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MLF1002 Markets and Legal Frameworks

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MLF1002 Markets and Legal Frameworks

Question

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Task:

Do some further research, in addition to the above articles, and elaborate on the following:

The Crocs’ strategies in its key footwear market segments as well as external factors that were responsible for Crocs’ sustained growth while charging relatively high prices. Demand curve and Price Elasticity of Demand (PED) of Crocs since 2020. Evidence of some degree of ‘Creative Destruction’ (or Disruptive Innovation) by Crocs since its founding in 2002. [ Hint: Has Crocs influenced or shaped the footwear industry?]

b. Illustrate using an appropriate diagram [see sample below] where the Crocs online store in Australia [https://www.crocsaustralia.com.au/]sets the average price of a pair of Classic Clog to maximise profit. And within that diagram, explain ‘Gains from trade’ and ‘Deadweight Loss’. In addition to your Lecture Slides, you may wish to refer to CORE ESPP online textbook:

In your diagram, assume at the profit-maximising point, the average price of the Classic Clog is $60, and the unit cost is $35.
Determine whether the PED is more elastic or inelastic

Use hypothetical values (rough guesses) relying on intuition for quantities sold (Q) per month

Once your diagram is complete (and properly labelled), explain ‘Gains from trade’ and ‘Deadweight Loss’ associated with your diagram

Conduct further research to answer the following questions:

a. Using a Price-Quantity diagram for petrol, draw a Demand Curve D1 and a Supply Curve S1 with the correct shape/angle at a given point in time this year. Briefly explain.

b. What likely happened to the Demand Curve D1 during the height of Covid-19 pandemic in 2020? Briefly explain.

c. In the foreseeable future, what likely factors can cause the Demand Curve and Supply Curve for petrol to shift? Draw a diagram to reflect the change. Briefly explain.

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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