Description

Instructions

For this activity you will be creating a script and then recording a 5 minute video presentation that demonstrates your understanding of perfect competition and monopoly. You will need to research the two markets identified below using the list of questions to guide you. Then create a script addressing your research on these two companies and identify the best profit-maximizing strategies each of these markets should use based on their market structure.

Given two markets that of corn and that of water companies (the water out of the faucet, not bottled water), conduct research to determine the following:

Are these goods price elastic or inelastic?

How price elastic or inelastic are they?

How are the prices of these products set?

Is the product a normal good or an inferior good?

What strategies exist to allow the sellers of these products to increase revenue?