This assignment will demonstrate the ability to interpret economic and behavioral data which underpin marketing practice; visualize and communicate data using charts and graphs. Click the attachment link, and create the graphs using
Word; no hand-drawn or photos. Please read the questions carefully.
Here are the equations needed to answer some of the questions:
The equations needed:
Percent Change: C (change in percentage)= Q2 20′-Q2 19’/ Q2 19′
*multiply the answer by 100 for the percentage
The total worth of the tablet market
Total units shipped * Price ($) = Total tablet market ($).
Pick only one of the questions below to answer. Be sure to answer with less than 3 paragraphs. If you wish to use graphs or tables, feel free to add them
1. Imperfect competition can be extreme (a monopoly) or less extreme (oligopoly). What is the difference in the effects between these “degrees” of imperfect competition? Is less competition better or worse for society? How do you know, or how can you tell?
2. Game theory sounds fun. Economists use it to study many different situations. In this class, we are discussing it in the context of oligopolies. Give another example of a situation where game theory can be used to understand outcomes and the behavior of the parties involved.
3. How does the Prisoner’s Dilemma game pose a problem for the model of markets (supply & demand)? What does it suggest that is contrary to the findings of the supply & demand model? Are markets more realistic, or is the Prisoner’s Dilemma a more realistic depiction of social interactions–why or why not?
4. What is the relationship between the supply & demand curves and the MB & MC curves we learned about in Module 1 (Lecture 4)? What does this mean for the producer and consumer surplus? What does the total surplus in a market represent, given this understanding of the supply and demand curves?
5. Consider monopolies. (a) What does the monopoly model suggest is happening for buyers in that market? (b) What does the monopoly model suggest output “should be” in this market? (c) What causes a monopoly, or what allows it to persist?