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MANAGERIAL ECONOMICS CASE STUDY
ASSIGNMENT ANSWERS – 2020
SECTION
“A”
50
Marks
Answer the below questions. Each
question carries 10 marks.
1). Show
in a diagram the effect on the demand curve, the supply curve, the equilibrium
price, and the equilibrium quantity of each of the following events.
a).
The market for newspapers in your town
Case 1: The salaries of
journalists go up.
Case 2: There is a big news event
in your town, which is reported in the newspapers.
b).
The market for St. Louis Rams (a professional football team) cotton T-shirts
Case 1: The Rams win the Super
Bowl competition.
Case 2: The price of cotton
increases.
c). The
market for bagels
Case 1: People realize how
fattening bagels are.
Case 2: People have less time to
make themselves a cooked breakfast.
d).
The market for the Krugman and Wells economics textbook
Case 1: Your professor makes it
required reading for all of his or her students.
Case 2: Printing costs for
textbooks are lowered by the use of synthetic paper.
2). Explain
the features of Perfect Competition with examples.
3).
Explain graphically, at what point the firm should stop hiring worker in a
perfect competitive market Also, list down some of the characteristics of the
market form.
4).
Demand of a product is usually very sensitive to economic variables, such as
the prices and consumer income. This responsiveness of demand is Compute
elasticity in the below scenarios:
a). Yesterday,
the price of envelopes was $3 a box, and Jacky was willing to buy 10 boxes.
Today, the price has gone up to $3.75 a box, and Jacky is now willing to buy 8
boxes. Is Jacky’s demand for envelopes elastic or inelastic? What is Jacky’s
elasticity of demand?
b).
Katy advertises to sell cookies for $4 a dozen. She sells 50 dozen and decides
that she can charge more. She raises the price to $6 a dozen and sells 40
dozen. What is the elasticity of demand? Assuming that the elasticity of demand
is constant, how many would she sell if the price were $10 a box?
5).
A market failure occurs when the supply of a good or service is insufficient to
meet This results in an inefficient distribution of resources among market
participants. Hence government needs to intervene to bring efficiencies.
Explain any four tools available for government interventions to deal with the
market failures with suitable examples.
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SECTION
“B”
Answer the below questions. Each
question carries 25 marks.
1).
Answer the following:
a). Discuss
briefly the supply schedule and the various factors affecting the supply in the
market.
b).
Assume the demand being perfectly inelastic and supply suddenly doubles due to
innovative technique of Illustrate in a well labelled graph, the changes in the
equilibrium price, and quantity, and also is it advisable to do so from
supplier point of view.
2).
The Telecommunications Regulatory Authority (TRA) is the UAE’s independent
industry regulator. Since its launch in 1976, Etisalat has held a monopoly in
the market. That changed in 2006 with the emergence of du, which was awarded a
20-year concession to operate fixed-line, wireless, internet and international
telecoms services. UAE-based telecom operator recently announced that it was
launching Virgin Mobile as a new telecom brand within the country. Assuming the
trend continues and the government opens the market for more private and
foreign players. You are required to–
a).
Apply your understanding and concepts from microeconomics, to investigate and
summarize the major characteristics of the emerging market form in the telecom
industry.
b).
Describe and analyze the pricing policies that you would expect to find in this
industry.
c). Explain
the profit maximization strategy of this market form with the help of a suitable
graph.
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