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Sample Critical Thinking Paper on Managerial Economics Questions

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Sample Critical Thinking Paper on Managerial Economics Questions
Discussion 2

Rationing only occurs to goods which are available in the short run.  In this case, prices can either be hiked or lowered depending on the calamity that is facing the market of the product. In a situation where the market is facing a shortage, prices are likely to be hiked so as to reduce the amount of sales of that particular commodity. When the market has a surplus, prices are lowered to ensure that the excess supplies are cleared from the market. With rationing, it is like one is pushing goods to the market group one feels deserves them most. On the other hand, in the long run, a guiding function of price may help us get a new equilibrium price and quantity in that new operators may enter the market hence directing resources into the particular market or existing operators may leave the market and therefore guiding their resources out of the market. Let us take an example of a wheat market.  Assuming that the market runs short of wheat in our first scenario and the market has an excess supply in our second scenario. In the short run, with rationing, in our first scenario the price of wheat will be eventually hiked resulting into low units of wheat bought. In our second scenario, the prices of wheat are lowered resulting into high units of wheat purchased. In the long run, in the first scenario, other sellers will come into the market following the high prices of wheat. This eventually reduces the levels of profits for the existing sellers. This eventually increases supply of wheat resulting into more units of wheat bought and fall of price. The new sellers my continue entering the market leading us to the second scenario. The prices are reduced back to normal. This would call for some firms now to exit the market committing their resources in another market resulting into reduced supply of wheat and eventually a rise in price of the wheat.

Discussion 3

When the elasticity of demand is greater than one, the demand of a certain commodity is said to be elastic. In that a small change in the price of the particular items results into a remarkable change in the demand whether positively or negatively. The demand of first class seats in small markets in the case of Delta is an elastic demand in that when Delta lowered the prices of first class seats by 21%, it resulted into increased revenues to the company. I would therefore recommend the airlines lower the prices of the first class seats so as to experience increased demand on them which will eventually be reflected on their revenues.

Discussion 4

If I was performing a regression analysis to predict or forecast the demand of the new iphones, there are two variables I would include as explanatory variables; price and the level of income. My reasons being the fact that price is likely to depend on the level of income of the different populations. Therefore, price will in this case be the dependent variable and the level of income as our independent variable. Some of the problems expected with the variables I would use would involve the fact that it is hard to obtain financial records of certain group of individuals in the population and not forgetting that in some populations low income earners are the greatest spenders. This would mean that use of the variable-level of income to forecast our demand for the iphones will not apply in such a market.

 

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