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Purpose: The purpose of this assignment is to familiarize you with monopolistic competition, product differentiation and how firms markup a price.
Skills: This assignment will help improve your communication, active-listening, problem-solving and professional writing skills.
Knowledge: This assignment will sharpen your understanding of monopolistic competition, product differentiation, markup and pricing strategies.
Task: Please listen to the following Podcast on NPR's Planet Money (17 minutes) and take some notes: Episode G72: Bagg ing the BirkinUse the information you heard on the podcast to answer the following questions (please number your answers and write at least a paragraph for each question, 250+ words minimum for the paper). Number your answers. The use of AI or cheating websites is not allowed on any assignment in this course. Any outside resources you use must be properly cited. Get online assignment help – 100% Original & AI-Free Content.How does the market structure of Birkin approximate monopolistic competition?What are the ways a Birkin Bag differentiates itself from other purses?Are there other products that have taken this approach to supplying goods in the market?How would you describe the consumers such products are marketed to?How would you describe the relationship between Price and Marginal Cost in the Birkin Bag market?
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