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Examine us passenger airline industry using five force model

Assignment:

Problem 1

Widget Market

The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $30, $29, $20, $16, and $12. Five buyers are willing to buy one widget at the following prices:

$10, $12, $20, $24, and $29. What is the equilibrium price and quantity in a competitive market?

Problem 2

Entry and Elasticity

Suppose that new entry decreased your demand elasticity from 2 to 3 (made demand more elastic). By how much should you adjust your price of $10?

Problem 3

Five Forces and the Airline Industry

Examine the U.S. passenger airline industry using the Five Forces model. Is this an attractive industry? Why or why not?

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