Businesses create goods or services demanded by consumers. The variability of demand depends on the type of good or service produced. For example, if the good does not have a lot of substitute products (e.g., necessary prescription drugs), demand will not fluctuate greatly with price changes. On the other hand, if the good has many substitutes available (e.g., fast food), demand will fluctuate with price changes.

This concept is called price elasticity of demand. If a good or service has an elastic demand, demand will vary greatly with price increases. If a good or service has an inelastic demand, demand will not vary greatly with price changes.

Consider a product you are familiar with and the company that produces that product. Think about the market the company operates in (as discussed earlier).

In a PowerPoint presentation that contains 10-12 slides (excluding the title and references and with 200-250 words of speaker notes on each slide), explain the following:

• Introduce the business you have chosen. What market does the company operate in? What products or services does it sell? What category of goods does this product or service fall under (e.g., luxury, normal, inferior, substitute, complementary, and so on)?
• Who are the consumers of the good or service? How is the good or service marketed?
• Discuss elasticity of demand and include a graph to illustrate elasticity of demand.
• Explain the elasticity of demand for your product or service. Is the product demand elastic, or is it inelastic? Include a graph to represent the elasticity of demand for your chosen product or service.
• Discuss the relationship between elasticity of demand and pricing of your chosen product or service. Include a graph. You may use hypothetical numbers to illustrate your conceptual observations and understanding of the concept of elasticity of demand for your chosen product or service.
• How does the elasticity of demand for the good or service change how you market your good or service? For example, if your good has few substitutes or many substitutes, what can be done to increase demand during an economic downturn?

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The main goal of a business is to be profitable. To calculate profitability, economists incorporate alternative measures that go beyond the traditional revenue less expenses. For example, economists think on the margin and include opportunity costs when determining their profitability. This assignment provides the opportunity to compare and contrast accounting and economic methodology to determine how best to meet the goals set by the business. Discuss the similarities and differences between how a manager values the products that they sell and how a consumer values products that they purchase. How do marginal revenue, marginal cost, and opportunity cost enter the valuation process? (Note: Be sure to include the definition of each term in your response.) • Compare and contrast economic profit and accounting profit. Which is the more effective measurement for managerial use? Defend your answer with examples from the readings. • Discuss a leadership decision that might be influenced by an understanding of marginal revenue, marginal cost, and opportunity cost.

Every business that operates today falls into one of four market structures:

• Monopoly
• Oligopoly
• Monopolistic competition
• Perfect competition

To be successful in their respective industry, business owners and managers should understand the strengths and weaknesses of the market structure in which they operate and ways of maximizing their profitability. This assignment allows you to apply the impact of market structures professionally.

For this Individual Project, compare and contrast 2 of the following market structures:

• Monopoly
• Oligopoly
• Monopolistic competition
• Perfect competition

Once you have identified the market structures you would like to compare, please complete the following

• Identify a company that operates in each of your chosen market structures. Think about the products or services offered by each of the companies. Then, answer the following questions:
• Who are the customers of each company?
• Who are the competitors of each company?
• Who are the suppliers for each company?
• Create 10-12 slides for a PowerPoint presentation (excluding the title, conclusion, and reference slides) with a minimum of 200-250 words on each slide in the notes section. 

When completing this PowerPoint presentation, consider the following:

• Identify 2 market structures and 2 companies.
• Compare and contrast the characteristics of each market structure.
• Discuss each company in terms of the following:
• Products and services
• Competitors o Suppliers
• Identify and discuss barriers to entry and exit for each of the industries your chosen companies operate in and the role that market structure plays.
• Identify suggestions for improved competitiveness.
  How could your companies better compete in their given industries? Consider the following and provide relevant examples:
• Pricing
• Branding
• Customer loyalty o Ingenuity
• What role does the market environment play in the development of competitive strategies?
• Provide a conclusion that highlights the key points of your presentation 

COMPLETE ASSIGNMENT WITH INSTRUCTIONS GIVEN IN DETAIL