Consider the production and sale of computer software

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Question 1. If you're taking Econ 301, then you are probably majoring on minoring in an academic program housed inside the Strome College. Suppose that the typical business major requires 12 three-hour courses. (a) Is the 12thcourse more, or less, valuable to you than the 1st course you took for the major? What determines this? (b) Would a 15-course major be 25% more valuable to you than a 12-course major? Explain your reasoning.

Question 2. Consider the production and sale of computer software. (a) What is there about software such as Microsoft Office that results in a falling LRAC curve with respect to its production? (b) How is this related to "first mover" advantage? (c) How does it explain why, for many kinds of popular software such as Office or Quicken, only one or two or three producers exist?

Question 3. StubHub is an intermediary that connects those who already own tickets to major events with those who might wish to buy those tickets. For example, StubHub had available for sale several hundred tickets to a December 2019 basketball game between the Miami Heat and the Atlanta Hawks (that I attended). The prices of these tickets ranged from about $15 to about $500. Most of these prices were higher than their face value and the tickets were owned by individuals who apparently did not care to attend the game. StubHub, of course, earns a fee for its efforts.

(a) Are consumers (those who might wish to attend the game) better off or worse off if they decide to utilize StubHub? What about those who own the tickets and are selling them? Explain.

(b) Suppose we are talking about an NBA finals basketball game and the price of the tickets might be $5,000. Does this change your answer? Why or why not?

Reference no: EM133328087

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