In the introduction section define and describe the industry of choice. This would be an appropriate place to present some history as well. For the...

In the introduction section define and describe the industry of choice. This would be anappropriate place to present some history as well. For the next five sections refer to the Figure 1.1in the textbook to find specific issues within each section that you should consider.In the basic market conditions section you should discuss both the demand and supply conditions.First, make sure that you clearly define the buyers and sellers. Then, to the extent possible, youcan go into issues such as price elasticities, existence of substitutes, market growth, discussion oninputs markets, product durability, etc.In the market structure section make sure you identify the major firms in the industry anddetermine, to the extent possible, the relative market shares of these firms. Also, discuss thedegree of concentration in the industry using n-firm concentration ratios, HH-index, etc.Moreover, try looking into historical changes in the market concentration and dominant firmpositions. Address the cost structure (only qualitatively), possible barriers to entry, existence ofvertical integration, etc.In terms of the market conduct, explain what strategies firms in the industry use to achieve theirgoals. Specifically, discuss pricing and product strategies, advertising, research and development,collusion strategies, mergers, etc.In the market performance section you should discuss allocative and productive efficiencyresulting from the basic market conditions, market structure and conduct. Basically, you would beplacing the industry somewhere between the perfect competition and monopoly structures and1given this would argue how efficient the industry is. Also, this would be appropriate place todiscuss industry profits.Finally, given previous discussions on SCP, discuss some government regulations, laws andmajor lawsuits concerning the industry.