What is the quantity, price, and profit for an average restaurant? What is the equilibrium quantity and price for an average restaurant based on the Short-Run Equilibrium Graph?

Description

Part 1 – Complete market analysis report answering the following questions: In the short run:

What is the quantity, price, and profit for an average restaurant?

What is the equilibrium quantity and price for an average restaurant based on the Short-Run Equilibrium Graph?

How much economic profit is made?

In the long run:

How would more restaurants in the city impact the restaurant market?

Will there be entry or exit of restaurants in the market? Why?

How will the economic profit change for restaurants?

How will product choice and prices be impacted?

Strategies

What two strategies could new and existing restaurants use to be successful in this larger market? Think about strategies related to product differentiation, price, and service.

What could existing restaurants do to defend their market share against new restaurants?

What could new restaurants do to be successful in the market?

In Part 2 – Current Market Structure

What is the current market structure of the city’s internet market? How does this market structure affect price, quantity, and quality of services?

What is the most applicable market structure? Select one of the four market structures (perfect competition, monopolistic competition, oligopoly, or monopoly). Then, address the following based on your choice:

What are the characteristics of this market structure?

What is the economic outcome of this market structure? Think about the loss to consumers and society.

What are the barriers to entry in the internet market within your selected market structure in this city?

Implications

What are the implications of introducing another internet service provider in this market?

What is the new market structure if another provider is allowed to enter the market? What are the characteristics of the new market structure?

How would you facilitate the entry of another provider in the market? How would this impact price, quantity, quality, and choice?

Using the concept of game theory, what strategic choices could the two providers make?

Government Intervention

Would you recommend allowing another internet service provider into the market? Why or why not?

What kind of government intervention is needed? What specific actions should the government take to achieve its goal? paper has to be at least 5

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