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Consider the market for pok bowls in the Adelaide CBD. (If you don't know what a pok bowl is, see for example https://thenewdaily.

Consider the market for poké bowls in the Adelaide CBD.

(If you don't know what a poké bowl is, see for example https://thenewdaily.com.au/life/eat-drink/2016/08/06/poke-bowl/)

Before 2016, poké bowls were generally not found in Adelaide, or even in Australia. 'HoKoPo' is a store that sells poké bowls that opened in City Cross Arcade in 2016. 'Poké Me' is a store that sells poké bowls that opened in Gawler Place in 2017.

Apply the model of monopolistic competition to the market for poké bowls in the Adelaide CBD, and include diagrams where relevant.

Discuss how well this market fits the characteristics and assumptions of the theoretical model of monopolistic competition, and then from the perspective of 'HoKoPo', how and why you expect that their profits would have changed from 2016, to 2017, and further into the future.

Criteria:

Explanation of suitability of model to this market

Diagram/s correctly drawn [SHORT-RUN]

Diagram/s explained and used to support explanation [SHORT-RUN]

Diagram/s correctly drawn [LONG-RUN]

Diagram/s explained and used to support explanation [LONG-RUN]

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