Problem set – 5 (deadline Sunday)
Using shifts in supply and demand curves, describe a change in the industry in which your firm operates. The change may arise from a change in costs, entry/exit of firms, a change in consumer tastes, a change in the Macroeconomy, a change in interest rates, or a change in exchange rates. Label the axes, and state the geographic, product, and time dimensions of the demand and supply curves you are drawing. Explain what happened to industry price and quantity by making specific references to the demand and supply curves. If more than one change occurred, then decompose the change into smaller pieces so that your explanation has a step-by-step character to it. (Hint and warning: Demand and supply curves are used at the industry level, not at the firm level.) Describe how your company could profitably use the analysis.
Problem set – 6 (deadline Sunday)
Describe an important difference in the way an economist and a businessperson might view a monopoly.
Problem set – 7 (deadline Thursday)
To increase a company’s performance, a manager suggests that the company needs to increase the value of its product to customers. Describe three ways in which this advice might be incorrect (Hint: Think about what else might or might not change that affects profit.)
Probl
em
set
–
5
(deadline
S
unday)
Using shifts in supply and demand curves, describe a change in the industry in which
your firm operates. The change may arise from a change in costs, entry/exit of firms,
a change in consumer tastes, a change in the Macroeconomy, a change in interest
rates
, or a change in exchange rates. Label the axes, and state the geographic,
product, and time dimensions of the demand and supply curves you are drawing.
Explain what happened to industry price and quantity by making specific references
to the demand and su
pply curves. If more than one change occurred, then
decompose the change into smaller pieces so that your explanation has a step
–
by
–
step character to it. (Hint and warning: Demand and supply curves are used at the
industry level, not at the firm level.) De
scribe how your company could profitably use
the analysis.
P
roblem set
–
6
(deadline
S
unday)
Describe an important difference in the way an economist and a businessperson
might view a monopoly.
Problem set
–
7
(deadline
T
hur
sday)
To increase a company’s performance, a manager suggests that the company needs
to incre
ase the value of its product to customers. Describe three ways in which this
advice might be incorrect (Hint: Think about what else might or might not change
that affects profit.
)
Problem set – 5 (deadline Sunday)
Using shifts in supply and demand curves, describe a change in the industry in which
your firm operates. The change may arise from a change in costs, entry/exit of firms,
a change in consumer tastes, a change in the Macroeconomy, a change in interest
rates, or a change in exchange rates. Label the axes, and state the geographic,
product, and time dimensions of the demand and supply curves you are drawing.
Explain what happened to industry price and quantity by making specific references
to the demand and supply curves. If more than one change occurred, then
decompose the change into smaller pieces so that your explanation has a step-by-
step character to it. (Hint and warning: Demand and supply curves are used at the
industry level, not at the firm level.) Describe how your company could profitably use
the analysis.
Problem set – 6 (deadline Sunday)
Describe an important difference in the way an economist and a businessperson
might view a monopoly.
Problem set – 7 (deadline Thursday)
To increase a company’s performance, a manager suggests that the company needs
to increase the value of its product to customers. Describe three ways in which this
advice might be incorrect (Hint: Think about what else might or might not change
that affects profit.)
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