Revision needed on Netflix Paper - Microeconomicslavnflo41
The attached Paper needs to be revised. I high lighted in yellow the portions of the paper that need to be revised and also a part that needs to be added.
The below information is what is needed for each high lighted section of the attached paper.
Price Elasticity of Demand: Consumer Responsiveness
As for the Price Elasticity of Demand:
Second Element; Consumer Responsiveness - It needs improvement where you need to elaborate & explain the factors that affect consumer responsiveness to price changes for your firm’s product. Also, use the concept of price elasticity of demand in that respect from text as a guide, and apply it to your firm data collected from research. Hint- Elasticity determinants that need details, elaboration, and application, as mentioned in our text this week are; the availability of substitutes, passage of time, luxury or necessity, definition of market, and share of budget in consumer income as gained new important knowledge from this course that we need to carry with us.
Price Elasticity of Demand: Pricing Decisions
**As for the Price Elasticity of Demand:
Third Element; Pricing Decisions - It needs improvement based on the firm elasticity of demand. Whereas it needs to assess how the price elasticity of demand impacts the firm’s pricing decisions and revenue growth whereas it would affect them both.
Overall Market: Barriers to Entry
***As for the overall Market:
Barriers to Entry: It was not evident and there was no written section about it in your milestone with its subtitle. They are not barriers to the firm itself nor ones preventing consumers from purchasing commodities. Hint 1: For example; if you could answer these questions, “Are there any Barriers to Entries in that Market? What are they? Is it easy for new comers to enter that market and compete with your firm?” Do you see any potential for new comers based in your analysis? This is the kind of analysis we are looking for in this segment. Hint 2: There are three important barriers of entry according to the Pearson textbook are economics of scale, ownership of key input, and government-imposed barriers. (Hubbard, O’Brien, 2015, p. 453). Please explore & write about them.
Recommendation: Future Production
**As for the Recommendation:
Future Production: It needs improvement where you need to effectively develop more recommendations for a major course project like ours. It would be for how the firm can manage its future production by synthesizing more of the data presented from the whole research. Please elaborate with more research on your firm and in writing about the segment with more recommendations. Please consider adding the subtitle on the top part as shown above.
Recommendation: Recommended Action
**As for the Recommendation:
Recommended Actions: It needs improvement where you need to show & elaborate more on the firm’s position among its competitors in the market, that it will allow it to take the recommendation. Please I would like you to redo this part after doing some more research about it with more recommendations from the elements discussed in this course.
Recommendation: Sustain its Success
**As for recommendation:
Sustain Its Success: It needs improvement whereas you need to describe how the firm can sustain its success not only by evaluating the findings from demand trends that you analyzed earlier but also by the demand price elasticity that you discovered in an earlier element of your paper.
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