A company must purchase one reactor to be used in an overall operation. Four reactors have been designed, all of which are equally capable of giving the required service. The following data apply to the four designs:

Q1: Cost-saving proposals 600 words (max. 200 words per proposal)Recognising these cost elements of this business, or a typical business like this, propose ways it can cleverly save costs (be more cost-efficient) by: (i) reducing fixed cost (ii) reducing variable cost (iii) cost-shifting (passing on/sharing part of the costs onto customers, workers, the government, the public in general etc.) (iv) aiming to achieve better economies of scale ?Propose three cost-saving ideas using any of (i) to (iv). E.g.: two of (i) and one of (ii). ? Discuss them: why you proposed it, why it is a good idea, what challenges might there be to implement them (if any).
Q2: Competitive strategy proposals 600 words (max. 200 word per proposal) What competitive strategy can your chosen business use to gain an advantage in sales over its rivals? ? (i) the five generic competitive strategies (ii) the 4Cs (contrast, combination, constraint, context) (iii) the 4Qs (questions: 1. Is your business relevant? Can you make it more relevant/offer real or essential or higher consumer needs? 2. Are customers dependent on you or not? How to make them more dependent? 3. Do customers prefer us to our competitors? How to make them prefer us? 4. Are we excellent at something? How do we become excellent compared to rivals?)(iv) six ways to differentiate yourself (product, service, channel, relationship etc.) ?Propose three ideas using any of (i) to (iv). E.g.: (ii), (ii) again, and (iv). ? Discuss them: why you proposed it, why it is a good idea, what challenges might there be to implement them (if any)

In what follows, ignore the negative impact that social distancing has on household income. Assume that individuals’ income remains unchanged. The government would now like you to help them understand “hoarding” behaviour and its effect on the market. We will define

1. hoarding behaviour as the tendency to buy excessive amounts of a good, though individuals are not expected to usemore of the good. For example, the government sees that individuals are hoarding toilet paper—they are buying excessive amounts, though they are using a normal amount. (6 marks) a. You decide to describe individual hoarding behaviour using game theory. You model the behaviour using a simultaneous game between two players. Assume the actions that each player can choose are to “hoard” or “not hoard”. You are seeing that nearly everyone people in society is engaging in various types of hoarding behaviours, even though everyone would be better off without any hoarding. What type of game can best describe the decision to “hoard” versus “not hoard”? (1 marks)
2. Given your answer to part (a), assign a set of real payoffs to each action, drawthe normal form game and defineand describethe Nash Equilibrium. (3 marks)
3. Is the Nash Equilibrium socially efficient? If not, what types of policy might you recommend to encourage individuals to achieve an outcome that is efficient? (2 marks)
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Find a real world example from 2019-2020 of a change in market conditions, for example an observed change in prices or the quantity of a good or service. Using theories of economics, such as the demand and supply model, explain the impact of changing market conditions on the price and quantity of goods or services traded. The real world example:
• will be sourced from newspapers or other media.
• be for a specific city, country or global and over some time period.
• The assignment must, as a minimum, include:
• an introduction;
• a description of the relevant market, including the product or service, location and degree of competitiveness;
• an analysis (including appropriate diagrams) of how changing market conditions are influencing or have influenced or may influence prices/quantities, and
• a conclusion.

1. In what follows, ignore the negative impact that social distancing has on individuals’ income. Assume that individuals’ income remains unchanged with and without social distancing. Now that people are “social distancing” and are on home quarantine they are spending significantly more time at home and have more free time since they do not need to commute to work. In part (a), (b) and (c), you need to discuss how the market moves (what happens to supply and demand) and thus what happens to the equilibrium price and quantity. (5 marks) a. Ceteris paribus, describe with graph and words what happens in the market for online moving streaming, e.g. Netflix. Assume there is only oneonline moving streaming service. You do not need to consider the market for other goods. (2 marks)
2. Given you answer to part 2a above, now consider the impact on the market for books, which is a perfectly competitive market (consider both digital and print books as a single category). Your answer should consider two key “facts” of the case: (1) people have more time at home and (2) people are watching more movies. (2 marks)
3. Given your answer to part 2a above, now consider the impact on the market for popcorn. You should assume that even in the time of the pandemic, people enjoy eating popcorn while watching a movie. (1 mark)

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