Microeconomics Business Report Guidelines

Assessment 1: Report- Microeconomics Business report guidelines • ? Cover page – ensure you include your name, Student ID and word count. • ? Executive summary. • ? Table of Contents • ? Body of report with answers to each of your questions, including headings for each question and part of question. • ? Ensure that your report contains a minimum of six academic references (standard websites are accepted; blogs are not to be used to support your answer). • Use APA 7th ediion reference style Task Summary – Assessment 1: Report- Microeconomics You are required to identify, discuss and analyse the core microeconomic contents and write a report covering all the relevant concepts about microeconomic. The purpose of this assignment is to test: • your understanding of the basic and core Microeconomic concepts besides, • ?your ability to analyse and apply the core concepts to the current issues affecting the Australian economy from a Microeconomic perspective • your ability to use relevant theories and diagrams to support your answer Your topic will be an ongoing issue in the Australian economy: CBD Cafeteria Association of Australia have approached you for some recommendations because they are concerned about the closure of many cafeterias in the CBD areas of the major metropolitan cities in Australia. Although they are aware that the job keeper payment helped many businesses retain their employees, and minimise joblessness, the ceasing of these grants has had its strong impact on these small businesses. The CBD Cafeteria Association are now wanting to know if there are other reasons that are responsible for the closure of these boutique cafeterias. The board members of the CBD Cafeteria Association have now approached you and want you to prepare a report because you, as a Business Economist have a clearer understanding of the market. Your report along with some recommendations should cover the following; 1. 1)  Making the board members of CBD Cafeteria Association understand what kind of market structure the cafeterias are coming under. Justify your choice with reference to the distinct features/characteristics of the market structure. Use appropriate diagrams and academic references to support your arguments. 2. 2)  Discuss what can be done differently by these cafeterias to move from one market structure to another for better sustainability, increased profit margins (where they can set their price) and have decreased competition. Would there be any restrictions or barriers to entry if the board of CBD Cafeteria Association decided to move to another kind of a market? What are those competitive strategies that the Board of CBD Cafeteria Association would have to familiarise themselves with to better prepare for competition from bigger cafeterias and eateries. What will be the pricing strategy that needs to be adopted under the new market structure and how will this alter the demand curve? Explain using a relevant diagram. 3. 3)  Based on your discussion and findings, make a final recommendation whether the cafeterias should stay in the current market structure or move to another market structure. You must also provide the relevant economic reasons to justify your final recommendation.