In twenty five pges study questions on such topics as Cournot equilibrium, revenue destruction, pricing, competition, sustainability, and Porter's Five Forces are answered. Four sources are cited in the bibliography.
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types of asset specificity. What are they? Give a brief example of each. The four types are site specificity, physical asset specificity,
dedicated assets and human assets. "Refers to the relative lack of transferability of assets intended for use in a given transaction to other uses. Highly specific assets represent sunk
costs that have relatively little value beyond their use in the context of a specific transaction" (Economic Geography Glossary). Williamson also includes brand names and temporal specificity as two
other type of asset specificity. Walt Disney World has little value outside the location near Orlando, Florida (site specificity), and the Magic Kingdom
is extremely narrow in its usefulness as a physical asset. Assets dedicated to specific tasks are not readily transferable to another use (i.e., a magnetic resonance imaging [MRI] machine
at a hospital). Human assets cannot be converted to any other use except that as human assets. Location can change, but not the nature of the asset.
What is indifference curve? Explain using a graphical representation. The indifference curve is "the sequence
of points representing alternative combinations of goods and/or services among which the consumer is indifferent (at a specific utility level or level of satisfaction)" (Economic Geography Glossary). Indifference
Curve Source: Consumer Choice What characteristics do close substitutes share? They share many
of the same qualities, method of function or ease of use. They may be able to be used interchangeably, or else used with little alteration in other practices or
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