Imperfect competition

modern economics, the concept of “rent seeking” has become a major source of study. The term itself dates back to 1974 in an essay written by Anne Krueger. For economists, rent is a return generated in excess of what would be typical for market competition and above normal profit gains. It follows that, rent seeking is the act of gaining advantage or privileges from entities in power, on trade outside normal competitive market forces, such as through the means of lobbying or tariffs. For…

A product will be considered elastic if the product has an elasticity greater than one. A product with an elasticity less than one is considered inelastic. Generally, most products will be considered inelastic. An example would be gasoline, it is inelastic because no matter the price, consumers will continue to buy gas for their cars. Gasoline companies take advantage of this because they know that people need cars and transportation and that will not change. So they are free to higher the price…

High priced parking spots makes an excess of empty parking spaces, lost clients for close-by organizations and lower incomes for the city. In the case of the parking sports are underpriced, the accessible spaces are constantly filled and drivers must go around the parking lot for long time looking for a parking spot, moreover there is probably traffic problems. In the article “Yes, Parking Reform Is Possible” Donald Shoup was talking about: “Performance Parking.” He means to take out a…

My favorite cooking show on Food Network is Worst Cooks in America with Rachel Ray and Chef Anne Burrell. Which is where contestants come who are horrible cooks and they have family members explain why the person is the worst cook and needs to be on the show also they are being judged on how they are cooking and how they are presenting their food and then if one person wins they get money. One reason why I like Worst Cooks in America is, when the people get there and they are assigned who team…

Home Depot’s fiercest competitor is Lowe’s. “Home Depot achieved a growth rate of 8.2% and Lowe’s had a total comparable store sales growth rate of 6.2%”(Opinion: In Home Depot vs. Lowe’s, the winner is, 2015). Although Home Depot had a stronger fiscal year, Lowe’s is the closest competitor in the home improvement industry. In terms of leveraging paid, earned and owned media I will rank each separately on a 1-10 scale, 1 being the lowest and 10 being the highest. For paid media, I would rank…

Ana’s Taco Truck has a very broad target audience, which means there is also a very competitive market. At her current location, she has neighboring restaurants, but does not have any food truck competition. The second mobile taco truck does have competition against one other food trucks. I compared the competitors by Menu, Price/Value, Efficiency, and Targeted Demographic. The first competitor was a Restaurant next to the stationary taco truck. Their menu differs in Wings, Pizza and…

I think one concept that has intrigued me is how some businesses compete in an oligopoly market. Netflix for example, entered the video on demand market in 2007 allowing the subscribers to streamline content through a device like a video game consul (Rayburn, 2009). Because the market for streaming content for VOD is emerging due to the continued changing of technology it places Netflix in the oligopoly market among HBO, Amazon, and Hulu. That is Netflix, HBO, Amazon, and Hulu are all vying for…

Luge is a sport where one to two people are in a sled are either racing down a track or are racing around the track and are doing a lot of tricks to get around the track faster than the opponent. It is a sport that is played in the Olympics and from past races Germany seems to be the team that’s on top and taking all the gold medals. It is not a contact sport and also think teams or players are eliminated if they are caught making contact. It is a winter time sport the tracks for the races are…

Netflix and keeping up with the latest technology. Keeping their customers in another issue, that Netflix needs to maintain. If another company has better customer service, this could be a major issue for Netflix. Prices is another issue that Netflix needs to keep in check. Hulu is seven dollars and nine-cents, while Netflix is a little bit higher. If a new company has a cheaper price for the same service, this can be a major issue for Netflix. Therefore, Netflix needs to come up with new…

natural selection, or be it against our colleague for the promotion; competition is a phenomenon we all have to face in our lives and it is integral part of our daily lives. Many people have recognized it and its importance and have commented on it. A famous quotation which I really like and have chosen for this essay was said by one of the greatest basketball players of all time, Michael Jordan, who said, “You have competition every day because you set such high standards for yourself that you…