Wednesday, May 6, 2020

Easy Living Foods The Market Structure Of A Low Calorie...

Easy Living Foods In this particular assignment, I will use the regression results and the other computations from the previous assignment in order to determine the market structure in which a low-calorie frozen, microwave Food Company operates. Easy Living Foods is the leading competitors in the industry and it will be very vital to note their pricing strategies, profitability and their relationships. The market structure has been found to be perfectly competitive hence QD=QS. It is therefore very substantial to set an optimal price using this particular scenario. Therefore, we come up with the regression equation which is derived as QD = 20,000 - 10P + 1500A + 5PX + 10 I (Buteux, 1963). This model is able to explain the demand in which†¦show more content†¦We therefore realize that this firm was solely a monopolistically competitive market. The major short run and long run costs have to be outlined so as to determine whether frozen microwaveable food company is able to make major decisions in the industry. There can be a possibility of this company to earn supernatural profits and even incur losses as well as operate at break even when a monopolistic competitive firm operates in the short run. Other firms will be highly attracted when it earns such economic profits. This will prompt many firms to enter the industry and be able to make products that will suit the needs of their consumers thereby creating customer satisfaction. It will then be realized that the proportionate demand curve will shift to the left. However it can shift to the right if the firm can make losses. There will be continuity of this process until a given firm will realize that the total costs and total revenue are the same. It will be noted that after some good period of time, each firm in the industry will be able to earn a normal profit (Scherer Ross, 1990). The equilibrium in the long run will be as follows; The equilibrium in the short run will also be as in the diagram below; The main characteristics of this market are the use of ads which will look into it that more customers have to be attracted by it. 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