Help For Your Introductory Economics Course

Another big week on deck in ECO-201.  Here is your list of resources to help get you through it! Milestone Three Resources: How to Write an Exemplary “Costs of Production” section (sample paper included) ***Make sure to use the link to the Excel Spreadsheet that can be found in the General Questions Discussion Board or in the Announcements*** Finding Market Share Data for Your Firm How to Write an Exemplary “Overall Market” section (sample paper included) Determining Market Structure for Milestone 3 Using the Four Firm Concentration Ratio to Determine Market Structure (flow chart included) How to Write an Exemplary “Recommendation” section Tips on Milestones Two and Three: Help With Using Financial Statements Milestone Three Guidelines and Rubric Milestone Three video The ECO YouTube Channel for recordings of webinars in previous terms How to Find What You Need from the Library for your Research Paper

Here is one more milestone three tip that I’d like to share in order to help you determine the market structure of your industry. Perfect Competition and Monopoly markets are very rare, so it is most likely that your firm operates in a monopolistically competitive industry or in an oligopolistic industry. How do you figure out which market fits your firm’s industry? A great way to do this is by utilizing the four firm concentration ratio. Suppose that the distribution of sales in an industry is as shown in the chart below (market share). You should have already found the market share data for your industry in a previous critical element, but if you are working out of order or skipped over that element, here are some tips on how to find the market share for your industry. What is the four-firm concentration ratio for this industry? To find this, we add up the market share percentage for the top 4 firms. Four firm concentration ratio = 20% + 18% + 12% + 10% = 60% If the top four firms m...

There are various elements you must meet in the Overall Market section of your paper. I will summarize these requirements here, and then you can use the corresponding numbers (in bold) to find examples of each within the sample paper that follows. Market Share Market share is the percentage of an industry or market's total sales that is earned by a particular company over a specified time period. Market share is calculated by taking the company's sales over the period and dividing it by the total sales of the industry over the same period. You’ll need to cover the following in your paper: (1) Discuss the market share of the firm and its top competitors (2) Provide detail on the current percentages for your firm and its top competitors ( For more detail on finding market share data, take a look at this post .) (3) Present the data graphically (4) Describe the trend over time Barriers to Entry Barriers to entry represent something that keeps new firms from entering a...