Exercise 9-2 Market Structure

Market Structure table
https://docs.google.com/document/d/1vKttMR1pTnf1U4feItcEgW4YvOL1HbmY57_r9oE5N2w/edit?hl=en_US

Market Structure Graphs
https://docs.google.com/document/d/1c6FvtSiGEavknxs8SBMFFkX_gUR55DmSkwMVvO2PJHk/edit?hl=en_US

Assignment #3 - My 5 Businesses

Frito-Lay Inc

Mattel Inc

McDonalds Inc.

OceanaGold Corporation

WestJet Airines Inc

Unit 8: Exercise 8-1 Game Theory

Game theory is defined as a method of analyzing firm behaviour that highlights mutual interdependence among firms. game theory has been used since as early as World War I, when war moves depended on the other Countries move and guessing what they may do next. For some a successful way and others not so successful. It can also be traced back to the western times when card counting became a benefit to poker players. Counting cards in poker can help a player guess what cards may still be in the deck and what other players may have in their hand. This can be very beneficial in staying in, folding and how much to bet, also very illegal. Players would be shot dead in the old days for commiting such a crime.

Game theory is used as commonly as everyday life and can be as simple as a group of friends deciding on where to go for dinner, or as complicated as a big player in the fast food industry taking out "ma and pop" type restaurants.

The payoff matrix is designed to explain the four different outcomes that exist in entering a market that another company controls. A new company enetering a market share results in the other company taking a loss, or having to lower prices to keep their share. The newer company can also start with a lower price and take more of the share for itself, or start at the same price sharing the market.



Collusion is an attempt to supress the competition and a cartel is a group of firms who agree explicitly to coordinate their activities to raise the market price or decrease the market output, creating more demand and profits. These actions are nor morally right but also have implications in a legal responsibilty. 

Monopolistic Competitive Companies

https://docs.google.com/document/d/1NEjvwlMoxZ5duVu_K3PsBNg4Ipq1XcnDg4dXeGC6R8M/edit?hl=en_US

Competing as Starbucks

https://docs.google.com/document/d/1tYp5KEyPiqu6-xH_qlm2ZsWryGHVNsLKBobG6azdUiU/edit?hl=en_US

My Deli and Coffee Shop

https://docs.google.com/document/d/1RZUskGgrglSpOAPsGo9yptIZP9xXDM3Pqq2K-xsfsc8/edit?hl=en_US&pli=1

The Law of Diminishing Returns

The Law of Diminishing Returns and "The Diminishing Returns to Tobacco Legislation" on PierreLemieux.org website

https://docs.google.com/document/d/1rS2L21P5Qi0LcrNu2LNMyiH--4_w_jSJuXY1msH2a7w/edit?hl=en_US

Canada's Economy

https://docs.google.com/document/d/18OUyj5ZbQMwIP-gPmopZDrdQOgjrSEZ4PmiKjHvvYF0/edit?hl=en_US

Exercise 4 - 2 Elasticity and Revenue

My example of Elasticity and Revenue graphing

https://docs.google.com/document/d/1aO-D7DAJhwFLiueD4jBrGYiBdFkaVBPNS1OnJqjk_XA/edit?hl=en_US&pli=1

Exercise 3 - 3 Graphing Changes to Demand

Hope I have done this right, I am having a difficult time posting links and spreadsheets? This was definetly a refresher course in graphing on excel again.



https://docs.google.com/document/d/1vCpb8JqhkFc7iJgqnDuXjn30_DdDCiOJE1nEOg4cVfM/edit?hl=en_US

Exercise 2.2 - Games about the Economy and Marketplace

So I played the Mcdonalds game and failed miserably the first time. After learning a little of how the operatoins worked the first time my second attempt was much better. I had about $180,000 in the bank when things started to go south. My land was becoming scarce and my first mistake was demolishing some rainforest and civilized area. I then fired most of the senior staff for insubordination, lack of motivation, and worst of all spitting on the food. My scarcity of soy, slowly starved all my cows and mad cow disease had been found in consumers. Every possible negative situation arised and before I knew it the corporation was bankrupt. www.mcvideogame.com/game-eng.html is the link and it was very interesting seeing the operational systems in place for marketing, corporate, advertising, production, etc.

Exercise 1-2 The Possibility Curve

1. The possibilty curve in economics is used to represent the production possibilities curve. It gives a visual representation of the various outputs that can be produced. This curve can represent whats attainable, not attainable, and the factors of underemployment of resources, inefficiency in resource use, or inappropriate use of technology.

2. The possibility curve depicts how much of one product can be produced versus another product being produced. If scarcity of a resource exists increasing production of the other product results. Scarcity forces choice which involves opportunity costs and something has to be given up.

3. & 4 When I decided to go back to school I had many choices to make. I had to give up a lot of income in order to find a job that i could work around the two schedules. This decision not only effected me but my entire family had to make sacrifices in order to make it happen. Paying a mortgage and raising two children, while going to school looked virtually impossible. Spending of almost every kind other than necessities stopped in order to afford tuition. I had to give up valuable time with my children to do school, and remain dedicated throughout many times of frustration. Money was the biggest opportunity cost for me in deciding to return to school. It may cost money now but the investment will pay off in the end to a happier, wealthier, and healthier life.

First Blog

So today I have been instructed to start a blog for Microeconomics course at SAIT. I am unsure of what to think at this point but optimistic as to what is going to come of this.