INFO3006 Economics for Business
Answer 3 (three) questions only.
The articles (see links below) may be useful to help you think about the issues. They do not necessary provide an answer. Do not quote directly from these sources, only paraphrase in your own words what you think is relevant.
[1] Explain what is meant by the product life-cycle. Discuss the product life-cycle of Red Bull, the energy drink, commenting on its current phase in the life-cycle. Illustrate your answer with an appropriate diagram of the product life cycle [500 words].
Text1:
https://www.globenewswire.com/news-release/2022/09/14/2516176/0/en/Energy-Drinks-Global-Market-Report-2022.html
[2] What is understood by elasticity of supply? Discuss the economic reasons for the price increases and supply issues of the microchip. Illustrate your answer with an appropriate diagram [500 words].
Text 2
https://www.theguardian.com/world/2021/may/19/chips-with-everything-how-one-taiwanese-company-drives-the-world-economy
[3] What is an oligopoly market structure? Discuss the impact of the mobile phone oligopoly market on the consumer, illustrating your answer with a diagram and explanation of the kinked demand curve [500 words].
Text 3: https://blogs.lse.ac.uk/businessreview/2021/12/08/when-oligopolies-confuse-consumers-beware-the-rise-of-confusopoly/
[4] What are the ways firms grow? Discuss the growth and possible expansion of the Universal Music Group. Include also a comment on the likely impact on musicians. [500 words]
Text 4: https://theconversation.com/the-music-industry-is-booming-and-can-afford-to-give-artists-a-fairer-deal-168587
[5] What are the possible reasons for firms to merge? Would a merger between publishers Penguin Random House and Simon & Schuster be good for the consumer? Explain the reasons for your answer [500 words].
Text 5: https://theconversation.com/the-us-government-is-trying-to-stop-the-merger-of-two-of-the-worlds-biggest-publishers-but-will-it-help-authors-188364
