Your Project Description:
Choose an industry that has been in existence for more than 50 years. Research as many aspects of this industry as possible such as the member firms, the competitive structure of the industry, price fluctuations during the years, and the industry’s overall supply and demand quantities. Use this information to create an industry portfolio that you would use as an entrepreneur attempting to enter into this industry.
Your portfolio should include a supply and demand graph that reflects the relative elasticity of your industry’s quantities (does a change in price over the years effect quantity demanded and supplied?), a long run production curve that reflects the amount of supply each firm contributes to the industry as a whole, and finally, a conclusion that summarizes whether your industry acts as a perfectly competitive market, a monopoly, or some combination of the two.
Along with the graphs included in your portfolio, make sure that you thoroughly explain what these graphs mean to your project as a whole in a separate Word document. Based on your assessment of the industry, decide whether or not you would enter the market as an entrepreneur (consider barriers to entry, economies of scale, and typical costs to each firm).
Good luck! And remember, if you have any questions, just ask!
Helpful Links:
Introductory PowerPoint Presentation
(to keep track of your research data as well as create your graphs...it is probably easier, however to draw your graphs by hand)
(yours should be a bit more detailed, but this is the basic format I am looking for)