Microeconomics discussion | Economics homework help

This week we shall look at Monopolistic Competition.  This is where you, as a consumer, spend most of your time.  In Monopolistic Competition, there are many companies selling similar but not identical products.  Put differently, the goods are close, but not perfect substitutes.

Because of the relative ease of substitution, companies often compete by advertising, services (for stores), brand names, brand loyalty and product differentiation more than by price.  Thus, prices of competing products tend to be close, but not identical as they are in Perfect Competition.

Since this market is where you – as a consumer – spend most of your time and a lot of your money, this week you are going to look at this market in action in your daily life. When you go shopping this week, pay close attention to product prices and what information they tell you about how the products compete.

A grocery store is a good example.  Look at the soda aisle and by viewing the prices and the product locations on the shelves, which products are close substitutes, sufficiently differentiated that they have brand loyalty (i.e., a higher price), etc.  Do the same with canned vegetables.  Or undertake the same observational experiment in another type of store you regularly frequent.

Assignment Summary:

  1. Watch the video above and under the Week 4 Videos, watch all videos. 
  2. Then go to a store, as discussed above, and observe.  Observation is a well-established method of real world research.  It will probably be easier and perhaps more informative if you pick on one product line to observe and observe by brand name. In particular, look for:
    1. product prices,
    2. product packaging (design, colors, logos, etc.); and,
    3. product shelve placement relative to other similar products.
  3. Based on what you observe can you identify:
    1. which products/brand names compete most closely with each other?  Are they placed close to each other on the shelves or far apart?
    2. which products/brand names are aimed at cost conscious consumers?  Where are these on the store shelves for grocery stores?
    3. which are aimed at higher end consumers? Where are these on the store shelves for grocery stores?
    4. which products/brand names have a narrower market and command brand loyalty?  This one could be tricky to figure out.
  4. Share what you find with the class on the discussion board.
    1. What do you think you have learned from this activity? 
    2. What have you learned about monopolistic competition?
  5. Post your views to the discussion board and refer to at least two different concepts from this week’s Chapters. Your illustration of concepts MUST include an explanation why you think they are relevant to the week’s topic using specific information from the articles, videos and other research that you have done.

MAKE SURE THAT YOU ADD SOMETHING NEW to the discussion.

  1. Post on three different days for a minimum of three posts. Failure to meet these minimum posting requirements results in point loss
    1. Include a word count on each post. Min. 200
Essay Help
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.