Although your answers need not be lengthy (generally, 1-2 short paragraphs is fine), you should be careful to respond to all parts of the question asked. It is very important that your answers demonstrate that you have made the effort to read the chapter that relates to the question and thoroughly studied the relevant topic. Answers should be submitted in complete sentence and paragraph form, and writing presentation is important. Please remember that late essay questions are NOT accepted.1. How is a "market" defined? Distinguish between an industry and a market. (1 point)2. Suppose a market becomes more competitive over time. What happens to the elasticity of demand for a particular firm's good as its market becomes more competitive? (1 point)3. Why are the monopolist's and the monopolistically competitive firm's demand curves downward sloping while the competitive firm's demand curve is horizontal? (1 point)4. Why is a perfectly competitive firm's long-run supply curve the same as its marginal cost curve above the average total cost curve? (1 point)5. Explain why monopolists do not achieve efficiency. (1 point)6. Another student advocates the forced break-up of large firms, such as Microsoft and AT&T, on the grounds that they have a lot of monopoly power, which they use to charge inefficiently high prices. According to Schumpeter, would breaking apart these gigantic firms guarantee consumers lower prices? Explain. (1 point)7. Explain why firms should not shut down in the short run until price falls below average variable cost. (2 points)8. Suppose your economics professor publicly states that she grades on a curve (i.e., the top 10% of the students get an A, the next 20% get a B, the next 40% get a C, the next 20% get a D, and the lowest 10% fail). The whole class could save itself a lot of work by agreeing privately not to study at all for the final exam and just letting the rankings thus far determine the final grades. Why might such an agreement be difficult to maintain and enforce? Which market structure, if any, is this situation most analogous to? (1 point)9. Why do firms practice price discrimination? Is efficiency affected by price discrimination? If so, how? (1 point)
Respond to the questions and issues raised by Stephanie in the final part of the learning
demonstration (see scenario below) with a professional 3-4 page report, double-space, Times
New Roman 12 point font; reference page(s) do not count in the page limit.
In your report be
sure to address all of Stephanie’s points.
Scenario: Applied Behavioral Finance
“Good morning”, you hear Stephanie’s voice from across the room.
“Just had a great jujitsu workout, how are you doing?”
Frustrated by the fact that you have not been to the gym in three weeks, you do not respond.
“Nice work with Violet, your insights were very useful.”
You nod knowingly.
Stephanie then asks if you would be willing to make a presentation
tomorrow to the managing partners.
Shocked and honored by her confidence in you, you quickly
agree.
“Do you have a particular topic in mind?” you query.
“Indeed”, Stephanie chimes back as she continues, “Given the new economic and market
realities prevailing since the 2008 great recession – including employment opportunities for
yourself and opportunities for our firm, the managing partners would like you to explain in detail
the four (4) most important Behavioral Finance lessons that can be of value to you and our firm
going forward
. I would like to emphasize
going forward
because the partners would like to
know how to apply these lessons for the benefit of the firm and to enhance your career
development.
Please give your presentation from the perspective of your job; your present job
or a job that you envision you may have later on, thanks!” You notice Stephanie’s new Samsung
Galaxy S6 Edge lights up as she walks down the hall.
Maybe if this presentation goes well, you
can reward yourself with a new device.
This question was answered on: Sep 21, 2023
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