Help study due tomorrow
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Chapter 8.1 - Written Assignment Due Date: See Lesson Schedule for all assignment due dates. Purpose: The purpose of this assignment is to familiarize you with monopolistic competition, product differentiation and how firms markup a price. Skills: This assignment will help improve your communication, active-listening, problem-solving and professional writing skills. Knowledge: This assignment will sharpen your understanding of monopolistic competition, product differentiation, markup and pricing strategies. Task: Please listen to the following Podcast on NPR's Planet Money (17 minutes) and take some notes: Episode 672: Bagging the Birkin Use the information you heard on the podcast to answer the following questions (please number your answers and write at least a paragraph for each question, 250+ words minimum for the paper). Number your answers. The use of AI or cheating websites is not allowed on any assignment in this course. Any outside resources you use must be properly cited.
How does the market structure of Birkin approximate monopolistic competition? What are the ways a Birkin Bag differentiates itself from other purses? Are there other products that have taken this approach to supplying goods in the market? How would you describe the consumers such products are marketed to? How would you describe the relationship between Price and Marginal Cost in the Birkin Bag market?
Criteria for Success Number your answers. Make sure your assignment is at least one page (250+ words long) and includes detailed explanations and examples. Write at least a paragraph for each answer (short or one-sentence answers will lose credit) and use complete sentences. Use professional grammar and punctuation– proofread and run Spell/Grammar Check. Avoid “text” or “twitter speak” in academic assignments. Fancy it up by making sure it is organized and well-presented. Do your own work. The use of AI, Grammarly or Cheating websites is not allowed on this assignment. Any outside resources you use to complete this assignment must be properly cited or you will receive a score of zero on the assignment.