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Perfect Competition- Economics for Business

University: Durham University Business School

  • Unit No: 1
  • Level: Undergraduate/College
  • Pages: 4 / Words 894
  • Paper Type: Assignment
  • Course Code: ECO511
  • Downloads: 24
Question :

An organisation needs to analyse the undergone change in past years. certain changed made by the chosen company will be taken in consideration.

  • Analyse the influence of change by make comparison on strategy and the operations of the business.
  • Access the impact of organisational behaviour due to the drivers of change in respect to chosen business.
  • Evaluate the influence of change barriers on decision-making of leaders of respective business.
  • Apply various types of leadership approach for dealing with the change.
Answer :
Organization Selected : Costa Coffee and Starbucks

INTRODUCTION

Perfect competition is an example of the product which is homogeneous in which buyers have full knowledge of present, past and future prices of the product. In this report, situation of a perfect competition and significant price changes in industry are explained. Apart from that anticipated and unanticipated shift are also explained in this report with the context of agriculture sector.

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MAIN BODY

Question 1

Situation of personal business experience in which perfect competition exists.

Perfect competition is situation in which resources such as labor are perfectly mobile and firms can enter and exit the market without cost. This situation has a perfect example of agriculture sector. Since, in agriculture sector market share has no influence on price of its products and the buyers of this sector have complete knowledge about the investment and the out coming of that sector. All the products are identical in nature and can readily available to buyer at any time.

Reason of agriculture sector to become a perfect competitive market

In this sector, any company can easily enter and exit from the market. Buyer of the product has full information about price and investment of the product which makes tough situation for the company to fluctuate the price. Agriculture sector is the best example of perfect competitive market because in this sector price doesn’t fluctuate according to the need of producer. Consumers of this sector have detailed knowledge of cost of labor and investment.

Deviation of agriculture sector from the textbook model of perfect competition.

This sector doesn’t follow textbook principal as the buyers don’t have full knowledge of market. The factors by which this sector differs from textbook models are labor cost, market and technology. Above three factors deviate due to geographical condition and economical condition of the market. As a result of this sector differs from the textbook models. Buyers cannot predict the labor cost, market condition and technology used in this sector. Labor cost differs geographically and technology cost can change the price of product.

Period in which the industry experienced significant price changes.

Agriculture sector have significant price changes when the product deliver in the market. These changes occur due to environment condition, market condition, economical condition and technology used in the particular crop. When product delivers in the market, buyers are not able to predict the cost of product.

Price changes due more to demand shifts or supply shifts, or both and effects of these shifts

Prices of the product changes due to demand and supply both the shifts because if demand of the product increases then seller will automatically increase the price. If supply of any product increases then seller has to decrease the price to sell its product in the market. Excess supply of the product is the characteristics of the perfect competition. In perfect competition, if companies earn excess profits then other companies will enter in the market and changes the prices and makes the parity in the market.

Demand can be anticipated while supply cannot. Environment factor increases such as drought or flood makes the great impact on demand and supply. As drought and flood occurs this will decrease the production of crop as a result of this, supply certainly decreases. Since, crop is less produced while the demand of the public still same. Therefore it will have a great impact on price of crop as the major factors such as economic market and technology affects the price of products.

Difference between demand and supply

Basis

Demand

Supply

Meaning

Demand is the requirement of a buyer and capability to pay for vegetable and fruits in agricultu

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