Background: For this assessment, you are required to evaluate an industry of your choice by applying relevant managerial economics theories and perspectives to address potential challenges faced by the industry.
General Structure:
1. Choose an industry of your choice and conduct a business trend analysis that examines the growth or decline of the industry, economic factors that propelled the exponential growth of the industry and the future outlook for the industry.
2. Analyse the real-world business challenges faced by the business organizations based on the business trend analysis attributed to changes in economic conditions.
3. Propose potential entrepreneurial and visionary business solutions. Use managerial economic theories to support your arguments.
4. Evaluate either game theory, managerial theory of the firm, or bounded rationality theory as the theoretical framework to create practical business solutions for addressing real- world business challenges.
5. Analyse the supply and demand factors impacting the practical business solutions in the short run and long run from a managerial economics perspective.
