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business economics:
business economics:
Discuss the differences between markets and planning central. Does this problem has nothing to do with the disappearance of the Soviet Union? Explain.
Centrally planned economies also known as command economies, this kind of economy that the government controls production, distribution and pricing of goods and services in the economy, the government also owns companies in most sectors of the economy as a result the government sets prices, determines what take place and in what quantities. This is in contrast to market economies, market economies are characterized by little control of prices and production by the government, prices are determined by supply and demand in the market. Many scholars have argued that government intervention in the market only worsens things, but also say that government intervention is appropriate when there is market failure, so this may explain the failure of the Union was Soviet communism was characterized by direct government control on the market.
Define the Coase theorem. What Coase's explanation has to provide for the existence of firms in market economies?
The Coase theorem states that the problem of externalities will be resolved through negotiation when there is no transaction costs and property rights are well defined, the theorem states that companies in conflict and negotiate a company can acquire the right of ownership of the company of others yet it assumes no transaction costs. This theory defines the existence of firms in the market economy that despite the existence of externalities and conflicts, firms in a market economy in the long run will achieve balance through negotiation and thus will ensure adequate resource allocation and property rights
Define the elasticity of demand. What happened to the elasticity of demand for most of the companies during the past 10-15 years? Explain.
The price elasticity of demand is a measure of the ability response of quantity demanded due to the change in the price of a good or service, high price elasticity of demand means that when the price is a unit after demand will fall into one or more units, are the goods and services with an elasticity inelastic, perfectly elastic demand.
Elasticity Income is also a measure that helps determine the responsiveness of demand to changes in the price of a product, it measures the change in the demand for a product resulting an increase or decrease in income.
In the last 10-15 years most companies have experienced price elasticity of demand elastic this has been attributed to the fact that there are many companies in the market and also the existence of substitutes on the market as a result of this increase in the price of a good will one result in a decrease in demand for that good, because existing and alternative substitutes.
Define returns to scale. Do you think that most companies are increasing, constant or decreasing returns to scale.
Returns to scale is a term used in the production, companies in most cases we wish to determine the optimal level of production and a strong willingness to increase production in line with returns to scale, when a company increases a unit input and output increases by less than one unit then we have decreasing returns to scale, if the firm increases the contribution of a unit and the output level is equal to a unit then we have constant returns to scale, or, if the firm increases the contribution of a unit and the output increases by more than one unit, then have increasing returns to scale, most companies produce at the optimal level of production and this means that they will produce at the point where yields experience constant returns to scale and by increasing the production units will experience decreasing returns to scale.
Define monopolistic competition and oligopolies. Give two real-world examples.
In monopolistic competition there are many companies and many buyers, the market is also characterized by few entry barriers, product differentiation and firms have some power over prices in a monopolistic competition firms to differentiate their products and therefore have power over prices. An oligopoly is a form of market in which there are only a few companies in the marketplace, companies that engage in price wars and this reason have a kinked demand curve where if a company increased prices then other companies will not raise prices, but if companies cut prices then the other company should reduce prices.
An example of monopolistic competition includes textiles or footwear. For oligopolies a good example is the OPEC, which is an organization of oil producing countries.
Define prisoner dilemma. Provide a real world example.
The prisoner's dilemma is a concept coined by Melvin Dresher and Merrill Flood, is part of game theory that shows balances optimum that would result from decisions made by both parties, is an example of two prisoners where both are offered a deal if they testify against the other then set others say free and has 15 years in prison, however, if both will testify that both condemns seven years in prison. If they decided not to talk then get Six months in prison for what the problem is what is the most optimal decision that an inmate will take into account that both are separated and a prisoner does not know the decision of others
This concept shows the problems that businesses face in an oligopoly in the market, they make decisions based on or taking into account the decisions that the company will make others, so firms in an oligopoly market is a good example demonstrating the prisoner's dilemma.
References:
Phillip Hardwick (2002) Introduction to the modern economy, Editorial McGraw Hill, New York
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