receive the answer.

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