{"id":3959,"date":"2021-09-13T09:23:07","date_gmt":"2021-09-13T09:23:07","guid":{"rendered":"https:\/\/assignmenttask.com\/answers\/?p=3959"},"modified":"2022-10-14T05:06:35","modified_gmt":"2022-10-14T05:06:35","slug":"economic-principles-and-decision-making-assignment-answer","status":"publish","type":"post","link":"https:\/\/assignmenttask.com\/answers\/economic-principles-and-decision-making-assignment-answer\/","title":{"rendered":"Economic Principles and decision making Assignment answer"},"content":{"rendered":"

Economic Principles and decision making Assignment<\/strong><\/h2>\n

Get expert<\/strong><\/a> writers to help in Economic Principles and decision making assignment answer? Assignmenttask.com<\/strong><\/a> is the best online assignment service, provider. If you need case study\u00a0 Help<\/strong><\/a>, essay writing help and Dissertation help<\/strong><\/a>, more so connect with us. We avail 24\/7 on-site for your homework related queries. Place your order now!<\/p><\/blockquote>\n

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ASSIGNMENT QUESTION:<\/strong><\/p>\n

Task 1: Elasticity<\/strong>
\nConsider the following two products: 3D television and prescription. Which product would have a higher price elasticity of demand in absolute value? Explain your answer including identifying the determinant of elasticity<\/p>\n

Consider the following two products: Coffee sold in a caf\u00e9 or electricity (assume limited excess capacity). Which product would have a higher price elasticity of supply in absolute value? Explain your answer including identifying the determinant of elasticity. Coffee sold in a caf\u00e9 or electricity (assume limited excess capacity)<\/p>\n

In the following graph, the demand for tyres has shifted to the left because the price of cars has increased from, on average $25,000 to $35,000 per car. Use the graph to answer question3<\/p>\n

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Calculate the cross-price elasticity of demand between tyres and cars. Show your calculations and explain your answer in words.<\/p>\n

Task 2: Costs of Production<\/strong>
\nExplain whether the following events in questions 1 and 2 will affect fixed costs or variable costs (make sure you justify your answer):<\/p>\n

    \n
  1. The federal government applies a licence fee on every \u2018television network\u2019 of 1 million AUD.<\/li>\n
  2. Samsung signs a new contract changing the price it pays for \u2018power boards\u2019 that are used in its TVs
    \nRead the following excerpt and answer question 3.<\/li>\n<\/ol>\n

    Airbus and Dream liner Battle for Air Space
    \nThe world’s largest passenger plane [Airbus] has proven to be the most expensive civilian airplane ever developed. Airbus claims its fuel efficiency, control system and sound-reduction technology also make it the most advanced airliner ever built. The Dreamliner travels the same distance as the A380 [Airbus] at the same speed but carries half the passengers.
    \nAuthor: Davin Coburn Jun 15, 2010
    \nSource: http:\/\/www.popularmechanics.com\/flight\/a5819\/airbus-vs-boeing-battle-for-air-space\/<\/p>\n

    3. You are an executive in an airline company that uses both Dreamliner and Airbus planes. Thinking of the long run, when might it be best to use the Dreamliner? When might it be best to use the Airbus? Use the long run average total cost curve in explaining your answer<\/p>\n

    Task 3: Market Power<\/strong>
    \nGraph and explain the situation for Adidas if it was the only seller of exercise running shoes in Australia. Contrast this with the situation when many other brands enter the market selling similar products. Use a graph and explain your answer. When drawing graphs assume the firm is in the long run<\/p>\n

    There are many cattle farms in the world, and there are also many McDonald’s restaurants in the world. Why, then, does a McDonald’s restaurant face a downward-sloping demand curve while a cattle farms face a horizontal demand curve? How would this situation change if there were two McDonalds restaurants located next to each other?<\/p>\n

    Task 4: Business Strategy<\/strong>
    \nConsider the example where Jim\u2019s coffee (they seem to sell everything else) wants to open a store but a major existing company Stars and Coffee threatens Jim\u2019s by saying if you enter I will charge lower prices. The pay-off matrix is below. Answer questions 1 to 5.<\/p>\n

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      \n
    1. Define dominant strategy<\/li>\n
    2. Does Jim\u2019s coffee have a dominant strategy? Explain.<\/li>\n
    3. Does Stars and Coffee have a dominant strategy? Explain.<\/li>\n
    4. Define Nash equilibrium. What is (are) the Nash equilibrium(s) in this game. Explain.<\/li>\n
    5. Should Jim\u2019s coffee believe Stars and Coffee threat? Explain.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

      Economic Principles and decision making Assignment Get expert writers to help in Economic Principles and decision making assignment answer? Assignmenttask.com is the best online assignment service, provider. If you need case study\u00a0 Help, essay writing help and Dissertation help, more so connect with us. We avail 24\/7 on-site for your homework related queries. Place your order now! ASSIGNMENT QUESTION: Task 1: Elasticity Consider the following two products: 3D television and prescription. Which product would have a higher price elasticity of demand in absolute value? Explain your answer including identifying the determinant of elasticity Consider the following two products: Coffee sold Read More …<\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2500],"tags":[5555,5557,5552,5554,5556,5559,5551,5561,5558,5560,5553],"_links":{"self":[{"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/posts\/3959"}],"collection":[{"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/comments?post=3959"}],"version-history":[{"count":1,"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/posts\/3959\/revisions"}],"predecessor-version":[{"id":3963,"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/posts\/3959\/revisions\/3963"}],"wp:attachment":[{"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/media?parent=3959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/categories?post=3959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/tags?post=3959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}