Ib Microeconomics Ia
This government intervention is a significant concept that appears throughout the course and students are expected to critically evaluate the balance between the market forces of the private sector and intervention by governments. Given the rapidly changing world, economic activity and its outcomes are constantly in flux. Therefore, students are encouraged, throughout the course, to research current real-world issues. Through their own inquiry, it is expected that students will be able to appreciate both the values and limitations of economic models in explaining real-world economic behaviour and outcomes. By focusing on the six real-world issues through the nine key concepts (scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention), students of the DP economics course will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens. For the internal assessment, both standard level and higher level candidates are required to produce a portfolio of three commentaries based on published extracts from the news media using the key concepts as a lens.
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2 pages, 698 words There are also significant obstacles in the conditions of entry; a firm must create a phone and launch satellites into orbit in order to start a firm in the smartphone industry. As an oligopoly the introduction of the S4 affects all other competitors, including Apple and Android. The smartphone market is a differentiated oligopoly because all producers offer different products, and this indicates that the introduction of the S4 will affect sales of Iphone 5s, Google Nexus 4, and Blackberry Z10. We can find that the Herfindahl Index is 1832, from the graph, which indicates that there is not that much market power in the smartphone industry. Since there is limited market power, Samsung cannot differentiate the supply of Galaxy S4 in order to maximize profit and sales. In this diagram we find the marginal utility by finding the derivative of this line. The derivative is very small so the marginal utility is very small. The Samsung Galaxy S4 is a luxury smartphone which costs upwards of $800.