21 Jun WHAT ARE THE ALTERNATIVES AVAILABLE TO ÖRMS TO MAINTAIN OR INCREASE THEIR MARKET SHARE?
QUESTION 1 Assume ×oods have destroyed 80 percent of the banana crops. Using graphical demand and supply analysis, explain the impact on the price and quantity of bananas in the market. NOTE: IN YOUR ANSWER EXPLAIN THE MARKET EQUILIBRIUM ADJUSTMENT PROCESS. QUESTION 2 Ceteris paribus, if a tax on petrol results in a large rise in the price of petrol, using graphical demand and supply analysis, explain what would be the impact on price and quantity in the car market for low fuel efÖcient cars (cars that use more petrol per kilometre) compared with high fuel efÖcient cars. (Hint: you must answer the question using separate graphs to compare the impact on market price and quantity on the two types of cars). QUESTION 3 Assume, health ofÖcials in Hong Kong simultaneously engaged in the mass slaughter of chicken in an attempt to control the spread of chicken ×u and warned consumers against purchasing live chickens. Using demand and supply analysis, what is the impact on price and quantity in the market for live chickens? (HINT: THERE ARE 2 SCENARIOS WORKING AT THE SAME TIME) QUESTION 4 If the price of a good increases from $6 to $7, leading to a fall in quantity demanded from 50 to 35 units, what is the price elasticity of demand for the good at this price range? Explain what the calculated elasticity value means. QUESTION 5 Assume, in an industry where Örms are making an economic proÖt, the creation of an internet platform has removed ALL entry barriers and resulted in a huge increase in the number of Örms entering the industry. What will be the implication on proÖt to the existing Örms in this industry, ceteris paribus? Use graphical demand and supply analysis together with the cost curves to support your explanation. QUESTION 6 In an Oligopoly structure, where a few Örms dominate and control the majority of the market, there is often an absence of price competition. Use the game theory matrix to explain why this is so? What are the alternatives available to Örms to maintain or increase their market share?
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