My class performed a make believe market test on the \"beat the market\" simulat

Question

My class performed a make believe market test on the "beat the market" simulator. I know this may a little broad, but I need help writing an essay on how econoimic factors improve the performance of a company. The question is given below. Any feed back is good feedback. Economics is not my strong suit.

How would you improve your performance in a company? In hindsight, what economic theories and data analysis could be applied to make better decisions for your company? Give examples of how you would apply these principles and any data analysis that you would recommend. The factors that were involved in the simulation include: Price, Production, Demand, Supply, Advertising, Plant Size, Training, GDP, Market Share, and Ecommerce.

Explanation / Answer

Company must produce such good or service which is having a higher market value ie. Its price has to be more. Because it would be profitable for the company to do so.

The production taking place must be of good quality in order to satisfy the consumer. Which inturn would generate economic profit to them

The production and supply must always be inaccordance to demand, neither high nor less in order to protect the company from incurring any losses.

Advertising plays a very important role for good selling of any product or service as it makes the consumers aware about the product and generates its demand.

The plant size must be in accordance with the demand and supply of the product higher the AD and AS higher would be its size.

Overall, the production of such goods or service must take place which would be profitable for the company and would be the consumers value of money.

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