Assignment Task: Business in World Economy
PART A - Answer all the questions.
1. A market failure occurs when the supply of a good or service is insufficient to meet demand. This results in an inefficient distribution of resources among market participants. Hence government need to intervene to bring efficiencies. Explain any four tools available for government interventions to deal with the market failures with suitable examples.
2. Explain the features of perfect competition with examples.
3. Explain graphically, at what point the firm should stop hiring worker in a perfect competitive market form. Also, list down some of the characteristics of the market form.
4. What is cost and explain the different types of costs with examples.
5. Define 'Demand' and 'Supply'. Explain what the determinants are of demand and supply.
PART B - Answer all the questions.
1. a. Discuss briefly the supply schedule and the various factors affecting the supply in the market.
b. Assume the demand being perfectly inelastic and supply suddenly doubles due to innovative technique of production. Explain the changes in the equilibrium price, and quantity, and also is it advisable to do so from supplier point of view.
2. The Telecommunications Regulatory Authority (TRA) is the UAE's independent industry regulator. Since its launch in 1976, Etisalat has held a monopoly in the market. That changed in 2006 with the emergence of du, which was awarded a 20-year concession to operate fixed-line, wireless, internet and international telecoms services. UAE-based telecom operator recently announced that it was launching Virgin Mobile as a new telecom brand within the country. Assuming the trend continues, and the government opens the market for more private and foreign players. You are required to:
a. Apply your understanding and concepts from microeconomics, to investigate and summarize the major characteristics of the emerging market form in the telecom industry.
b. Describe and analyze the pricing policies that you would expect to find in this industry.
c. Explain the profit maximization strategy of this market form.
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