Business, 20.01.2021 05:50, antoninapride

Question 1 (14 points) Imagine that you own your business. You are producing a product (it could be a service). You would like to differentiate your product.

a. (6 points) Why would you want to differentiate your product?

b. (8 points) How would you do it? How would your product differ? Please provide a specific product: a detailed explanation of your original product and how you would differentiate it. Please do not use the examples covered in class.

Question 2 (15 points)

Imagine that you own your business. It does not need to be the same as in other questions, you are allowed to pick a different firm or product. Imagine further that you or your consumers face an asymmetric information problem.

a. (5 points) Please explain in detail what this asymmetric information problem, and who is facing it (your firm or your consumers).

b. (10 points) Please explain how you solved this problem.

Question 3 (11 points)

Imagine that you own your business. It does not need to be the same as in other questions, you are allowed to pick a different firm or product.

a. (3 points) Think about your production process. Please explain the technology that you use in the production process.

b. (8 points) How do you think the technology that you use, affects the market structure and/or the demand of your product? Note that this question is NOT about how technology affects your production process, therefore, NOT about productivity, NOT about the cost structure.

Answers: 3

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Question 1 (14 points) Imagine that you own your business. You are producing a product (it could be...