Analyse 4 of Microeconomic Cases Using the Analytic Tools - Case Study - Economics Assignment Help

Assignment Task

Instructions of the assessment
The Task: You will be asked to analyse 4 of microeconomic cases using the analytic tools introduced in lectures and practiced in the tutorials. All material covered in lectures and tutorials will be assessable. This task tests your understanding of the theoretical concepts and models of the course, and your ability to synthesize and apply these concepts to analyse microeconomic issues and to conclude from the analysis.

QUESTION 1
In Singapore, 13 fresh chicken suppliers together accounting for 90% of market share have received a record $27 million fine for operating as a cartel, fixing prices at a high level and restricting output. To achieve this representatives of the firms repeatedly met at at the Poultry Merchants Association.
Analyse the interaction between the firms using game theory. Simplify your model to only 2 players representing the different firms in this industry. Present a payoff matrix to model the situation and analyse it for Nash equilibrium. Which is the best outcome for each firm? Which is the best outcome for society as a whole? Why did government invest in the costly investigation and prosecution of these companies?

QUESTION 2
Imagine the following hypothetical situation. Two firms, Super Chic Farm and Fortune Poultry, have become the only suppliers of fresh chicken meat in Singapore. Both firms are seeking to increase their profits and are considering entering into illicit price collusion by agreeing to charge artificially high prices.
Such a practice is illegal and risks heavy fines. Analyse the interaction between the two firms using game theory. Present a payoff matrix to model the situation and analyse it for Nash equilibrium.
Which is the best outcome for each firm? Which is the best outcome for society as a whole? What can be done by the firms or government to make society’s best outcome more likely?

QUESTION 3
During the novel coronavirus (COVID-19) pandemic, people of all incomes from poor to rich are stocking up on different types of product they regard as necessary. Suppliers cannot increase their output quickly enough. Singapore government is concerned about profiteering and affordability in the markets concerned and is considering intervening. Using the demand-supply model, explain these phenomena in one or two markets of your choice. Advise which market interventions, if any, government should conduct in these markets.

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