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Requirement
1) Choose ANY One topic from the following list: - Australia’s stand on Renewable energy - Demand and supply of ANY resources in Australia which includes human resource also - Oligopoly, Monopoly and Duopoly structures in any ONE or TWO industries in Australia and its affect in the market - Growth in Australian Agricultural sector for Export market - Costs of Production in any one or two industries in Australia
2) Evaluate your chosen topic from economic perspectives. You should include
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The essence of the story (1 to 2 paragraphs): Introduce the issue, who is interested in it and why.
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The economic analysis (3 to 4 paragraphs): Explain how you can present the issue in terms of economic concepts and theories you have learnt in class.
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Explain your view (2 to 3 paragraphs): Explain what actions you would recommend to the key players and/or policy holders.
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Explain how the above analysis supports your conclusion (1 to 2 paragraphs).
3) You may provide graphs/charts/diagrams where necessary to enhance your presentation style.
Solution
Introduction
It is determined & observed, that the firms which are under the highly concentrated markets are deemed to be profitable operations (Leal, 2017). Even the sole owner or operator of the single industry is considered more profitable. For the Australian market, where there are multiple options and available resources, the monopoly powers or the duopoly or oligopoly, having a single operational unit, low competition and producing unique specializing products or services are viewed as a profitable firm. Through the research evidence, it has been perceived that the firms with the monopolistic powers operating within Australia are able to control the market, gain profitability out of it, utilize the resources effectively and can even invest in the research & innovation (White, 2015). Even with the small competition, such Australian monopolies are able to deliver excellent results. As per the trend observed in the Australia market, it has been noted that they're re vast opportunities with few domestic competitors and low foreign investment, due to which the single player like monopolies would be able to control the prices, resources and has a potential to grow in Australia. Similarly, the duopolies which have the two players operating in the market or the oligopolies which have the small number of producers and the sellers are able to regulate, perform better in the concentrated market in Australia in comparison to the various competitors which are operating in the markets.
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Economic Analysis
To judge a key driver success of the national economy, it is best to anticipate and judge it with the help of the structures of its markets. It is important to understand the different types of markets and analyze their characteristics which are operating in the markets:
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1) Perfect Competition-: The perfect competition as per the classical throey has infinite buyers & sellers which are selling identical products at the single price, where the sellers demand and the firms selling are determined as per the single pricing. Firms are considered as price takers and such firms have no control over influencing the market operations.
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2) Monopoly-: The pure monopoly has a single particular producer selling unique goods or services. There are no alternatives or substitutes and the single producer is able to influence or control the market as per their pricing strategies. As such, there is low competition along with the high profits determined on the basis of the consumer willingness to buy the certain products at the producer price. Often the market is structured with high entry barriers, low substitutes and may include the possibility of high patents products.
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3) Oligopoly -: While defining the oligopoly market it also has a few producers that are able to influence the pricing, products along with the quantity of production. Though they are selling similar products but can be categorized as a distinguishable differentiable. The only difference which the oligopoly stands in comparison to the monopolist is the position to influence the predetermining pricing. Often such markets are regulated with the government control and oligopolies have to form the cartel or collude in order to set pricing and have powers to influence the market as per the monopolist way (Tyers, 2015).
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4) Monopolistic Competition-: It has numerous buyers and sellers but the sellers are able to sell differentiable products and are able to charge a better price in comparison to its competitors. It is a mix of the monopoly and of the perfect competition.
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5) Monopsony-: In this market structure the buyers can differentiate in terms of the given market system which has a potential single buyer for a given product and services that can control or influence the pricing.
Viewpoint
With the given thoughts on the market structure, my viewpoint is in line with the monopoly market structure, or the duopoly along with the oligopoly that can drive success in the Australian market. With the global turbulence and the anticipated competitive Australian economy it is important to stand in control of the market, For this the perfect market structure which exists are the monopoly, duopoly and the oligopoly which would be able to control, flourish and thrive in the competitive pricing and the controlled quantity of supply (Matsumoto, 2016). With the given low degree of competition along with the independent government regulation to control the Australian market, it is important to note the pricing
Strategiesalong with gaining a high profit. This has a dependence on the performance of the firm and the monopolistic, oligopoly, and the duopoly would be able to reap benefits in a given Australian market.
The key players need to differentiate on the basis of the -:
The market and the firms need to have a pricing strategy which can help in controlling the market and the firm with the help of the power on pricing along with the controlled quantities of supplies.
Considering the products and services it is important to note to have a low close substitute along with the monopolists that can balance the high barriers in terms of entering the market and thus benefit from the reaping scale of economies (Hazledine, 2016). For this having a patent licensing, technology superiority, along with the regulated and the control of the essential in terms of the rare resource is important while selling in the market.
Conclusion
Considering the Australian market which has a pool of diverse opportunities, if, for example, there is a perfect competition which has numerous buyers and sellers which are selling & buying at the competitive pricing, the demand and supply are judged on the basis of the consumer demands and the firm's supply. All these factors along with the potential resources balance are able to control the market. The buyers buy at the competitive pricing while the profits shared by the vast firms would be same. It has a free exit and the free entry, which makes the market look more dynamic in nature. But, in this diverse pool of market, in order to gain profits, a monopolized firm, or a duopoly or an oligopoly would be able to take an advantage of controlling the market structure by imposing restrictions to entry, exit along with the pricing structure or control over the quantity selling (Barry, 2017). All this would result in the profitable success of the companies operating under the given market structure.
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Barry, T. S. 2017. Regulating network charges in an upstream monopoly market that supplies a downstream retail duopoly: A potential framework for NBN pricing.
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Hazledine, T. 2016. Mixed pricing in monopoly and oligopoly: theory and implications for merger analysis. New Zealand Economic Papers, 51(2), 122-135.
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Leal, M., Garcia, A., and Lee, S.H., 2017. Effects of globalizing a consumer-friendly firm into an asymmetric mixed duopoly.
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Matsumoto, A., Szidarovszky, F., & Asada, T. 2016. Essays in Economic Dynamics. Springer Singapore:
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Tyers, R., 2015. Service Oligopolies and Australia's Economy?Wide Performance. Australian Economic Review, 48(4), pp.333-356.
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White, A., 2015. Why Australian factors are unique. Investment Magazine, (121), p.30.
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