...Applications,” Sultan Chand, 2008 Misra and Puri, Economic Environment of Business, 4th Edition, 2007. Samuelson, P.A. and W.D. Nordhaus (1998), Economics, Tata McGraw Hill, New Delhi 2008 Dominick Salvatore, Managerial Economics, Oxford University Press, Sixth Edition Sr. No. Jouranls atricles as compulsary readings (specific articles, Complete reference) 5 6 7 8 Competition and the cartel crusade, Alan Moran. Review - Institute of Public Affairs. Melbourne:Jan 2008. Vol. 59, Iss. 4, p. 57-59 Supply and Demand Irena Asmundson. Finance & Development. Washington:Jun 2010. Vol. 47, Iss. 2, p. 48-49 Impact of Anti dumping measures on Indian Industry by Swati Jain, Sudhir K. Jain, Decision, Vol 35, No 1, January-June, 2008, p 3. The New Global Opportunity by Michael Elliot, Fortune, July 5, 2010, Vol 162, No 1, Relevant Websites Sr. No. Web adress (only if relevant to the courses) Salient Features 9 10 11 www.ecommerce-guide.com www.bloomberg.co.uk www.mit.edu Excellent source of reference for market research Excellent data on crrent market, economic, industrial and financial trends as a valuable sources of reference. Valuable source of reference for basicand advanced concepts of economics. Page 1 of 10 Approved for Autumn Session 2010-11 Detailed Plan For Lectures Week No. Lecture No. Topic Chapters/Sections of Textbook/other reference Homework to be Assigned to...
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...jnARTICLE ANALYSIS The Analysis of the Article Microsoft's Aggressive New Pricing Strategy Using Microeconomic Theory I. Introduction: monopolistic power as a means of getting high profits The review of the article Microsoft's Aggressive New Pricing Strategy in terms of microeconomic theory A. B. C. Microsoft as a monopolist in software industry Google as the main company’s competitor at software market Strategies taken by Microsoft to regain the competitive power and combat the global financial recession III. Conclusion: Microsoft as a company which operates at monopolistic and oligopolistic markets. 2 II. ARTICLE ANALYSIS Introduction Monopolistic power is a profit earner for many companies. It prevails in spite of the presence of government regulations against the formation of monopolistic power in the market, which brings in deformity in the competitive scenario. One of the vivid examples is the monopolistic power Microsoft has enjoyed (Burrows, 2009). A monopolist has the power to set any price they find reasonable for getting high profits. However, a monopolist cannot set both the price and quantity to be purchased at the same time. This article shows how a monopolist can charge whatever price it deems to but it is not in their power to set the quantity of the product demanded. Therefore, a monopolist must increase prices in order to gain market share. Further, a monopolist sets different prices in different places. This price discrimination depends on the demand...
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...ASSIGNMENT: Comparative Critical Review: “Monopoly” WORD COUNT 2136 (without references) 12th May 2013 DATE SUBMITTED I confirm that this assignment is all my own work and that all source material has been acknowledged appropriately. I can also confirm that I have kept a copy of this assignment and I give permission for my work to be used for future academic purposes. SIGNED: Bolun Chen (A typed name is fine) DATE: 12/05/2013 Comparative Critical Review: “Monopoly” By most accounts, a majority of so-called private and public utilities including software, transportation, natural resources such as petrol and financial institutions among some small-scale patent firms have been granted governmental franchise monopolies in recent years. Holding such a dominant position in a market, this legal right, Monopoly - as distinguished from sellers in a competitive market - arbitrarily decides the price of their commodity unlikely being a price taker as it dose as a seller in such a competitive industry. Alternatively, these monopolists are inclined to determine the quantity of goods and services sold at a profit-maximized price, leaving it to consumers to consider how many products are needed to purchase. Due to these monopolistic phenomena around the world, many arguments about the merits and harms to society have been caused. This critical review examines two sources which aim to introduce the concept of monopoly and the measurement of monopoly power. The first source is...
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...material +256718275925 caloolgeele@hotmail.com Introduction The analysis of barriers to entry and exit is fundamental to the assessment of market power and market efficiency. A firm or firms may exercise market power for a significant period of time only if barriers to new entry exist. Thus in determining whether or not a proposed merger is against the public interest, or whether a firm (or firms) is abusing monopoly or market power in antitrust cases, analysis of entry conditions is of primary importance. One might therefore expect to see rather extensive and sophisticated analyses of entry conditions, or barriers to entry, in monopoly and merger cases that come before competition authorities in the United States, United Kingdom, or member states of the European Union (EU). One might also expect that competition authorities would have placed a great deal of emphasis and effort on achieving a coherent and consistent framework for the analysis of entry barriers in a manner that makes use of the latest thinking on the subject by industrial organization economists. However, until very recently no competition authority that we are aware of has attempted to formulate a coherent and detailed framework for the analysis of barriers to entry, despite the significant degree of effort that has been put into clarifying the related problems of market definition and the measurement of monopoly or market power. While clear and fairly precise statements and indeed, guidelines or...
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...natural monopoly infrastructure assets and the benefits/costs of privatisation p 3 The pros and cons of direct regulation p 5 Where commercial negotiation has been successful and the difference between commercial negotiation with government owned corporation monopolies and private monopolies p 7 Current QLD situation and the risks imposed by natural monopoly specific to the context p 10 CN Rail privatization as a point of empirical evidence p 13 Considerations p 15 Conclusions p 16 Reference List p 19 Bibliography p 20 Appendices p 21 Introduction In 2012, the Queensland Government privatised bulk freighting services and coal business in Queensland and New South Wales as well as the regional freight business in Queensland, bulk mineral haulage in Queensland and Western Australia and the containerised freight between Cairns, Brisbane, Sydney, Melbourne, Adelaide and Perth. The privatisation of bulk freighting services under the banner of Aurizon National, a natural monopoly, raises the issues of economic rent extraction, decreasing levels of services and other concerns that regulators must contain when regulating monopolists. This paper will look at the economic principles behind natural monopoly regulation...
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...Professor Owen R. Phillips University of Wyoming Ross Hall 124 COURSE SYLLABUS FOR INTERMEDIATE MICROECONOMICS 4020 Course Description and Prerequisites Economics is broadly defined as a way of thinking about problems of allocation. This course entails the use of intermediate microeconomic theory in the analysis of problems facing decision-makers, not only in business, but also in government and other nonprofit organizations. Intermediate microeconomic theory can be described as the theory of choice. It has application to all decision problems. Specific theoretic tools are developed and applied to real world settings in order to illustrate optimal decision guidelines. The prerequisites for this course are a beginning economics class in microeconomics and a basic understanding of algebra and geometry. Required Textbook Required: Pindyck, Robert S. and Rubinfeld, Daniel L., Microeconomics, Third Edition, Prentice-Hall, 1995, ISBN 0-02-395900-2. Determining Your Grade During the course there are two “midterm” examinations. At the end of the course there is a comprehensive final examination; in the final exam there is some emphasis on the material following the second examination. All of the exams consist of multiple choice questions. Questions will be of a problem-solving nature much like those assigned in the homework. The homework questions are excellent preparation for the examinations. Answers to many of these questions are worked in the...
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...According to business definition, market structures are described as the makeup of a particular market. Market structure can be described with reference to different characteristics of a market, including its size and value, the number of providers and their market share, consumer and business purchasing behavior, and growth forecasts. The description may also include a demographic and regional breakdown of providers and customers and an analysis of pricing structures, likely technological impacts, and domestic and overseas sales (BNET 2003). The four elements to be discussed in this assignment are competitive markets, monopoly, oligopoly, and monopolistic competition. Each of these market structures produce differing results based on specific characteristics. Since the goal of all business is to maximize profits, it is up to each individual business to determine which market structure makes sense. A competitive market, also known termed perfectly competitive market, has two distinct characteristics. There are numerous buyers and sellers in the current market and the goods that are offered by the sellers are very similar in value and product. A competitive market is a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker. In this market environment, no one participant holds any market power or influences the price of the product it buys or sells. An example of this type of market structure could be street food vendors...
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...is the study of the choices consumers, business managers, and government officials make to attain their goals, given their scarce resources. We must make choices because of scarcity, which means that although our wants are unlimited, the resources available to fulfill those wants are limited. Economists assume that people are rational in the sense that consumers and firms use all available information as they take actions intended to achieve their goals. Rational individuals weigh the benefits and costs of each action and choose an action only if the benefits outweigh the costs. Although people act from a variety of motives, ample evidence indicates that they respond to economic incentives. Economists use the word marginal to mean extra or additional. The optimal decision is to continue any activity up to the point where the marginal benefit equals the marginal cost. 1.2 The Economic Problem That Every Society Must Solve (pages 8–11) Discuss how an economy answers these questions: What goods and services will be produced? How will the goods and services be produced? Who will receive the goods and services produced? Society faces trade-offs: Producing more of one good or service means producing less of another good or service. The opportunity cost of any activity—such as producing a good or service—is the highest-valued alternative that must be given up to engage in that activity. The choices of consumers, firms, and governments determine what goods and services...
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...NONLINEAR PRICING STRATEGIES AND MARKET CONCENTRATION IN THE AIRLINE INDUSTRY A Dissertation by MANUEL A. HERNANDEZ GARCIA Submitted to the Office of Graduate Studies of Texas A&M University in partial fulfillment of the requirements for the degree of DOCTOR OF PHILOSOPHY August 2009 Major Subject: Economics UMI Number: 3384249 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. UMI 3384249 Copyright 2009 by ProQuest LLC. All rights reserved. This edition of the work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, MI 48106-1346 NONLINEAR PRICING STRATEGIES AND MARKET CONCENTRATION IN THE AIRLINE INDUSTRY A Dissertation by MANUEL A. HERNANDEZ GARCIA Submitted to the Office of Graduate Studies of Texas A&M University in partial fulfillment of the requirements for the degree of DOCTOR OF PHILOSOPHY Approved by: Chair of Committee, Steven N. Wiggins Committee Members, Li Gan James Griffin Steven L. Puller Head of Department, Larry Oliver August 2009 Major Subject: Economics iii ABSTRACT Nonlinear Pricing Strategies and Market Concentration in the Airline Industry. (August 2009)...
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...Strategy Simulation Individual Assignment Introduction There are four types of market categories used to classify pricing of product that are as follows: monopolistic competition, monopoly, oligopoly and perfect competition. The type of company and the amount of products being produced determines the market structure for any given company. Each market structure is used to help determine the pricing and non-pricing of the products. The economy in the US is very competitive with numerous of buyers and sellers. Monopolistic Competition According to McConnell & Brue (2004), the idea that each market has its own pricing method is known as a monopolistic competition. In this structure is there are several vendors, variety of products and an easily accessible industry. Each company has the ability to determine its own pricing and can make adjustments according to the sales threshold. However, these industries gain a small percentage of the market price and they will adjust their products to meet customer demand in order to remain profitable. The idea is to make the product more attractable than to make a profit. For instance, if Nike creates a fabulous running sneaker then Adidas will try to imitate and create fancier running sneaker to remain competitive and profitable. According to Wikinomics (2010), the industries in this market rely heavily on advertising in order to entice consumer to purchase their products. Another example of a monopolistic industry is the auto industry...
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...part of this work, please send a request with complete information to the Copyright Clearance Center Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2422; e-mail: pubrights@worldbank.org. About the Investment Climate Advisory Services of the World Bank Group The Investment Climate Advisory Services (IC) of the World Bank Group helps governments implement reforms to improve their business environment, and encourage and retain investment, thus fostering competitive markets, growth and job creation. Funding is provided by the World Bank Group (International Finance Corporation–IFC, the Multilateral Investment Guarantee Agency– MIGA, and the World Bank) and over 15 donor...
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...Market Structures Adam Timothy Rider ECO204: Principles of Microeconomics Evelyn Carlson 10/13/2014 When trying to gain insight into the local economy it is very important to understand the big picture of how the various market structures relate to each other. This can be accomplished by putting together some of the smaller pieces or characteristic of the market structure. These characteristics can be organizational, competitive or a variety of other features that categorize a firm as a specific market structure. Individual market structures can be described as the amount of firms producing identical goods and services. If you can identify the market structure you can often identify how they firms within the structure are going to price their products in the industry. The market structure will have an effect on the supply and demand of the different commodities in the market. The market structure will also influence barriers for entry and exit in the industry. In order to understand these structures in an economic community you must obtain an understanding of how they all work together to form the economic community. By the end of this report you will possess the necessary knowledge to understand the market structures in the micro economy. Before we begin to the inevitable breakdown of the individual market structures it is important to identify some of the key features of market structure in general. First it would be important to look at the...
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...Is competition necessarily beneficial for consumers? Niall Douglas Firstly, I shall summarise the Neo-Classical Economic interpretation of the maximisation of social welfare through the concept of perfect competition versus monopolies. Secondly, I shall state a range of empirical evidence drawn from various sources negating the Neo-Classical interpretation, from which it shall become clear in what situations the Neo-Classical model fails. Lastly, I shall outline a game theory explanation of the typical case where monopoly invariably outperforms competition. The Neo-Classical Economic Interpretation According to this interpretation, social welfare (in the sense of maximising allocative efficiency1) is maximised only under perfect competition where infinitely tiny (relative to all other competing) firms are price takers2. In contrast, monopolies, whom are price setters through their ability to affect their market, create a deadweight loss to society as output is lower than is socially optimal3. This model is summarised by the top graph in Figure 1 below where Pm and Qm are aggregate equilibrium price & quantity for monopolies and Ppc and Qpc are for perfectly competitive firms. The graph on the bottom is that for a single perfectly competitive firm, with its straight line fixed price. 1 By ‘allocative efficiency’ I mean reaching a Pareto Efficient Optimum whereby any further change would make the aggregate of consumers and firms (ie; society) worse off according...
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...by Google 1 year diploma courses - Info on Courses, Scholarships & Admissions from IDP Experts. -india.idp.com/18001022233 SWOT Analysis Tool - Get a free 30 day trial of Mindjet the leading Mindmapping Tool! -www.Mindjet.com online gcp courses - Online, Classroom & Blended Courses Certification Programs & More! -www.cfpie.com CAT Scholarships-T.I.M.E. - Must for all cat and mba aspirants Register Now-Upto 100% scholarships - www.time4education.com/ttse Photo by: nyul Ads by Google MBA - Supply Chain Mgmt. 100% Online backed by Textbooks Academic support,E-Library.Join Now utsglobal.edu.in Rapid eLearning Train your employees with Rapid eLearning, cut your business costs www.niidtech.com MBA Distance Education Online 1 Yr MBA @ 29000. Approved from AIMA India & IAD UK. Enrol Now www.iibmindia.in Papermaking Technology Download white papers on new papermaking machines and processes www.risiinfo.com/whitepapers Decisions made by managers are crucial to the success or failure of a business. Roles played by business managers are becoming increasingly more challenging as complexity in the business world grows. Business decisions are increasingly dependent on constraints imposed from outside the economy in which a particular business is based—both in terms of production of goods as well as the markets for the goods produced. The impact of rapid technological change on innovation in products and processes, as well as in marketingand...
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...------------------------------------------------- Monopoly From Wikipedia, the free encyclopedia This article is about the economic term. For the board game, see Monopoly (game). For other uses, seeMonopoly (disambiguation). "I Like a Little Competition"—J. P. Morgan by Art Young. Cartoon relating to the answer J. P. Morgan gave when asked whether he disliked competition at the Pujo Committee.[1] A monopoly (from Greek monos μόνος (alone or single) + polein πωλεῖν (to sell)) exists when a specific person or enterprise is the only supplier of a particular commodity (this contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly which consists of a few entities dominating an industry).[2]Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods.[3] The verb "monopolise" refers to the process by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge high prices.[4] Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market).[4] A monopoly is distinguished from a monopsony, in which there is only one buyer of a product or service; a monopoly may also have monopsony control...
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