Question

1) Monopolistic Competition Discussion

Please describe a product that you will only buy the name brand of (not the generic version). Explain why you only buy the name brand. Does the name brand cost more than the generic version? Why is it worth the extra money?

2) Monopoly Discussion Question

Please describe the personal experience you have had with price discrimination. Remember that in order to be considered price discrimination it has to be the exact same product sold at different prices to different groups of people.

3) Perfect Competition Discussion

Please do a little research and find an example of a producer being a "price taker." The example can be from any source (radio, TV, magazine, etc.) Please include a link to your example and briefly describe why the producer is a price taker and how it impacts their decisions.

4) Public Goods Discussion

Describe a situation in which you were/are a free rider.

Answer 1

( 1 ) MONOPOLISTIC COMPETITION DISCUSSION -- The clothes and the footwear are the products which most of the public would only by for a brand's name . Yes the name brands costs more than the generic products because the branded products are assured by the companies who use to produce it , and having the quality materials used in its production with the best technique to produce it . The generic products are not quality assured and can be get damaged any time . Yes the branded products worth its high price because they provide the high quality material in the product with its assurance .

( 2 ) MONOPOLY DISCUSSION -- I have experienced it when is went for the kullu trip in HIMACHAL PRADESH a state of INDIA . They have the famous shawl we normally use to get in Kullu only . The shawl is a woolen piece of cloth women use to carry with them . They have there monopoly there they use to sale the same shawl to the people living there in less price where as they will charge high price from the far away people .

( 3 ) PERFECT COMPETITION DISCUSSION -- " AGRICULTURAL PRODUCERS " they are the one who can not charge the amount of price as per there own . As there is a perfect competition in the market if they will charge more the customer will run to the other producer . So they charge the price which will be bit profitable for them and for which the customer is will to pay the amount .

( 4 ) PUBLIC GOODS DISCUSSION -- Public goods are those which are basically for the public use , the use of which by one person or by many people can not effect its elasticity . The streetlight is the public good for which i m a free rider . Which i can use for free without any one's approval .