Microeconomics assignment

You have a maximum of 500 words (anything beyond that will not be marked). 2. About two pages typed, with double spacing and using a font size of 12 points. Handwritten submissions get zero. 3. Exclude headings and citations (if any) from the word count. 4. Your writing should have the exact following headings: 1. Market, 2. Individual Demand for the iPad, 3. Market Demand for the iPad, 4. Elasticities, and 5. conclusion 5. Do not copy the question in your response. The only part that you can copy is the four headings mentioned above. 6. Each section should contain short related paragraphs that use the questions as a guideline. Do not write short disconnected answers. The outcome should look like an essay. 7. No footnotes, no formulas. 8. This is not a research paper, and you do not need to read outside material to complete this assessment, but if you want to include citations, you can. 9. Your file should be in PDF format (other formats or broken pdfs lose 20 points).

Mario D.3 minutes ago

We are thinking about the market for the iPads. Structure your writing by thinking about the answer to the following questions and putting them in the context of the theories you have learned in this course 1.1 Market (10 points) Don’t simply answer these questions; these are just to give you ideas about important things that you should think about. Describe the market in a paragraph or so. • What does the demand side of the iPad market look like? – Think about the units of the good in the market. If we had to draw a demand and supply diagram, think about the units for the x axis – Think about the number of buyers in this market – Think about characteristics and demographics of the people in this market – Think about the substitutes for the good – These are just some hints, there are many more things you can say 1.2 Individual Demand for the iPad (20 points) You are at an interview with and the interviewer asks you the following questions: • Imagine that we decrease the price for iPad and any individual is consuming only food and iPads. How do you think an individual responds to this change in price? Can you talk about underlying reasons that we see such effect? Think about the substitution and income effect. 1.3 Market Demand of the iPad (30 points) All right, imagine you passed the previous question and you get a new interviewer who asks you the following: • If you were to predict daily demand for the iPad over the course of a year, how would you do it? What kind of data do you need to do so? You should imagine that you work in the company and you have access to any data that you need to answer this question. • OK, now that you have estimated the market demand, can you talk about what factors affect the market demand for our product? (Your answer to the interviewer’s question should be based on economic theory, to the point, and smart or you lose the interview!)

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Mario D.3 minutes ago

1.4 Elasticities (30 points) Companies estimate demand elasticities for the products regularly. In some cases, they estimate it daily or even every minute or less! They use the elasticity to predict their total revenue and to plan their pricing strategies. For example, if a demand is highly elastic, then the total revenue goes down if they increase the price. Congratulations! you made it to the next round and a new interviewer from the pricing team is interviewing you. This is the final round, write your answer somehow to land the job! • How would you estimate the demand elasticity for the iPad at price P¯? • What kind of data do you need to estimate that? • If our company’s goal is to maximize total revenue (because we have not covered chapters 8 to 11 yet!), do you think we should increase the price of our iPads? Why or why not? 1.5 Conclusion (10 points) Briefly summarize your economic suggestions or concerns for the iPad pricing

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