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8 Nov 2018

QUESTION 01: Discuss the concept of Price Elasticity of Demand. Explain using suitable examples the various determinants of Price Elasticity of Demand.

QUESTION 02: Explain the concept of Monopolistic competition. Give an example of product/service which falls under this type of market structure and explain the basis of product differentiation for your chosen product/ service.

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9 Nov 2018
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Related questions

QUESTION 01: Explain the concepts of Demand, supply and market equilibrium. Give real life examples to explain the shift in demand and supply and also explain the impact of a shift in demand or supply or both on the equilibrium price and quantity. (use appropriate diagrams)

QUESTION 02: Discuss the concept of Price Elasticity of Demand. Explain using suitable examples the various determinants of Price Elasticity of Demand.

10) For the Monopolistic Competition Market Structure

a) List and explain the characteristics of monopolistic competition and compare them to the characteristics of pure competition and monopoly.

i) Please discuss monopolistic competition, list and explain the characteristics.

b) List and explain the characteristics of product differentiation. Provide 3 examples of companies actually using this technique and the impact of that differentiation had on the firmsรขย€ย™ performance.

i) Product differentiation is a key concept of microeconomics. Please list and explain the characteristics.

c) You are a business manager at a monopolistically competitive firm. One of your newly hired workers wants to know the conditions under which the monopolistically competitive firm in the short run will maximize economic profit or minimize economic loss. Please explain these two things to your new employee. Be thorough.

i) Please use the MR MC approach in your answer.

. A classic example of monopolistic competition is the restaurant industry. In what ways does this industry show the characteristics of the monopolistic competition market?
2. George says, "If the amount of product differentiation in a monopolistically competitive industry is very small, the outcome in that market will not be very different than if it were a perfectly competitive industry." Explain if he is correct and how you would respond to his reasoning.
3. The duopolist dilemma is that each firm would make more profit if both picked the _______ price, but both firms pick the _____ price. Explain why they do this.
4. What are the characteristics of an oligopoly? Using the concept of duopoly and the price leadership model, discuss demand and pricing strategies in an oligopolistic market structure.
5. Critical Thinking: Most of the products you buy at a grocery store come from what type of competitive market? Why do you think this is so?

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