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THE PROBLEMS ARE AT THE END OF EACH CHAPTER PLEASE DOUBLE CHECK YOU ARE DOING THE
RIGHT PROBLEMS
Homework 3
Chapters 6,7,8
Chapter 6
• Multiple Choice Questions: #1-10
• Individual Problems:
•
o 6-1 Elasticity of T-Shirt Sales
o 6-3 Increasing Movie Ticket Prices
o 6-4 Nike Demand
Chapter 7
•
•
Chapter 8
•
•
Multiple Choice Questions: #1-10
Individual Problems:
o 7-3 Rangers’ T-shirts
o 7-4 Average and Marginal Costs
Multiple Choice Questions: #1-10
Individual Problems:
o 8-1 Widget Market
o 8-4 Chocolate Candy Bars Market
o 8-5 Demand shifts
Homework 4
Chapters 9, 10, 11
Chapter 9
•
•
Multiple Choice Questions: #1-10
Individual Problems:
o 9-3 Entry & Elasticity
o 9-4 Competitive Industries
Chapter 10
• Multiple Choice Questions: #1-10
• Individual Problems:
o 10-4 Five Forces and the Airline Industry
o 10-5 Smartphone market
Chapter 11
• Multiple Choice Questions: #1-10
• Individual Problems:
o 11-3 The Russian Ruble
o 11-5 Dollar Devaluation
Homework 5
Chapters 12, 13, 14
Chapter 12
• Multiple Choice Questions: #1-10
• Individual Problems:
o 12-2 Parking at Cowboys Stadium
o 12-5 Concert Prices
Chapters 13 & 14
• Multiple Choice Questions: #1-10 (located at the end of Chapter 14)
• Individual Problems:
o 14-3 Selling Salsa
o 14-4 Microwave Ovens
o 14-6 Bundling
Homework 6
Chapters 15, 16, 17
Chapter 15
• Multiple Choice Questions: #1-10
• Individual Problems:
o 15-5 Renegotiating Employment Contracts
Chapter 16
• Multiple Choice Questions: #1-10
• Individual Problems:
o 16-2 Airline Merger
o 16-3 House Closing
Chapter 17
• Multiple Choice Questions: #1-10
• Individual Problems:
o 17-1 Global Expansion
o 17-4 Disposing of Used Assets
Please answer each discussion with 250 -300 words, APA style. DO NOT FORGET THE
CITATION!!!! Then write a response to 2 students for each discussion week with 100 words
min, and directed at them in a positive manner not in 3 rd person! The other students
discussion posts can also be used as an example on how your initial post should be done. So
by the end of this assignment your should have done 1 discussions and 4 responses!!! Read
and watch all materials
WEEK 6 instructions (just as reference and maybe good to look at for responses
but initital post has already been made)
Part I: Bargaining
Bargaining can be viewed strategically, as a game of chicken where the ability
to commit to a position allows a player to capture the lion’s share of the gains
from trade. Do you agree with this concept? What have you observed about
bargaining situations?
Watch Video
Bargaining 101 (#1): Introduction (The Bargaining Problem)
Duration: (6:11)
User:
William Spaniel -
Added:
8/19/14
Part 2: Game Theory
As an introduction to some issues involving game theory, watch the following short
videos: Game Theory and Business Strategy and Signaling (There are other eCornell videos on
game theory also available on You Tube, if you wish to view others).
Next read this any ONE of the following articles and provide some of your insights on
how game theory can help with decision making.
Article on using game theory in various decision making scenarios.
Article on game theory and North Korea relations.
Article on Trump's 'madman' approach to North Korea.
Finally, share any helpful videos or article links that you think helps to elucidate the topics
of this week, including but not limited to, concepts such as: Prisoner's dilemma, arbitrage,
bargaining, etc.
THIS IS INITITIAL POST I POSTED FOR DISCUSSION WEEK 6 ( JUST AS
REFERENCE)
The bargaining concept has become common in every business today. I don't agree with the
practice since at times it leads to consumers exploitation. The practice is associated with the
practice where the two parties want to gain an advantage over each other. As for the seller,
nowadays they tend to set higher prices for cheap products. The approach helps them pretend that
the customer can bargain(Mehta, 2017). For customers who are not aware of the exact prices they
end up being exploited if they don't bargain well. I advocated for fixed prices like in supermarkets
where a customer knows the exact price of a commodity. For instance in a shop where products
are bargained you cannot send a child to bargain. But in a market where prices are fixed anyone
can purchase a product reasonably without exploitation. In different bargaining situations I have
noted that the practice at times and fair and time-consuming. At the end of the process there is a
party that they feel like they have lost. At times it may lead to the loss of customers if one customer
finds that the same commodity was sold at a higher price than it could cost.
Game theory is a strategy that organizations or people can use to make important decisions.
The strategy involves critical thinking whereby the participant uses mental skills to get offers from
various parties. A good example is a situation addressed in the article about a person who wants
to buy a car at a low price. Through the game theory they do not have to go to each firm bargaining.
However a phone call could work whereby they have to call the different dealers. During the calls
the dealers will end up offering various prices from which the buyer can settle for the best price.
The game theory involves analysis of the opportunity cost of each option before the final decision
is made.
Student #1 Lumen needs a 100 word response
Part I: Bargaining
I agree with this concept because bargaining is about winning in every
different way. And in this case, I don’t think anyone would like to lose.
For example, let's say you want o by a car, and it is listed $12,000. You
all know that the value of the vehicle is base on specific factor. So if this
used car was bought at $5000, they are making $6,000 of you just like
that unless you got it from a owner directly. Since it is a dealer they will
make more money of you. So, if you do your research very well, you can
get this car at $9,0000 plus taxes or sometime I tells them I want at
$12,000 including everything. No matter what thy ear making the most
out of you. The other option is to find a car that they want to sell quickly,
that will help you save money as well. A different option is to have 8,000
cash ready ,or a check to present during the deal .they will never let you
go.
In a bargaining situation, you need to know the product the rules, your
limit before bargaining. In the professional bargain, no one would like to
lose. They want to make the most profit by negotiation to their best
ability. The video shows an excellent example of bargaining about salary
and most companies would make the most out of you. Most of the time
the employee lose a lot. But if you are lucky and play the game correctly,
you will get the most salary at the beginning before starting et never
worried about salary raise(Baigining101,2014 ).
Part 2: Game Theory
After reading how to use game theory article, I think this can help us in
any way like securing a reasonable salary for a job. Also, it will help us
makes a right decision on buying uses car or new. Even as a manager it
will help you manage your department and your people. Below are two
videos that will give you more insight into game theory and bargaining in
China.
https://www.youtube.com/watch?v=M3oWYHYoBvk
https://www.youtube.com/watch?v=HBSsbWVZzto
Reference
Froeb, L. M. (2016). Managerial Economics, 4th Edition. [Chegg].
Retrieved from https://ereader.chegg.com/#/books/9781305483170/
https://www.youtube.com/watch?v=b_6fnaTVzPM
Student #2 Tatiana needs a 100 word response
Part 1
This week’s articles and materials were very interesting. I have always thought that
bargainers have the power to manage strength to get the higher value that they want
based on different situations and cultures by understanding the techniques. I also think
that bargaining is driven by willpower and truly excels when taking action. In today’s
international environment I believe individuals need to take a stand for their own values,
and to roll up your sleeves to get things done. I come to work every day with the goal to
face the challenges and focus on results, without any excuses.
From my experience in the United States and many other countries, bargaining in
certain cultures is a big part of their everyday life. Some countries people negotiate taxi
rides, hotel rooms, and items being sold at a store with a set price. It’s part of their
everyday lives, but there are many others that don’t bargain as much. For example, in
most Asian countries most things can be negotiated such as items being sold in stores
to hotel rooms.
Part 2
The game theory is a very fascinating business strategy toll for making decision on a
strategic environment that anyone can use on business, politics and war. It’s crucial
understand our own values and yourself and adapt to the competitive environment and
the rules of the game, and how to shape the game to your advantage. In addition to
understand what are the rules of the game, understand what motivates the players and
if you can change the game or not. As I grow in my career, I believe I move further and
further away from where the action takes place, so it is easy to lose touch with what's
really going on in the organization. It's essential to use a leadership style that keeps the
communication and the data flowing freely, so you have access to the best information
and analysis.
Week 7 info below ( needs initial post 300 words min and APA style citation and 2 responses
to students 100 words each, I will upload those in next 2-3 days as soon as someone posts
In oral or English Auctions, the highest bidder wins but only has to outbid the
second highest bidder. Does this concept make sense to you? What bidding
experiences have you participated in?
Watch Video
Tips for Bidding at Auction.
Duration: (4:40)
User:
McGrath St George -
Added:
Part 2
Read the following articles and make observations/comments:
Place Your Bids here
Going Going Wrong here
Increasing Revenue from Online Auctions here
10/16/13
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