Assignment Detailswhen Responding To At Least Two Of Your Peers Post ✓ Solved

Assignment Details: When responding to at least two of your peers’ postings, your responses should show that you have given thought to what the original post said. They should also push the conversation forward, offering insights or asking clarifying questions if necessary. Consider the following questions: · Does your response push the conversation forward? · Does your response offer your perspective? · What about your peers’ stories can you relate to? · What can you learn from your peers’ stories? · Are your responses clear? · Have you considered the viewpoints or insights of the posts? Peer One: How would you describe your experience in participating in this course? How has your experience shaped your intention of how to participate in future MBA courses?

I have really enjoyed this course. It's open my mind to many new concepts, ideas, and strategies to build my skills in my day to day work. It's also helped me move closer towards my goals and recognize opportunities for growth and development. Courses like this really keep me motivated to want to continue through and get my degree. What were some of the challenges you faced in this course, and how did these challenges help you prepare for challenges in today’s VUCA world of work?

How do you think future courses will help you deepen your ability to work in the VUCA world? A lot of the challenges faced in this course were structured around having to be open to recognizing how my reactive tendencies are holding me back from reaching my goals, and determining strategies I can use to work on those to develop my creative tendencies. Each course I have taken has opened my eyes to various potential challenges that I wouldn't have known about or considered. I believe future courses will continue to help me develop my self-awareness and ability to work in this VUCA World. The fourth industrial revolution has introduced early advances on the internet of things; artificial intelligence (AI); and the production of smart equipment that can analyze, diagnose, and fix issues without the need for human intervention.

How do these complex technological developments challenge leaders to adapt their leadership style and behavior? It's no secret that leaders will continuously be required to adapt their leadership style based on the needs of the organization, their employees, and the technology. I think leaders will face the challenge of having to bring the human element to leading their teams. Yes, machines may be more time efficient, but humans crave human interaction - and I have been persuaded that a machine can take that on as well. Leaders will need to be their for their team members on more of a personal level, while ensuring they are capable of leading in that environment.

Considering those challenges, what do you want to learn to help prepare you to lead more effectively? How will your future work in this program benefit you and the people you lead? I think seeking out continuous training and development will help me to prepare to lead my team effectively. Being aware of the culture and learning strategies to lead efficiently will help to keep me in practice and help me to continue lead with passion and be present for my team. Peer Two: Q.1) How would you describe your experience in participating in this course?

How has your experience shaped your intention of how to participate in future MBA courses? I would describe my experience participating in this course to be exceptional. I have learned the importance of employee surveys. Prior to this course, I never understood how much organizations take these surveys as serious as done. I, also, never thought how middle-management could play such a tremendous role in the performance of the organization and employees.

I have learned the importance of effective leadership from both middle-management and executive leadership. This course provided me with extensive knowledge on the GROW model, employee surveys and how to adapt to the VUCA work world. Furthermore, this course shaped my intention on how to participate in furthermore, MBA courses, by showing me the importance of leadership. It is critical to the organization’s success, that middle-management ensures to collaborate with their team and lead them in an effective manner. This can also help to motivate the team to excel within their work.

Throughout my MBA program and further within my career, I will keep always take my employees into consideration, before making any decisions, to further ensure operational success. Q.2) What were some of the challenges you faced in this course, and how did these challenges help you prepare for changes in today’s VUCA world of work? How do you think future courses will help you deepen your ability to work in the VUCA world? The challenge I faced within this course, was deciding on the appropriate actions to take to address the employee concerns with their supervisors, per the employee evaluation survey. The reason I found this most challenging was because, an organization can provide all the resources and tools possible to ensure their leadership is effective effectively leading their team.

However, the leader would have to be willing to put the effort in to being more effective. It takes dedication and determination to effectively lead your team. Without the willingness to do so, you may not succeed. As a result, all of the money the organization spent on providing their leaders with the resources and tools to be more effective, will be wasted if the leader is not willing to use the resources and tools provided to them. However, this course provided me the ability to be prepared for change in today’s VUCA world of work because, in a work environment that will always change, it is important that we learn to lead the change, instead of being affected by it.

Within the challenge I faced throughout the course, leadership behaviors may consistently need to change to ensure their leadership remains effective towards the employees. Change can occur at any time, and when change does occur, the organization must have the ability to change with it. This ensures that the work environment and organization avoid becoming outdated. (“Managing in a VUCA Worldâ€, 2021). Organizations succeed when they are willing to promote change where need be. They also succeed when leadership is willing to adapt and lead the change alongside the organization.

Q.3) The fourth industrial revolution has introduced early advances of the internet of things: artificial intelligence (AI); and the production of smart equipment that can analyze, diagnose, and fix issues without the need for human intervention. How do these complex technological developments challenge leaders to adapt their leadership style and behavior? With artificial intelligence, technology is taking the lead in today’s work environment. Organizations are using modern technology advancements to ensure that they offer their employees and customers an efficient experience, as a result of the technology offerings. With artificial intelligence, smart equipment can perform specific tasks that no longer require an individual(s) to complete.

These complex technological developments can challenge leaders to adapt their leadership style and behavior to ensure that they are performing their job responsibilities and leading their team in a way that is consistent with these technological offerings. Artificial intelligence can assess what the organization will need to be successful. It can also enhance employee performance, by acting as an assistant to completing projects and tasks, an individual use to do manually. (Fleming, M., 2020). Thus, leadership would need to ensure that they adapt their leadership style and behavior to adjust to the new technology offerings of artificial intelligence. Leadership would want to become efficient with the technological offerings and can lead the associated changes.

Q.4) Considering those challenges, what do you want to learn to help prepare you to lead more effectively? How will your future work in this program benefit you and the people you lead? I would want to learn effective ways to improve my leaderships ability to lead their team in a way that could benefit their teams;. I would want to ensure that middle-management has the resources and tools that they need to ensure their team is being offered support, guidance and advice toward their work and career growth endeavors. In addition, as an aspiring executive leader, these courses will provide me the ability to understand keyways to lead my team in a way that meets the employee’s needs.

Having the ability to lead my team by example and ensure that they have the motivation to excel within their work, will benefit my team’s abilities and willingness to succeed. If I effectively lead my team, I could also inspire them within their career endeavors. References: Fleming, M. (2020). AI Is Changing Work – and Leaders Need to Adapt : Harvard Business Review. MindTools. (2021).

Managing in a VUCA World. ECON 3310 – Microeconomics Spring 2021 – David Quigley Group Report 4 – Due Monday, May 3rd Write a minimum of 4 pages, double-spaced, answering the questions below. If you include figures, those count towards the page minimum. Be as specific as possible and always include explanations that describe your reasoning. Suppose you’re writing a report for the CEO of a theme park entertainment company.

The CEO has the following questions she would like analyzed and answered as well as possible. 1. Suppose the market for kids’ rides is Perfectly Competitive. What characterizes the long- run equilibrium under Perfect Competition? What is the relationship between Long-Run Average Total Cost and the profit maximizing quantity in the long-run? a.

Suppose there’s a decrease in demand for kids’ rides. What are the short-run and long-run impacts of the decrease in demand on the market, specifically, the market quantity, market price, and the number of businesses producing kids’ rides? 2. Suppose the market for roller coasters is a Monopoly. What are the differences in the assumptions behind Monopoly and Perfect Competition?

What is the impact of Monopoly power on the firm’s Marginal Revenue? What is the profit maximizing quantity for a firm under Monopoly? How is the market price determined in a Monopoly market? a. How does a Monopoly compare to Perfect Competition in terms of economic efficiency, consumer surplus, and producer surplus? 3.

What are the similarities and differences between Monopolistic Competition and Perfect Competition? What assumptions are the same and what assumptions are different? How is Monopolistic Competition similar to and different from Perfect Competition in the short-run and the long-run? a. What aspects of Monopolistic Competition are similar to Monopoly? What are the key differences between Monopolistic Competition and Monopoly?

4. Suppose the CEO is considering trying to implement Perfect Price Discrimination (First- Degree Price Discrimination). What might be some obstacles to engaging in Perfect or First-Degree Price Discrimination? What is the impact of Perfect or First-Degree Price Discrimination on the firm’s Marginal Revenue? What is the impact of Perfect or First- Degree Price Discrimination on economic efficiency, consumer surplus, and producer surplus? a.

How can Block Pricing (Second-Degree Price Discrimination) approximate Perfect Price Discrimination (First-Degree Price Discrimination), and what are the implications in terms of economic efficiency, consumer surplus, and producer surplus? b. What is Segmenting or Third-Degree Price Discrimination? What are some consequences of engaging in Segmenting or Third-Degree Price Discrimination? 5. What does Game Theory suggest is required for cooperation between two players in a game, and how might this apply to other circumstances? ECON 3310 – Microeconomics Group Report 4 – Due Monday, May 3rd

Paper for above instructions

Report for the CEO of a Theme Park Entertainment Company

Introduction

This report addresses relevant economic concepts surrounding the market structures of children’s rides and roller coasters in the context of a theme park entertainment company. Special attention will be given to the intricacies of perfect competition versus monopoly, price discrimination techniques, and game theory applications.

1. Market for Kids’ Rides: Perfectly Competitive

Long-Run Equilibrium in Perfect Competition

In a perfectly competitive market, several characteristics define long-run equilibrium. Firms produce at a level where marginal costs (MC) equal marginal revenue (MR), which is also equal to the market price (P). The long-run average total cost (ATC) curve will tangent the demand curve at this equilibrium point. In the context of kids’ rides, this means that firms can cover their costs, including opportunity costs, and earn zero economic profit. Thus, the long-run equilibrium price is set where firms can produce at their minimum efficient scale, maintaining no excess capacity (Mankiw, 2017).

Decision Making: Profit Maximization and ATC

The optimal output level in the long-run is determined where the MR equals MC, and at this point, firms operate at the lowest point on their ATC curve. Therefore, the relationship between long-run ATC and profit-maximizing quantity is foundational; any firm producing less than this optimal quantity would have higher per-unit costs, leading to inefficiency and ultimately unsustainability in the long run.

Impact of Decrease in Demand

With a decrease in demand for kids' rides, several short-run and long-run effects will arise:
##### Short-Run Impacts
1. Market Price: The decrease in demand leads to a leftward shift of the demand curve, causing the equilibrium price to drop.
2. Market Quantity: As prices fall, the quantity supplied will also decline, resulting in decreased market quantity.
3. Number of Firms: Some firms may begin to experience economic losses. If conditions persist, this may lead to firms exiting the market, thus reducing competition.
##### Long-Run Impacts
In the long run, the continued decrease in demand will drive firms to exit until the remaining firms can operate at the long-run equilibrium again at a lower level of output and price. Eventually, the market will adjust to a new long-run equilibrium with fewer firms producing kids' rides and a lower market price (Pindyck & Rubinfeld, 2016).

2. Market for Roller Coasters: Monopoly

Assumptions and Characteristics of Monopoly

Unlike perfect competition, a monopoly comprises a single firm that is the only provider of a good or service. Key distinctions between monopoly and perfect competition include:
1. Market Power: Monopolies possess significant market power, allowing them to set prices above marginal costs without fearing competition. In contrast, perfectly competitive firms are price takers.
2. Barriers to Entry: Monopolies face high barriers to entry, including resource control, government regulations, and technological advantages (Stiglitz, 1989).

Marginal Revenue and Profit Maximization

In a monopoly, the MR curve lies below the demand curve because to sell additional units, a firm must reduce prices on all units sold. The profit-maximizing output level is determined where MR equals MC. Here, the market price can be derived by projecting from this quantity to the demand curve (Baumol & Blinder, 2015).

Efficiency and Surpluses

Comparing monopoly to perfect competition reveals significant differences in economic efficiency, consumer surplus, and producer surplus. Monopolies tend to produce less and charge higher prices than would occur in a competitive market, leading to a deadweight loss in economic efficiency and diminishing consumer surplus while increasing producer surplus.

3. Monopolistic Competition vs. Perfect Competition

Similarities and Differences

Monopolistic competition shares key assumptions with perfect competition, such as many firms and the entry and exit of businesses in the long run. However, crucially, firms in monopolistic competition sell differentiated products, allowing them limited pricing power. In the short run, firms may earn economic profits, and in the long run, the entry of new firms erodes these profits (Pindyck & Rubinfeld, 2016).
- Short-Run Dynamics: In monopolistic competition, firms have upward-sloping demand curves; hence they can set prices above average costs. Conversely, firms in perfect competition see horizontal demand curves.
- Long-Run Adjustments: Long-run adaptations in monopolistic competition involve firms seeking to differentiate through innovation or brand loyalty to maintain some market power.

Comparisons to Monopoly

Monopolistic competition resembles monopoly as both have some degree of pricing power. However, while a monopoly has complete market control, monopolistic competition involves numerous firms competing for market share, which keeps prices lower than in a monopoly.

4. Price Discrimination: Implementation Challenges

First-Degree Price Discrimination

First-degree price discrimination entails charging each customer the maximum they are willing to pay. Key obstacles include:
1. Identification of Willingness to Pay: Firms must accurately gauge each consumer's maximum willingness to pay without violating privacy or ethical constraints.
2. Market Segregation: Ensuring distinct customer segments to charge different prices can be challenging, as consumers may switch.

Impacts on Marginal Revenue and Surplus

First-degree price discrimination increases a firm’s marginal revenue since each unit is sold at a price equal to the buyer’s willing rate. While economic efficiency may improve as it can lead to more units sold, consumer surplus diminishes entirely, transitioning to producer surplus (Perloff, 2016).

Block Pricing as an Approximation

Block pricing can achieve effects similar to first-degree price discrimination by offering bulk discounts to consumers. This strategy can improve economic efficiency, as it allows firms to cater to both high and low willingness-to-pay consumers without fully losing out on revenue (Mankiw, 2017).

Third-Degree Price Discrimination

Third-degree price discrimination involves charging different prices based on observable characteristics (e.g., age demographics). While it can increase total revenue, it may also lead to equity concerns among customer segments (Bresnahan & Reiss, 1991).

5. Game Theory and Cooperation

Game theory illustrates that cooperation between two players often necessitates establishing trust and repeated interactions, leading to potential mutual benefit. For businesses, this can apply to pricing strategies, joint ventures, or collaborations that allow for competitive advantages in a competitive landscape (Tadelis, 2013).

Conclusion

Understanding the nuances of different market structures and price discrimination techniques is vital for the CEO of a theme park entertainment company. The insights provided herein will assist in strategic decision-making that enhances competitiveness, profitability, and customer satisfaction amidst a dynamic business landscape.

References

- Baumol, W. J., & Blinder, A. S. (2015). Microeconomics: Principles and Policy. Cengage Learning.
- Bresnahan, T. F., & Reiss, P. C. (1991). Entry and Competition in Concentrated Markets. Journal of Political Economy, 99(5), 977-1009.
- Mankiw, N. G. (2017). Principles of Economics. Cengage Learning.
- Perloff, J. M. (2016). Microeconomics. Pearson.
- Pindyck, R. S., & Rubinfeld, D. L. (2016). Microeconomics. Pearson.
- Stiglitz, J. E. (1989). The Economic Role of the State. Wiley.
- Tadelis, S. (2013). Game Theory: An Introduction. Princeton University Press.