business economics homework problems and discusssion

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this assignment has 2 parts first are the discusssions and 2 responses and then there are homework problems that are attached. please read all instructions before bidding.

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Book login https://redshelf.com/accounts/login/ nataschabain@gmail.com wadebain83 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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Running head: BUSINESS ECONOMICS

BUSINESS ECONOMICS
Name
Institution Affiliation

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BUSINESS ECONOMICS
GAME THEORY
Game theory is a pleasant diversion theory of an instrument for settling on choices in
critical conditions. Initially, game theory was created by mathematicians and business analysts
and connected to an assortment of circumstances, including business political issues and war.
Game theory is just about recreations and as we think about diversions thus eventually it will be
genuinely straightforward. What diversion hypothesis is about in this course we will center
primarily on a couple of crucial parts of diversion hypothesis? Specifically, you have to

comprehend your opponents. All the more likely and better understand yourself. Furthermore on
the possibility that diversion hypothesis has a tendency to be most crucial in defectively focused.
Situations the reason is that in those conditions there tend to be fewer players and if you can all
the more likely .comprehend what rouses those players and better understand the guidelines of
the diversion you have more response to shape the deviation further bolstering your good
fortune.
Game theory is the exploration of essential central leadership. It is an excellent apparatus
for understanding the connections that are made and broken throughout rivalry and collaboration.
It's anything but a panacea for the deficiencies of terrible administration. For administrators or
the individuals who associate with the administration, it is primarily an elective viewpoint with
which to see the procedure of critical thinking. It is a device, which, similar to all others, is best
utilized by the individuals who think about their training as a component for development.
Chance supports a readied psyche, and this book is proposed as much for the individuals who are
looking for viability concerning the individuals who have conclusively discovered it.
Amusement hypothesis has been utilized to dramatic impact in sciences as assorted as
transformative science and financial aspects, so books regarding the matter flourish.

BUSINESS ECONOMICS

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References
(PDF) Decision Making Using Game Theory: A.. (2016, January 1). Retrieved from
https://www.researchgate.net/publication/265746332_Decision_Making_Using_Game_T
heory_An_Introduction_for_Managers
Game Theory and Business Strategy. (2014, May 8). Retrieved from
https://youtu.be/sU1RvicQkvM

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BUSINESS ECONOMICS
STUDENT RESPONSE
Student 1 Lumen
Part 1; bargaining is a form of winning as a part of buyers way of trading.
Bargaining enables one to maximize their financial strength and ability to purchase and get a
deal out of it. When bargaining one should have an idea of the product and the terms of

trade before initiating a bargain. In the expert deal, nobody might want to lose. They need
to make the most benefit by arrangement to their best capacity. Bargaining has no
limitation one can negotiate from sales of cars, clothes to salary. Trade about pay and
most organizations would make the most out of you. More often than not the workers
lose a considerable measure. If you are fortunate and play the amusement accurately, you
will get the most compensation toward the start before beginning it never stressed over
pay raise.
Part 2; Game theory; I figure this can help us in any capacity like anchoring a reasonable
compensation for an occupation. Likewise, it will help us settles on a correct choice of
purchasing utilizes auto or new. Indeed, even as chief, it will enable you to deal with your
area of expertise and your kin. In China since many traders are selling same products it's
easy to bargain to a certain level to maximize your sales when shopping one should not
be in a hurry to close the deal and quoting the smallest amount is right to buy at a cheaper
amount. When bargaining it is essential to know the market and th...


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