BSA 542 Week 7 Case Studies 1 and 2
Select TWO of the following three case studies from Principles of Microeconomics.
Review each case study and prepare a 5- to 7-page response to each case study (not counting a cover page and a references page) addressing the questions that follow.
Submit your analysis in APA format to your Instructor.
Case 1: Trade Agreements and the World Trade Organization? on p. 187
Briefly review the evolution of NAFTA in 1993, the latest round of negotiations (sometimes referred to as the Doha Round, and earlier the Uruguay Round) with GATT, and the role of the WTO. Provide your answers to the following questions:
- What are the pros and cons of the multilateral approach to free trade, compared to the unilateral approach?
- Describe the push by some companies to provide government tariffs and quotas against imports and/or subsidies to domestic producers in order to protect their companies against global competition. Describe the impact on consumers in terms of potentially higher prices and lower quality. From your perspective, how does this play out in multilateral trade negotiations between the USA and other countries?
- Multilateral trade agreements include “level playing field” agreements such as patent protection and protection against counterfeiting imported goods by foreign citizens, as well as allowing the currency of a country to freely float and establish free-market exchange rates.
- What role (if any) does GATT and the WTO play in enforcing these agreements?
- Are you aware of concerns by any US companies in those regards? If so, please provide your insights as a part of this case study.
(Hint: Conduct an Internet search for trade associations such as the Society of Plastics (SPI), the American Petroleum Association (APA), and the American Chemistry Council (ACC) to find out what the positions are for the plastics, petroleum, and chemical industries as a way to help you formulate positions.)
Case 2: Near-Empty Restaurants and Off-Season Miniature Golf on p. 287
With the understanding of fixed and variable costs and what those mean to a business in both the short run and the long run, address the following questions in your analysis:
- Why does it makes sense for an airline to offer discounted fares to students, senior citizens, or some other group, when those fares are lower than the average cost per passenger? Would it make sense to offer deeply discounted fares, such as a $59 ticket from Los Angeles to San Francisco, 1 hour before departure? Why?
- Does it make sense for a restaurant to offer early-bird specials and senior citizen discounts? Explain your answers in terms of the economic concepts of marginal revenue and marginal cost, as applicable.
Case 3: Monopoly Drugs versus Generic Drugs on p. 309
Address the following questions:
- What are the “general” patent provisions? Are pharmaceutical companies actually given a monopolist position of 20 years for a new drug?
- Why would you think the marginal cost of producing a pharmaceutical drug is constant? Hint: Think about variable costs.
- Are prescription and generic drugs identical? Provide literature or other resources to support or refute this assertion.
- When a patent expires and generic drugs come into the market, does the original manufacturer/monopolist lose any of its market power?
- Briefly explain how a monopolist chooses the quantity of output to produce and the price to charge.
Hint: Conduct an Internet search for the Pharmaceutical Research and Manufacturers of America (PhRMA) located in Washington, DC, for information that may be relevant to your paper.
Answers
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Posted 31 Dec 2018 04:12 AM
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