Define the market for your chosen product including an analysis of its competitors potential customers or potential buyers.

Version 4 Principles of Microeconomics• A short history of the competitor organization (a real firm) and a description of their product. • Factors that affect demand, supply, and equilibrium prices in the market in which the competitor organization operates: Define the market for your chosen product, including an analysis of its competitors, potential customers, or potential buyers. • Any issues or opportunities your organization or industry faces that affect its competitiveness and long-term profitability with regards to your product: This may include, but is not limited, to the following elements. o Price elasticity of demand o Technological innovation o The relationship between the amount of labor & capital employed and the law of diminishing marginal productivity o Cost structure • Factors affecting variable costs, including productivity and others that change the supply of and demand for labor • Factors affecting fixed costs Make recommendations on how your organization can maximize their profit-making potential, and successfully compete in the new market. Consider the effect your recommendations may have on marginal revenues and costs. Format your paper consistent with APA guidelines.