Microeconomics – Starbucks – Qn – 6 Pages

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June 10, 2021
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June 10, 2021

Microeconomics – Starbucks – Qn – 6 Pages

ECO 201
Paper Guide for format of paper.

I.
Introduction:
 
Your firm of choice is Starbucks: a firm that is
a publicly traded company operating in the U.S. market that is currently in
business.
a) Outline the purpose of your final project research
paper and explain how it will inform your conclusion. 
b) Summarize the history of your chosen firm and provide
an overview for what it does and what goods/services it sells. 


II. Explore the supply and demand conditions for
your firm’s product. 
a)
Evaluate
trends in demand over time and explain their impact on the industry and the
firm. You should consider including annual sales figures for the product your
firm sells. 
b) Analyze information and data related to the demand
and supply for 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.

III.
Examine the price elasticity of demand for the product(s) your firm sells.
 
a) Analyze the available data and information, such as
pricing and the availability of substitutes, and justify how you determine the
price elasticity of demand for your firm’s product. 
b) Explain the factors that affect consumer
responsiveness to price changes for this product, using the concept of price
elasticity of demand as your guide. 
c) Assess how the price elasticity of demand impacts the
firm’s pricing decisions and revenue growth. 

IV. Examine
the costs of production for your firm.

a) Analyze the various costs a firm faces, their trends over
time, and how they have impacted your firm’s profitability. 
b) 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. 

V.
Explore the overall market for your firm. 
a)

Discuss the market share of the firm and its top competitors by providing
details on current percentages for each firm and describing the trend over
time. You might consider presenting the data graphically. 
b) 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. 
c) Describe the market structure for this firm and
analyze how this affects the firm’s ability to influence the market. 

VI. Recommendation 
a)
Develop a recommendation for how the firm can
manage its future production by synthesizing the data presented. 
b) Suggest how the firm’s position within the market and
among its competitors will allow it to take your recommended action. 
c) Describe how the firm can sustain its success going
forward by evaluating the findings from demand trends and price
elasticity. 

 

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