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Costs of Production:

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Milestone 3, due this week, is a review of the costs of production, overall market and your recommendations for the company selected.

This milestone should touch on all of the critical elements of the grading rubric (posted in Module 5). Here are a few points for each section:

  • Costs of Production: For this section you will want to review materials from Module 4. The idea here is to discuss the costs that your firm faces. For example, what are some of the fix costs (those costs that do no vary with output) and variable costs (costs that do vary with the level of production) that your company experiences in production? Examples of fixed costs might be rent, equipment leases, etc., items that you have to pay for no matter how much is being produced. Examples of variable costs include wages, materials, etc.; after all you wouldn’t continue to employ people if you suddenly see demand for product drop off.  After reviewing these types of costs a discussion should follow on how they impact profitability and level of output that the company decides to produce. Maybe high wages keep your company from producing at the level it would like to, or they have made a decision to produce in another part of the world (see the Announcement on Bangladesh) that allows them to decrease costs and produce more.
  • Market Share: Review materials from Modules 5 & 6 in regards to the 4 different market structures. Your job here is to identify which market structure best fits your company (perfect competition, monopolistic competition, oligopoly or monopoly). Given that we have not yet reviewed Module 6 please reach out if you need assistance in this area, but it is a good idea to look at and understand all 4 types of market structures before deciding which one your selected company functions under (i.e. I should not see everyone using perfect and monopolistic competition simply because those are the topics being reviewing this week. It is not realistic to believe they work for every company being examined).  Also you may find that your company is actually functioning in two different types of market structures. For example it is common for firms to fit under both monopolistic competition and oligopoly since there is a lot of overlap in the characteristics of both, if this is the cases simply pick the one you feel best fits and make your argument on why. You will want to include information on the competition, but only to help back-up your choice of market structure. Keep the focus on your selected company and simply use this information/data to add color to your discussion and to help strengthen your points.
  • Recommendations:  Here is your opportunity to take all you have learned and brainstorm on how your company can change its future production level and compete in the marketplace. You can be creative in this section and may even want to use it as opportunity to develop an argument for your selected company to take a different approach or move in another direction. 

At a minimum you will want to dedicate at least one paragraph to each of these topics; remember that your entire final project will need to be 7 to 9 pages, with Milestone 3 making to 3 to 6 pages of this requirement. It is important to edit your work and include only that discussion which is relevant to the critical elements of the assignment.

 
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