Assessment Question Week6: Market Structure: Perfect Competition and Monopoly

Question 5
The above diagram illustrates the short run cost curves for Sarah Mat, a rice farmer in Queensland. Calculate the profit or loss for Sarah Mat and, examine the key characteristics for perfect competition firm with reference to Sarah’s farm.(10 Marks)
Your goal: to advise them on how to be cost-efficient, be more competitive in the market, grow the business, and design their pricing and non-pricing strategies.
In essence: you will develop ideas to make that business more successful, and more resilient and long-lasting, even in fierce competitive situations or in very difficult economic conditions. You will present it in a report (see sample report in the ‘Questions: research report’ document.
(i) published data you find about the business on the Internet— their website, possibly with photographs of their premise, location, how many staff they employ (you can just judge this yourself, if that information is not available), online information about their products or services. See the ‘questions: research report’ document again, instruction no. 3.
You may not be able to get all of these but get as much information as you reasonably can. Use your judgement for the rest or rely on past visits to the shop or store (or what people told you about visits to the store). You do not need to be very precise.
(ii) the business should be a business in Sydney or Manly.

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