2. Consider the iPad, which was introduced by Apple in 2010, and answer the following questions: a. what type of market structure did this initially represent when it was first released? What implications do you think this had in terms of its initial profitability? b. Over the past five years or so, do you think this market has changed in any way? Describe the evolution of this market, and justify your answer by employing theories you have learnt in this unit.
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- Use a supply-and-demand diagram of a competitivemarket to illustrate the qualitative effects of the following possible shocks in the Italian market for red wine.a. A new research study shows that red winehelps prevent heart disease, stave off aging, and reduce age-related memory decline.b. Trade barriers that restricted imports of red wine from countries outside the European Union are eliminated.c. A recession in Italy causes a decline in per capita income.d. Genetically engineered wine grapes are created that allow for greater red wine production without increasing cost.2. There are probably 20 or more brands of laundry detergent in the grocery store where your family shops, Make a list of different ways in which producers try to differentiate one detergent brand from Why can some brands have prices that are much higher than the price of others and still sell well?1. What is the purpose of segmenting the market? Please explain your answer. 2. What form of segmentation would be most important for a five star hotel like Raffles Hotel? Explain your answer.
- 2. Why did Amazon enter the market for recorded music and why did independent record stores exit?4. Hundreds of music stores have been closing in the face of stagnant demand for CDs because of new competition by online music vendors. a. How would price competition from these new sources cause a retail store to close? b. In the long run, will CDs remain a viable product? If so, how?1. The market for manicures and other nail treatments is very competitive. How would the following developments affect the number of nail treatments that a typical nail salon wants to supply in the short run? a. Heightened concern about their appearance causes people to want more manicures at a given price. b. The government requires all nail salons to pay a new yearly licensing fee to operate. c. Worse job prospects elsewhere in the economy cause more people to want to become manicurists, causing the wages of manicurists to fall.
- What could McDonald’s do to create barriers that would prevent others from entering the markets and would make it harder for remaining hamburger shops to remain in the market? The third question assumes the previous 2 questions I submitted were answered. in order to answer this question, you need to know the marginal revenue and marginal costs. + how much should McDonald’s charge for its hamburgers to maximize profit? McDonald’s Quantity Variable Costs Fixed Costs Total Costs Price Total Revenue Profit Marginal Costs Marginal Revenue 1,000 500 5,000 5,500 4.00 $4,000 -1,500 2,500 1,000 5,000 6,000 3.50 $8,750 2,750 0.33 3.17 4,000 1,400 5,000 6,400 3.00 $12,000 5,600 0.27 2.17 9,000 2,400 5,000 7,400 2.00 $18,000 10,600 0.20 1.2 13,000 3,400 5,000 8,400 1.00 $13,000 4,600 0.25 -1.25…1. The two largest cigarette producers are Phillip Morris and R. J. Reynolds. Both are considering whether to increase their price for a pack of cigarettes or keep the price unchanged. The relevant factors to consider are: 1) demand for cigarettes is inelastic, so if both firms raise prices they will increase their revenue, and 2) if one raises price and the other doesn't, they will lose market share to their rival R. J. Reynolds Increase No change Increase R: 500 million R: 400 million P: 600 million P: 300 million Phillip Morris No change R: 200 million R: 300 million P: 500 million P: 400 million Does either cigarette maker have a dominant strategy? Why or why not? Use the above matrix to answer, and assume the two companies do not cooperate For purposes of the problem, ignore the existence of other cigarette makers. 2. Does the answer to #1 change if the two firms can cooperate? 3. How would your answer to #1 change if the outcome matrix changed to the following: R. J. Reynolds…Explain why have no competitors caught up with Apple? Do you think Apple can sustain its success with so few products? What would you ask Apple to design next and why?
- Assume that the following table represents the demand schedule for the product of your company: Price 0 10 20 30 40 50 60 70 80Quantity 160 140 120 100 80 60 40 20 0per day TotalRevenue (TR) a. Complete the table by calculating the total revenue (TR) figures. b. At what price and quantity is revenue maximised? c. Use the data above to draw the relevant demand curve and the corresponding total revenue(TR) values.d. Use your knowledge about the relationship between elasticity, prices and revenue how you would maximise the total revenue of a company that produces an inelastic good. Substantiate your answer with appropriate diagrams.1) Use the attached graph #1 to model the following. a. What is the price and quantity of this market? b. What is the profit or loss in this market for this firm? c. Is this a competitive market or monopoly? d. What is the deadweight loss in this market, if any? e. How does a firm decide to increase or decrease output? i. What do they do when marginal revenue is less than marginal cost? ii. What do they do when marginal revenue is more than marginal cost? f. When does a firm decided to shut down verses temporarily stopping production? g. In this market the demand curve is what? i. Short run ii. Long run h. In this market the supply curve is what? i. Short run ii. Long run 2) Use the attached graph #2 to model the following. a. What is the price and quantity of this market? b. Is this a competitive market or monopoly? c. What is the profit or loss in this market for this firm? d. What is the deadweight loss in this market, if any? e. In this market the demand curve is what? i. Short run…2. Market structures For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matching entry for each dropdown box in the following table. Scenario There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs. Dozens of companies produce plain white socks. Consumers regard plain white socks as identical and don't care about who sells them their socks. The technology for producing socks is widely known, and any reputable person who wanted to start a sock manufacturing business could obtain a loan from a bank to buy the necessary machinery. In a small town, there are four providers of broadband Internet access: a cable company, the phone company, and two satellite companies. The Internet access offered by all four…
