Briefly outlineSchumpeter’s theory of creative destruction and provide three examples of either organisations that have disrupted the market, or industries that have been disrupted through creative destruction.
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Q5.1)
Briefly outlineSchumpeter’s theory of creative destruction and provide three examples of either organisations that have disrupted the market, or industries that have been disrupted through creative destruction.
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- Briefly explain what schumpeter meant by the concept CREATIVE DESTRUCTION by giving an exampleUnder a cap and trade system: a) the quantity of carbon emission is determined endogenously, while the price of emissions is set exogenously b) the price of carbon emissions is determined endogenously, while the quantity of emissions is set exogenously c) neither the quantity nor the price of emissions is determined endogenously d) both the quantity and price of emissions are determined exogenously e) both the quantity and price of emissions are determined endogenouslyThe Boswell Fruit Farm produces only oranges and papaya. Table 1 below shows the maximum possible output combinations of the two fruits using all resources and currently available technology. Answer the questions below and show calculations where appropriate. Graph the Fruit Farm's production possibilities frontier. Put oranges on the horizontal axis and papayas on the vertical axis. Be sure to identify the output combination points on your diagram. Suppose the Fruit Farm is currently producing at point F. What is the opportunity cost of producing an additional 20,000 kilos of oranges? Suppose the Fruit Farm is plagued by a maggot infestation which destroys orange trees but not papayas. Explain with a graph what happens to the PPF. Which of the possible output combinations represent the lowest opportunity cost for one thousand kilo of papayas? Show your calculation to support your answer.
- How does competition arise out of scarcity? Give an example.PA no Page 5 8. Pat and Kerry are considering a partnership. With all Pat's resources, Pat can produce 50 X or 20 Y. With all of Kerry's resources, Kerry can produce 30 X or 30 Y. Assume the resources can be easily substituted to make either product. They are starting by using half of the resources to make each item. These relationships are shown in the following table. Use this information to answer the following questions: Kerry Product X (Xylophones) Product Y (Yams) 50 0 Pat 25 Pat make? 10 0 20 Pat make? 30 0 15 15 0 30 a. Who has an absolute advantage in producing X? Pat b. Who is a comparative advantage in producing Y? Partnership be gained from before they started trading? c. If Pat and Kerry decided to take all the gains from trade in X, how much X would 40 25 d. If Pat and Kerry decided to take all the gains from trade in X, how much X would Gain be gained from before they started trading? e. If Pat and Kerry decided to take all the gains from trade in Y, how much Y would f.…Jackie land is known for the production of Cupcakes and Robots. The following is a PPT for Jackie land: A B C D E F G H I J Cupcakes: 0 2 6 10 14 18 22 26 28 30 Robots: 30 28 26 22 18 14 10 6 2 0 Draw and label (each axis and each point). Put cupcakes on the Y Indicate on the graph with Point K where inefficient Indicate on graph with Point L where unattainable is Note that points A – J indicate efficient uses of
- How did social media disrupt freethought? (Use Philippine politics as an example)what is command economy? and give discussion on command economy advantages and disadvantages ?Production possibilities for two producers and merchants, Eric and Stan, are shown in the table below. Suppose both Eric and Stan are initially independent producers. Eric is producing 160 loaves of bread and 20 logs of wood. Stan is producing 120 logs of wood and 30 loaves of bread. Eric's Production Possibilities (monthly) Bread (loaves) Wood (logs) Stan's Production Possibilities (monthly) Bread (loaves) Wood (logs) 200 0 150 0 160 20 120 30 120 40 90 60 80 60 60 90 40 0 80 100 30 0 120 150 Eric and Stan are considering an arrangement of specialization and trade. If they specialize according to comparative advantage and agree on a trade of 30 loaves of bread for 20 logs of wood, then OA. Eric will have the same number of loaves of bread, but he will have more logs of wood. OB. Stan will have the same number of logs of wood, but he will have more loaves of bread. OC. Stan will produce 150 logs of wood, keep 130, and trade 20 to Eric in exchange for 30 loaves of bread. OD. Eric will…
- Assuming Amazon is operating on the efficient frontier, give two examples for how Amazon can shift the whole efficient frontier curve.Michael owns a strawberry farm in central California and is deciding how many strawberries to supply this month. Which question appropriately applies the cost-benefit principle to the supply decision? Is the price Michael gets for the extra bushel of strawberries at least as large as the marginal cost? What is the fixed cost of production for Michael's strawberries? If Michael was not producing strawberries, how else could he use his resources? Is Michael "holding all else constant" when making this decision?Part 1 : There are six openings left in the always popular Intermediate Microeconomic Theory course being offered at Adam Smith College, and there are 10 students looking to add the course. The professor has decided to give the six spaces to the students who value the class most highly. He has asked students to submit bids showing the highest price they are willing to pay to be admitted to the course. Below, sort the students into the appropriate categories based on their bids. Remember, only six students can be accepted into the class. Items (10 items) (Drag and drop into the appropriate area below) Part 2 : If the professor acts as an ordinary monopolist and there are no costs incurred by adding students, what price would he set? $ ________