Prepare the answer to the following questions:
How will a new technology influence the equilibrium in a product market? If that influence is felt across many firms then what are the implications for the national economy?
In your answer you should provide an introduction to the key issues, defining the terms of the question. Then using a concise approach set out your answer to each part in turn before formally concluding at the end.
Your answer needs to:
• Demonstrate sound knowledge of microeconomics and macroeconomics so it is necessary to keep your answer concise.
• Make use of relevant examples. Examples are essential, but they must be used well. For example, “Apple and Samsung compete in the oligopoly mobile handset market, each innovates to compete and fiercely protective of its monopoly over specific innovations.” When contracting examples it is essential that you do so on a longer treatment, therefore it must be referenced.
• Make use of the financial press (e.g. Financial Times examples, Harvard Business Review).
• Show an ability to evaluate concepts and their appropriateness to applications.
For example, some questions immediately spring to mind:
1) What do we mean by new technology? Should it be a production technology such as the Amazon drone, or a finished good such as the iWatch?
2) What do we mean by influence? Should it be focused solely on process or are there other considerations to be made?
3) How do these “many firms” relate to the one discussed in the first part of the question? Are they competitors in the same market? Are they producers of complement goods?
4) What do we mean by influence at the macroeconomic level? Are we talking about inflation and unemployment? International competitiveness?
These questions are down to you to answer, but your ability to find a narrative is what will then define how your assignment progresses.
There are two parts of the question, one suggesting microeconomics and one suggesting macroeconomics. One suggestion might have 1000 words on the microeconomics and then 700 words on the macroeconomics because you can refer back to the micro principles.
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