Partial Equilibrium Analysis and General Equilibrium and answer the following question:
A major source of chicken feed in the United States is anchovies, small fishes that can be scooped out of the ocean at low cost. Every 7 years, when the anchovies disappear to spawn, producers must turn to grain, which is more expensive, to feed their chickens. What is likely to happen to the costs of chicken when the anchovies disappear? What are substitutes for chicken? How are the markets for the substitutes affected? Name some complements to chicken. How are the markets for complements affected? How might the allocation of farmland be changed as a result of the disappearance of anchovies?

Microeconomics
Order Description
Apply important microeconomics concepts toward the competitive strategies of an organization that operates in an industry of your choice. Evaluate the differences between market structures and identify a group of competitive strategies consistent with the market structure that best aligns with the market in which the organization competes. Assess how the market structure positively and negatively affects the organization’s ability to earn an economic profit over time and evaluate the effectiveness of the organization’s competitive strategies.

Select an industry. Identify an organization in that industry.

Identify the market structure in which this organization competes. Clearly indicate why the market structure was decided upon and how this market structure differentiates from the other alternatives.

Describe the level of competition the organization will face if under each of the following market structures:
• Oligopoly
• Perfect competition
• Monopoly
• Monopolistic competition

Identify three or more competitive strategies of your choice that may be used by the organization to maximize its profits over the long run. Evaluate the effectiveness of these strategies in the market structure you identified. Consider the following:
• Expected changes in supply and demand
• Price elasticity of demand
• Market structure
• Government regulations

Make recommendations related to the strategies the organization might consider to maximize its profits and consider the following:
• What are the ethical implications of these strategies?
• Does this strategy align with the organization’s current values?
• Does this strategy align with your own values?