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Technological advancements are being introduced and adopted by businesses and organizations at a rapidly increasing rate. What changes do you see taking place in business processes due to the advancements in information technology? What business processes do you see remaining the same even as new technological advancements are introduced? Write 100 words for the answer.
During the year 2020 the world experienced the Covid-19 pandemic. Many company employees worked from home. What effect did the pandemic have on a company’s information system as well as its use of artificial intelligence, data analytics, and blockchain? Write 100 words for the answer.
Does a monopoly’s ability to price discriminate between two groups of
consumers depend on its marginal cost curve? Why or why not? Consider two
cases:
P=20-2Q demand function and P=10+6Q Supply function calculate consumers' and producer's surplus
According to the circular flow what is the reason for the three key sectors to work together
q=100kL. If the price of capital is r= $120 per day and the price of labor is w= $30 per day, What is the combination of labor and capital if the manufacturer wants to produce 100 units?
How do oligopolistic firm maximizes profits in the short run
In 2021, a major ice storm hit the northern areas. The storm brought down power lines and trees, cutting electricity in many areas, making travel difficult, and slowing down repair crews. Heating homes became a major challenge. The storm created shortages of power generators. As a result, those products sold at prices much higher than normal. These high prices provoked cries of “price gouging” and calls on the government to impose price controls to prevent gouging. While no one likes to pay a higher price than normal for something, consider what would have happened with a price ceiling. The economic intuition is revealing.
Draw a diagram showing the market for generators with an equilibrium price at Rs.25,000. Now impose a price ceiling at Rs.20,000 per generator. What would be the impact of the price ceiling on the quantity demanded? On the quantity supplied? Who would benefit from the price ceiling and who would be harmed? Let the graph guide your thinking. Don’t start with your gut reaction!
Suppose you manage a local grocery store and you learn that Imtiaz super Market is about to open a store near you.
Use the model of monopolistic competition to analyze the impact of this new store on the quantity of output your store should produce (Q) and the price your store should charge (P). Note, we are assuming you each sell one representative good.
Explain how the opening of this new store may affect your business. Be sure to address what can happen to your customers, supply and demand, and prices. What will happen to your profits? Show graphically and explain your reasoning in detail.
Explain at least one strategy that could be used to defend your market share against the new store (e.g., address what you are going to do to keep your customers).
Compute the following to get the equilibrium price and quantity.
1) If Qd = 30-2P and Qd is 4. What is now P?
2) If the Demand Function is Qd = 30-2P and P is 2. What is now Qd?
3) Qd= 30-5P
4) Qs= 0+5P
Compute to get the equilibrium price and quantity.
1) Qd= 30-5P
2) Qs= 0+5P
